Growing Government Support Boosting Non-Cash Payments in Vietnam

Vietnam banking assets are anticipated to expand at a CAGR of nearly 16% during the forecast period 2014-2018 says RNCOS in its latest research report.


Noida, India -- (SBWIRE) -- 09/25/2014 -- Vietnam Financial Market is growing tremendously, attracting worldwide attention. Although, Vietnam’s economy is dominated by cash payments at present, growing government support and increasing advance technologies are encouraging non-cash payments in the country. In recent years, various government initiatives, to promote non-cash payment in the country, has been observed. For instance, as per the recent government norm, organizations and individuals using public funds will be prohibited from making payments in cash unless permitted or required by the Ministry of Finance and the State Bank of Vietnam. These initiatives are expected to provide a requisite push to the non-cash payment mode in the country.

As per our report, “Vietnam Financial Sector Forecast to 2018”, country’s financial market is exhibiting an extremely promising future on the back of continuous economical growth, growing government support and rising penetration of foreign players. With this both banking as well as insurance sectors are performing fairly well in the country. Considering the above factors, Vietnam banking sector assets are anticipated to expand at a CAGR of nearly 16% during 2014-2018.

Our report provides a comprehensive analysis of the state of Vietnam’s financial sector covering the analysis of current and future market size and nticipations for various industry segments. The report features study of current payment instruments in the country covering number of existing bank cards, ATMs and POS terminals to provide a complete picture of country’s financial sector infrastructure.

The report also includes analysis of country’s insurance sector with comprehensive knowledge of both life and non-life insurance. It provides current market and forecast for each of these market segments till 2018. Additionally, the report exhibits the emerging trends and drivers which are boosting the financial market growth in the country. Through the section of key players, we have tried to provide the insight of current market scenario and existing competition to our customers.

Additionally, we have also covered the recent activities of these players to build up position in country’s financial market. In a nutshell, the report presents a comprehensive look at the sector’s past, present, and future scenario to help client to formulate appropriate strategies while venturing into the industry.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.