Financial Cards and Payments in Vietnam PDF

FINANCIAL CARDS AND
PAYMENTS IN VIETNAM
Euromonitor International
November 2015
FINANCIAL CARDS AND PAYMENTS IN VIETNAM
LIST OF CONTENTS AND TABLES

Executive Summary ..................................................................................................................... 1
Internet Retailings Boom Bolsters Financial Cards Growth ..................................................... 1
Credit Cards Remains A Small Category.................................................................................. 1
Major Banks Focus on Technology Advancement To Improve Customer Experience ............. 1
Atms Growth Decelerates ........................................................................................................ 1
the Number of Financial Cards Exceeds the National Population, While the Majority of
Vietnamese Remains Unbanked .............................................................................................. 2
Key Trends and Developments .................................................................................................... 2
Transaction Value Surges Thanks To the Boom of Internet Retailing ...................................... 2
Technology As the Key Means of Competition Amongst Major Issuers.................................... 3
Vietnam Remains A Cash Society in Spite of Financial Cards Strong Growth ........................ 4
Market Indicators .......................................................................................................................... 5
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Number of POS Terminals: Units 2010-2015 ............................................... 5

Number of ATMs: Units 2010-2015 .............................................................. 5
Value Lost to Fraud 2010-2015 .................................................................... 5
Card Expenditure by Location 2015 ............................................................. 5
Financial Cards in Circulation by Type: % Number of Cards 20102015 ............................................................................................................. 6
Domestic versus Foreign Spend 2015 ......................................................... 6
Market Data .................................................................................................................................. 6

Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Table 13
Table 14
Table 15
Table 16
Table 17
Table 18
Table 19
Table 20
Table 21
Table 22
Table 23
Table 24
Financial Cards by Category: Number of Cards in Circulation 20102015 ............................................................................................................. 6

Financial Cards by Category: Number of Accounts 2010-2015 .................... 7
Financial Cards Transactions by Category: Value 2010-2015 ..................... 7
Financial Cards by Category: Number of Transactions 2010-2015 .............. 7
Consumer Payments by Category: Value 2010-2015 .................................. 7
Consumer Payments by Category: Number of Transactions 20102015 ............................................................................................................. 8
M-Commerce by Category: Value 2010-2015 .............................................. 8
M-Commerce by Category: % Value Growth 2010-2015 ............................. 8
Financial Cards: Number of Cards by Issuer 2010-2014.............................. 9
Financial Cards: Number of Cards by Operator 2010-2014 ......................... 9
Financial Cards: Card Payment Transactions Value by Operator
2010-2014 .................................................................................................. 10
Financial Cards: Card Payment Transactions Value by Issuer 20102014 ........................................................................................................... 10
Forecast Financial Cards by Category: Number of Cards in
Circulation 2015-2020 ................................................................................ 11
Forecast Financial Cards by Category: Number of Accounts 20152020 ........................................................................................................... 11
Forecast Financial Cards Transactions by Category: Value 2015-2020..... 11
Forecast Financial Cards by Category: Number of Transactions 20152020 ........................................................................................................... 12
Forecast Consumer Payments by Category: Value 2015-2020 ................. 12
Forecast Consumer Payments by Category: Number of Transactions
2015-2020 .................................................................................................. 12
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Table 25
Table 26
Forecast M-Commerce by Category: Value 2015-2020 ............................. 13

Forecast M-Commerce by Category: % Value Growth 2015-2020 ............ 13
Sources ...................................................................................................................................... 13
Summary 1
Research Sources ...................................................................................... 13
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II
FINANCIAL CARDS AND PAYMENTS

IN VIETNAM
EXECUTIVE SUMMARY
Internet Retailings Boom Bolsters Financial Cards Growth
The very first Online Black Friday that took place on 5 December 2014 yielded great success,
with an enormous amount of goods being ordered in one day. Since 2015, the government has
decided to organise Online Black Friday every year to further boost ecommerces growth over
the forecast period. Capturing the rising trend, major operators and issuers have cooperated
with the biggest online retailers and market places to offer special discount programmes for
online transactions made with their issued cards. Most of them offer up to 10% discount, which
significantly helped bolster the transaction value growth of credit, debit and pre-paid cards in
2015.
Credit Cards Remains A Small Category

Contrary to the competitive landscape of financial cards in most developed countries where
credit cards are the most popular type of payment card, credit cards share against debit and
ATM cards remains very humble in Vietnam. Even though banks have been trying different
approaches to stimulate growth, including relaxing issuing conditions and offering free insurance
or attractive reward point offers, credit cards fails to grow because most Vietnameses average
income still cannot meet the minimum requirement to apply for credit cards.
Major Banks Focus on Technology Advancement To Improve Customer

