Naperville, IL -- (SBWIRE) -- 03/11/2013 -- With a significant young population, changing spending patterns, advancements in e-banking services, and the emerging trend of online shopping, Vietnam has ample opportunities for card service providers. Vietnam’s GDP recorded a growth rate of 5.4% in the third quarter of 2012, after an expansion of 4.7% in the second quarter and 4% in the first quarter. The country’s GDP growth declined from 5.9% in 2011 to 5.0% in 2012, below the expected goals of 5.2% and 5.5% set by the government. One of the main reasons for GDP decline in 2012 in comparison with 2011 was the credit congestion situation which resulted in a strong decline in social investment capital and aggregate demand. In response to this, the government has taken steps to increase economic growth. In December 2012, the central bank lowered the minimum lending rate to 12%, and in September 2012 the government reduced corporate tax by 30% for small and medium enterprises (SMEs), except those operating in the lottery, real estate and securities sectors, and producers of goods that are subject to luxury taxes.
The credit cards category recorded the highest growth rate of all card categories with a CAGR of 56.29% during the review period, growing from 228,700 cards in 2008 to 1.4 million cards in 2012. During the forecast period, this category is expected to register a strong CAGR of 23.16%, rising from 1.9 million cards in 2013 to 4.4 million cards in 2017. In 2012, the debit card category held the highest market share of 95.7% in terms of number of cards in circulation, followed by the credit card category with a market share of 2.8%. The prepaid cards category held the lowest market share of 1.5% in 2012.
- This report provides a comprehensive analysis of Vietnam’s cards and payments industry
- It provides current values for Vietnam’s cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Vietnam’s cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in Vietnam’s cards and payments industry
Reasons to Buy
- Make strategic business decisions using historic and forecast market data related to Vietnam’s cards and payments industry and each market within it
- Understand the key market trends and growth opportunities within Vietnam’s cards and payments industry
- Assess the competitive dynamics in Vietnam’s cards and payments industry
- Gain insights into the marketing strategies used for selling various types of cards in Vietnam
- Gain insights into key regulations governing Vietnam’s cards and payments industry
- Vietnam’s card market witnessed strong growth during the review period (2008-2012). The overall cards industry recorded an impressive CAGR of 37.05%, rising from 14.0 million cards in 2008 to 49.4 million cards in 2012. Over the forecast period, the cards industry is forecast to grow at a CAGR of 10.79% from 57.3 million cards in 2013 to 86.4 million cards in 2017.
- The credit cards category recorded the highest growth rate of all card categories with a CAGR of 56.29% during the review period, growing from 228,700 cards in 2008 to 1.4 million cards in 2012. During the forecast period, this category is expected to register a strong CAGR of 23.16%, rising from 1.9 million cards in 2013 to 4.4 million cards in 2017.
- In Vietnam, the number of smartphone users increased from 16% of total mobile users in 2011 to 21% in 2012. Units of smartphones shipped to Vietnam recorded a year on year growth rate of 83% in 2012.
- In December 2011, the banking penetration for basic retail banking products was 20%. Nearly 14% of transactions in the country were non-cash based. Notably, this is less than half the level seen in Indonesia and the Philippines, and roughly one third of the level in India, China, Thailand and Malaysia.
Citibank Vietnam HSBC Bank (Vietnam) Ltd Agribank Banknetvn Smartlink
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