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Financial Cards and Payments in Vietnam PDF
Financial Cards and Payments in Vietnam PDF
PAYMENTS IN VIETNAM
Euromonitor International
November 2015
Euromonitor International
Passport
Table 25
Table 26
Sources ...................................................................................................................................... 13
Summary 1
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II
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Outlook
Over the forecast period, internet retailing is expected to continue growing to facilitate
financial cards prospective transaction value growth. According to the Vietnam E-commerce
and Information Technology Agency, Vietnam will organise the Online Black Friday every year
from 2015. In addition, the increasingly cheaper air flight tickets will also contribute to foster
online payments. As a result, transaction value will continue to see continuous growth over the
next five years. However, financial cards is expected to see slower growth rates because the
category has been already seen rampant growth in 2015 and during the review period.
Following the positive performance of online shopping over the forecast period, financial card
issuers and operators will not miss the chance to connect with as many popular online stores as
they can to offer strong discount and cashback programmes to seize more market share. More
and more consumers will use their financial cards to make payments online. However, Vietnam
will remain a cash society over the forecast period due to its very high unbanked population of
75% in addition to the high ownership and maintenance costs of financial cards in Vietnam.
Euromonitor International
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attention to developing new innovations or applying advanced technologies. Instead, they will be
active in cooperating with major retailers to offer special discounts to stimulate spend per card
and foster transaction value growth.
Mobile POS is expected to see increasing popularity over the forecast period largely thanks to
its affordability and convenience. With the predicted trend of mobile POS, debit, credit and prepaid cards are expected to continue growing over the forecast period in terms of both the
number of cards in circulation and transaction value. Over the forecast period, all three card
types are estimated to see a forecast transaction value CAGR of 14-18% (at constant 2015
prices). Impacted by rampant growth rates during the review period, these categories will
inevitably see a declining trend against the historic growth. However, 14-18% is still strong
double-digit growth.
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an approval on 9 July 2015 for Citibank to be the very first bank with 100% of foreign investment
in Vietnam. Consequently, more foreign banks are expected to further penetrate Vietnam and
flood the market with substantial foreign financial resources. With perennial experience on the
global markets, it is not difficult for these multinational players to outperform local issuers in
terms of services and technologies. Consumers are expected to benefit from the prospective
trend, which will help stimulate more and more consumers to use their payment cards more
often.
In spite of good opportunities for value growth over the forecast period, Vietnam will remain a
cash society by the end of the forecast period. With respect to its current unbanked population
of 75%, unless most banks issue financial cards free of all charges, the majority of Vietnamese
will remain loyal to cash and will refuse to switch to cards. As such, to be able to further exploit
this potential market over the forecast period, banks are expected to take initial moves to
eliminate all types of card fees that are imposed on card owners. In addition, developing
infrastructure to facilitate market demands will also play a key role in fostering forecast growth.