Experience
After rampant volume growth during the review period, largely thanks to cobranding
campaigns with the biggest retailers in the country, most banks are expected to see a declining
trend in financial cards growth in terms of volume. Overseeing that prospective revenue will rely
heavily on transaction value growth; key issuers have been investing substantial financial
resources in upgrading their banking systems with the latest technologies to enhance the
customer experience. More and more banks have been investing in new generation ATM
machines with money deposit features to make it much more convenient for consumers.
Meanwhile, mobile POS has been deployed by many banks as the new modern affordable
format of POS terminals.
Atms Growth Decelerates

In 2015, the number of ATMs is predicted to continue growing yet at a very low single-digit
rate. During the review period, when financial cards rampant growth exceeded the national
ATM networks ability to facilitate, most banks focused on increasing the number of ATMs in the
country. However, as volume growth has started to slow down remarkably, issuers have started
to switch their focus to upgrading their ATM systems rather than setting up new ones. As a
consequence, the growth in the number of ATMs in Vietnam in 2015 is expected to slow down
noticeably.
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the Number of Financial Cards Exceeds the National Population, While

the Majority of Vietnamese Remains Unbanked
In 2015, the number of financial cards in circulation is expected to continue to far exceed the
national population. On the other hand, the majority of the country remains unbanked. The
limited availability of POS terminals in addition to the high number of unused cards, are the main
causes for the current trend. To boost volume growth during the review period, banks issued
cards free of charge, which really bolstered the number of cards issued. However, in order to
use and maintain the card, card owners had to pay tens of different fees, which caused many of
them to leave their cards unused and stick to cash as the primary payment method.
KEY TRENDS AND DEVELOPMENTS

Transaction Value Surges Thanks To the Boom of Internet Retailing
Online shopping had been emerging during the review period yet at a very gradual rate. Not
until 5 December 2014 when the very first Online Black Friday was held in Vietnam did internet
retailing start to see substantial growth. The event was organised by the Vietnam E-commerce
and Information Technology Agency, a state-owned office founded with a mission to stimulate ecommerces growth in the country. With special discounts offered by over 700 companies joining
the Online Black Friday day, the event yielded approximately 160,055 online orders in only one
day.
There were many reasons that held internet retailings growth back during the review period,
such as card payments low security, low product quality, unprofessional post-sales services,
high shipping costs and consumers low confidence in online shopping. Realising these
disadvantages, major retailers improved their service remarkably to attract more consumers to
online shopping and record enormous profits from this lucrative market. Major internet retailers
have started to offer lower shipping costs, attractive discount programmes, a free refund and
exchange policy, and more attentive customer service. In addition, many third-party online
payment systems, namely 123Pay, Ngan Luong and Bao Kim, have also been launched during
the review period to offer stronger security for online card transactions.
To respond to the current trend, many operators have been competing against each other to
cooperate with the biggest online retailers in Vietnam to offer special discounts with online
transactions made by their financial cards. To compete against Visa Inc and local opponents,
MasterCard International Inc. offers 10% discount for all payments made by MasterCard cards
on Lazada marketplace in 2015. Similarly, American Express also offers 10% cashback for all
internet payment transactions made by Vietcombank American debit or credit cards on Media
Marts online store. The discount programme is expected to stimulate transaction value growth
for the new Vietcombank American Express card products which were launched in 2014.
Moreover, other banks also joined this competent race. Sacombank offers 0% interest rate for
online payments by instalment made by their credit cards at many major stores, namely Lazada,
Nguyen Kim and TechOne.
In addition, the remarkable emergence of cheap air flight tickets also strongly helps to bolster
financial cards transaction value in 2015 as the cheapest tickets can only be searched for and
purchased online. As a result, transaction value has surged, with strong double-digit growth in
many card categories. While debit cards is expected to grow by 27% in terms of transaction
value by the end of 2015, credit cards is predicted to record growth of 26% and pre-paid cards is
estimated to grow by 29%.
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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.
Technology As the Key Means of Competition Amongst Major Issuers