In December 2014, there was a very controversial case about Ha Nam Island in Quang Binh
Province in which government officers kept receiving their salaries via ATM accounts while there
was no ATM machine available on the whole island.
MARKET INDICATORS
Table 1
'000 Units
No of POS Terminals
Source:
2010
2011
2012
2013
2014
2015
41.5
68.5
95.0
132.1
175.8
219.8
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 2
'000 Units
No of ATMs
Source:
2010
2011
2012
2013
2014
2015
11.5
13.6
14.2
15.4
16.0
16.4
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 3
VND million
Table 4
2010
2011
2012
2013
2014
2015
142,041.8
203,138.9
278,361.2
360,846.1
465,952.1
580,216.5
Euromonitor International from official statistics, trade associations, trade press, company research,
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% value analysis
Card holder
present
Card holder
not present
Total
86.0
98.0
99.0
14.0
2.0
1.0
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 5
% number of cards
2010
2011
2012
2013
2014
2015
0.2
0.0
99.8
100.0
1.4
0.4
98.2
100.0
1.4
0.5
98.1
100.0
1.5
0.5
98.0
100.0
1.5
0.6
97.9
100.0
1.6
0.6
97.9
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 6
% value analysis
Domestic
Foreign
Total
58.0
99.0
100.0
42.0
1.0
-
100.0
100.0
100.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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MARKET DATA
Table 7
'000 cards
ATM Function
Charge Card Function
Credit Function
Debit Function
Pre-Paid Function
Store Cards
Financial Cards in
Circulation
Source:
2010
2011
2012
2013
2014
2015
29,692.2
1,358.2
29,692.2
617.1
31,667.5
39,371.9
1,941.9
39,371.9
987.4
42,301.2
50,514.1
2,452.5
50,514.1
1,382.3
54,348.9
61,102.6
2,972.1
61,122.0
1,817.7
65,892.4
73,590.0
3,291.3
73,590.9
2,159.5
79,039.5
84,113.4
3,730.5
84,114.5
2,636.7
90,479.0
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Euromonitor International
Table 8
Passport
'000 accounts
Table 9
2010
2011
2012
2013
2014
2015
1,257.6
28,896.2
30,153.7
1,781.6
38,703.3
40,484.9
2,229.5
49,164.7
51,394.3
2,664.1
60,537.2
63,201.3
3,083.3
71,736.6
74,819.9
3,510.0
83,214.4
86,724.4
Euromonitor International from official statistics, trade associations, trade press, company research,
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VND tn
ATM Transactions
Card Payment Transactions
- Charge Card
Transactions
- Credit Card
Transactions
- Debit Transactions
- Pre-Paid Transactions
- Store Card Transactions
Total Cards Transactions
Source:
Table 10
2010
2011
2012
2013
2014
2015
432.8
42.6
-
594.0
65.4
-
795.8
92.4
-
1,024.9
117.8
-
1,238.9
151.6
-
1,512.7
191.6
-
12.1
18.1
26.5
35.0
44.9
56.5
30.1
0.4
475.4
46.7
0.7
659.4
64.8
1.1
888.2
81.3
1.5
1,142.8
104.7
2.0
1,390.5
132.4
2.6
1,704.3
Euromonitor International from official statistics, trade associations, trade press, company research,
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million transactions
ATM Transactions
Card Payment Transactions
- Charge Card
Transactions
- Credit Card
Transactions
- Debit Transactions
- Pre-Paid Transactions
- Store Card Transactions
Total Cards Transactions
Source:
Table 11
2010
2011
2012
2013
2014
2015
307.6
18.0
-
393.1
27.5
-
479.1
37.7
-
548.6
51.9
-
618.8
65.6
-
690.0
79.5
-
3.1
4.8
7.1
9.5
11.8
14.3
14.0
0.9
325.6
21.0
1.7
420.5
27.9
2.7
516.8
38.8
3.6
600.5
49.1
4.6
684.4
59.1
6.1
769.5
2014
2015
Euromonitor International from official statistics, trade associations, trade press, company research,
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VND tn
2010
Euromonitor International
2011
2012
2013
Card Payment
Transactions (Excl
Commercial)
Electronic Direct/ACH
Transactions
Paper Payment
Transactions
- Cash Transactions
- Other Paper Payment
Types
Consumer Payment
Transactions
Source:
Passport
41.6
64.3
91.2
116.6
150.2
190.0
41.3
59.8
86.4
118.8
153.0
191.7
1,263.1
1,605.9
1,783.0
1,967.1
2,033.1
2,278.1
1,260.8
2.3
1,604.0
1.9
1,781.2
1.7
1,965.5
1.6
2,031.6
1.5
2,276.7
1.4
1,345.9
1,730.0
1,960.6
2,202.4
2,336.2
2,659.7
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 12
million transactions
Card Payment
Transactions (Excl
Commercial)
Electronic Direct/ACH
Transactions
Paper Payment
Transactions
- Cash Transactions
- Other Paper Payment
Types
Consumer Payment
Transactions
Source:
2010
2011
2012
2013
2014
2015
17.7
27.0
37.2
51.3
65.0
78.9
17.1
25.3
33.6
43.7
55.5
68.3
68,233.9
70,268.8
72,194.3
74,020.4
75,754.2
77,402.0
68,233.2
0.7
70,268.3
0.6
72,193.9
0.5
74,020.0
0.4
75,753.9
0.4
77,401.7
0.3
68,268.6
70,321.1
72,265.2
74,115.5
75,874.7
77,549.2
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 13
VND billion
Table 14
2010
2011
2012
2013
2014
2015
440.0
-
804.6
-
1,366.0
-
32.0
86.3
214.3
440.0
440.0
804.6
804.6
1,366.0
1,366.0
Euromonitor International from official statistics, trade associations, trade press, company research,
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Euromonitor International
2010-15 CAGR
2010/15 Total
Passport
111.9
4,168.7
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 15
'000 cards
Company
Vietnam JSC Bank for
Industry & Trade
(Vietinbank)
Vietnam Bank for
Agriculture & Rural
Development (Agribank)
JSC Bank for Foreign
Trade of Vietnam
(Vietcombank)
East Asia Commercial Bank
Bank for Investment &
Development of Vietnam
(BIDV)
Asia Commercial JSB
Vietnam Technological &
Commercial Bank
HSBC Bank (Vietnam) Ltd
Petrolimex Group
Commercial JSB
Saigon Thuong Tin
Commercial JSB
Vietnam International
Commercial JSB
Vietnam Eximbank Vietnam Export Import
Commercial Joint Stock
Bank
Vietcombank - Bank for
Foreign Trade of Vietnam
Vietnam Bank for
Industry & Commerce
(Incombank)
Others
Total
Source:
69.8
69.8
69.8
2010
2011
2012
2013
2014
5,823.2
8,622.7
12,465.0
14,384.7
17,232.2
5,849.5
7,751.5
10,760.8
11,847.9
14,203.9
4,716.2
5,919.6
6,780.2
8,306.6
10,084.4
4,346.4
2,634.4
5,238.8
3,755.1
5,847.7
4,571.9
7,195.2
5,427.0
8,651.3
6,515.8
693.6
1,480.9
922.8
1,639.7
1,142.1
2,031.9
3,158.5
2,500.2
3,673.8
2,963.5
586.3
486.7
785.5
716.6
967.5
876.3
1,210.4
1,064.4
1,471.7
1,264.6
537.5
796.0
900.2
1,060.7
1,239.9
553.0
672.2
783.1
990.4
1,210.9
355.8
463.9
543.5
646.4
780.0
3,604.0
31,667.5
5,016.8
42,301.2
6,678.9
54,348.9
8,099.9
65,892.4
9,747.3
79,039.5
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 16
'000 cards
Company
Vietnam National
Financial Switching JSC
Euromonitor International
2010
2011
2012
2013
2014
16,360.4
21,851.4
29,197.1
34,767.4
41,688.7
Passport
7,691.5
10,039.8
12,780.1
15,153.4
18,103.1
4,211.0
1,846.1
953.2
5,059.0
2,882.1
1,559.1
5,631.0
3,855.6
1,711.1
6,922.3
4,695.2
2,816.1
8,352.5
5,460.1
3,523.1
415.2
190.0
31,667.5
443.2
466.5
42,301.2
508.0
665.9
54,348.9
563.0
975.0
65,892.4
609.5
1,302.3
79,039.5
Euromonitor International from official statistics, trade associations, trade press, company research,
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Table 17
VND tn
Company
2010
2011
2012
2013
2014
15.8
24.8
35.8
44.1
56.9
8.6
8.4
13.0
12.8
18.7
17.5
24.0
21.6
29.9
27.5
3.7
5.5
8.3
11.1
15.4
4.2
0.9
0.9
42.6
6.1
1.4
1.8
65.4
7.5
2.0
2.6
92.4
10.3
2.6
4.1
117.8
13.2
3.2
5.5
151.6
Vietnam National
Financial Switching JSC
Visa Inc
Smartlink Card Services
JSC
MasterCard
International Inc
Vietnam Bank Card JSC
American Express Co
Others
Total
Source:
Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 18
VND tn
Company
Vietnam JSC Bank for
Industry & Trade
(Vietinbank)
JSC Bank for Foreign
Trade of Vietnam
(Vietcombank)
Vietnam Bank for
Agriculture & Rural
Development (Agribank)
Bank for Investment &
Development of Vietnam
(BIDV)
East Asia Commercial Bank
Asia Commercial JSB
Vietnam Technological &
Commercial Bank
HSBC Bank (Vietnam) Ltd
Saigon Thuong Tin
Commercial JSB
Petrolimex Group
Commercial JSB
Euromonitor International
2010
2011
2012
2013
2014
7.6
12.0
19.5
25.3
32.4
7.1
10.7
13.8
18.0
23.3
5.3
8.4
12.6
15.1
19.6
4.2
7.0
9.7
12.4
16.1
5.2
3.2
2.4
7.5
4.5
3.1
9.8
5.9
4.3
12.2
7.8
5.6
15.6
9.8
7.2
1.0
1.1
1.5
1.7
2.2
2.2
2.9
2.8
3.8
3.6
0.6
0.9
1.3
1.6
2.1
10
Passport
Vietnam International
Commercial JSB
Vietnam Eximbank Vietnam Export Import
Commercial Joint Stock
Bank
Vietcombank - Bank for
Foreign Trade of Vietnam
Vietnam Bank for
Industry & Commerce
(Incombank)
Others
Total
Source:
0.6
0.8
1.1
1.5
1.9
0.5
0.8
1.0
1.3
1.7
3.8
42.6
6.4
65.4
8.9
92.4
11.3
117.8
14.4
151.6
Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 19
'000 cards
ATM Function
Charge Card Function
Credit Function
Debit Function
Pre-Paid Function
Store Cards
Financial Cards in
Circulation
Source:
2015
2016
2017
2018
2019
2020
84,113.4
3,730.5
84,114.5
2,636.7
90,479.0
94,207.0
4,172.6
94,208.2
3,111.3
101,489.2
103,156.6
4,625.3
103,158.0
3,609.1
111,389.2
110,893.4
5,080.8
110,894.8
4,132.4
120,104.6
117,547.0
5,531.6
117,548.5
4,669.7
127,746.1
122,836.6
5,968.2
122,838.2
5,206.7
134,009.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
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Table 20
'000 accounts
Table 21
2015
2016
2017
2018
2019
2020
3,510.0
83,214.4
86,724.4
3,891.8
94,864.4
98,756.3
4,238.0
106,248.2
110,486.2
4,551.7
116,873.0
121,424.7
4,861.2
127,391.6
132,252.7
5,167.4
137,582.9
142,750.3
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
VND tn
ATM Transactions
Card Payment Transactions
- Charge Card
Euromonitor International
2015
2016
2017
2018
2019
2020
1,512.7
191.6
-
1,730.9
226.4
-
1,944.2
263.4
-
2,144.1
301.6
-
2,326.3
339.7
-
2,477.5
376.3
-
11
Transactions
- Credit Card
Transactions
- Debit Transactions
- Pre-Paid Transactions
- Store Card Transactions
Total Cards Transactions
Source:
Passport
56.5
66.2
76.7
87.7
98.9
110.2
132.4
2.6
1,704.3
157.0
3.2
1,957.4
182.8
3.9
2,207.6
209.4
4.5
2,445.7
235.5
5.2
2,666.0
260.3
5.9
2,853.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
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Table 22
million transactions
ATM Transactions
Card Payment Transactions
- Charge Card
Transactions
- Credit Card
Transactions
- Debit Transactions
- Pre-Paid Transactions
- Store Card Transactions
Total Cards Transactions
Source:
2015
2016
2017
2018
2019
2020
690.0
79.5
-
760.4
93.6
-
828.0
108.8
-
891.0
124.8
-
947.1
141.3
-
999.2
157.7
-
14.3
16.3
18.4
20.6
22.8
24.9
59.1
6.1
769.5
69.8
7.6
854.0
81.3
9.1
936.9
93.5
10.7
1,015.8
106.1
12.4
1,088.4
118.9
13.9
1,156.9
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 23
VND tn
Card Payment
Transactions (Excl
Commercial)
Electronic Direct/ACH
Transactions
Paper Payment
Transactions
- Cash Transactions
- Other Paper Payment
Types
Consumer Payment
Transactions
Source:
2015
2016
2017
2018
2019
2020
190.0
224.7
261.5
299.6
337.5
374.1
191.7
226.7
263.7
301.4
338.5
373.3
2,278.1
2,367.8
2,462.1
2,564.8
2,680.2
2,808.7
2,276.7
1.4
2,366.6
1.3
2,460.9
1.2
2,563.7
1.1
2,679.0
1.1
2,807.6
1.1
2,659.7
2,819.2
2,987.3
3,165.8
3,356.2
3,556.1
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 24
million transactions
Card Payment
Euromonitor International
2015
2016
2017
2018
2019
2020
78.9
92.9
108.1
124.0
140.4
156.8
12
Transactions (Excl
Commercial)
Electronic Direct/ACH
Transactions
Paper Payment
Transactions
- Cash Transactions
- Other Paper Payment
Types
Consumer Payment
Transactions
Source:
Passport
68.3
83.4
100.9
119.5
138.6
157.4
77,402.0
78,969.9
80,462.8
81,881.7
83,232.7
84,522.8
77,401.7
0.3
78,969.6
0.3
80,462.5
0.3
81,881.4
0.3
83,232.5
0.3
84,522.6
0.3
77,549.2
79,146.2
80,671.7
82,125.2
83,511.8
84,837.0
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 25
VND billion
2015
2016
2017
2018
2019
2020
1,366.0
-
2,058.2
-
2,594.8
-
3,191.6
-
3,829.9
-
4,519.3
-
1,366.0
1,366.0
2,058.2
2,058.2
2,594.8
2,594.8
3,191.6
3,191.6
3,829.9
3,829.9
4,519.3
4,519.3
Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 26
2015-20 CAGR
2015/20 TOTAL
18.0
18.0
18.0
27.0
27.0
27.0
230.8
230.8
230.8
Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
SOURCES
Sources used during the research included the following:
Summary 1
Research Sources
Official Sources
Ministry of Finance
Trade Associations
Trade Press
Euromonitor International
13
Passport
Euromonitor International
Euromonitor International
14