In order to exploit the high potential of financial cards in Vietnam, banks and issuers have
been putting in great effort to trying different approaches to stimulate demand and increase
market share. One of the most popular trends is to cooperate with major retailers in the country
to issue membership-cum-debit cards to boost volume growth. As the leading retailer in Vietnam
with enormous daily revenues and a huge number of loyal customers, Co.op Mart is the mostwanted target for many banks in Vietnam with which to develop a partnership. Vietcombank,
BIDV and Asia Commercial Bank successfully cooperated with the retailing leader of Vietnam to
co-issue membership-cum-debit cards. Besides, VietinBank also cooperated with Aeon to
launch its new cards.
Although the co-branded cards brought about rampant growth for financial cards in terms of
volume during the review period, their performance in terms of transactions started to see
noticeable declines as many card owners merely used these cards to accumulate reward points.
While debit cards constant growth is 22% in 2015, it was 21% in 2014 and 15% in 2013.
Realising that aggressively penetrating the market in terms of volume cannot guarantee
sustainable profit, major banks are trying to improve the customer experience to boost value
growth with technology as the main means of achieving this.
Mobile POS is the most outstanding innovation which entered Vietnam in December 2014.
VietinBank is one of the first banks to commercially apply this new technology. A mobile POS
terminal can be easily set up with a small device attached to smart phones or iPads. The new
innovation is not only portable and convenient but also more cost-effective in comparison to the
conventional POS infrastructure. On 2 June 2015, East Asia Commercial Bank launched the
largest Auto Banking system in Vietnam with a network of 42 points of transaction all around the
country. The system is believed to be one of the most modern ATM systems in Vietnam with
various self-service functions, such as cash deposit, withdrawal, bill payment, interbank transfer
and currency exchange. Besides, DongA Bank is also amongst the leading pioneers. In January
2014, the bank also upgraded its ATM machine systems with the new function of ATM deposit,
which accepts 200 bank notes of different value for each single deposit transaction. DongA
Bank, HSBC, Sacombank and aBank are amongst the very few banks in Vietnam to offer direct
cash deposit function at ATM machines.
Outlook
Over the forecast period, technology is expected to continue contributing to financial cards
performance. Whilst banks will continue to invest enormous financial resources in facilitating
their banking systems with the newest technologies, operators are not expected to pay as much
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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.
Vietnam Remains A Cash Society in Spite of Financial Cards Strong

Growth
During the review period, both big and small banks competed fiercely against each other to
win the race of increasing the number of financial cards in circulation. Different banks deployed
various strategies. While some banks offered complimentary issuing and a free annual fee for
the first few years, some other bigger banks cooperated with major retailers to issue co-branded
cards so that they can utilise the enormous loyal customer resources from these retailers. In
addition, the government also imposed a law regulating all state-owned businesses and offices
to pay salaries via ATM accounts. As a result, financial cards saw tremendous growth during the
review period.
After passing its peak performance period from 2001-2006, with breakneck 3-digit growth,
financial cards slowed down, yet still achieved noticeable double-digit growth in both volume
and transaction value terms. In terms of cards in circulation, the category recorded a strong
historic period volume CAGR of 23%. Meanwhile, it witnessed a historic period transaction value
CAGR of 30%. With the total number of financial cards in circulation totalling 88 million by the
end of 2015, the figure was almost on par with the size of the countrys population (92 million).
But, 75% of the countrys population remain unbanked, meaning they have no bank accounts.
There are several reasons that contribute to the paradoxical trend between the high number
of cards in circulation and the low rate of the banked population. The main factor is because
most banks focus on quantity yet do not pay much attention to quality. Even though many banks
offer a free issuing fee and annual fee for the first few years, card owners are charged with
various other fees namely: ATM withdrawal fee, fee for payment made by POS terminals
operated by a different bank and SMS notification fee. In addition, it was very common for ATMs
to run out of money while lengthy queues of workers were waiting to withdraw money on pay
days. Besides, many co-branded card owners merely use the cards to accumulate shopping
reward points rather than to make payments. For many housewives, there is no reason for them
to go to the bank to deposit money into their cards to use them for payments at the
supermarkets later. They would rather just bring their cash with them. Moreover, the lack of
available POS terminals also strongly affects the ongoing trend. It is almost impossible for
consumers to get away with not having cash. In order to make very basic daily payments like
parking fees, casual meals, groceries at traditional wet markets or small independent stores,
consumers are expected to pay in cash.
Outlook
Over the forecast period, as volume growth will see a declining trend majorly affected by such
strong growth during the review period, banks will invest more in improving customer experience
with their services to keep transaction value growth at a good rate. In addition, stronger
competition from foreign banks will arise over the forecast period after the government signed
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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
Number of POS Terminals: Units 2010-2015
'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,
trade interviews, trade sources
Table 2
Number of ATMs: Units 2010-2015
'000 Units
No of ATMs
Source:
2010
2011
2012
2013
2014
2015
11.5
13.6
14.2
15.4
16.0
16.4
Table 3
Value Lost to Fraud 2010-2015
VND million
Value Lost to Fraud

Source:
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
Card Expenditure by Location 2015
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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
Charge Card Transactions

Credit Card Transactions
Debit Transactions
Open Loop Pre-Paid Card Transactions
Source:
Table 5
Financial Cards in Circulation by Type: % Number of Cards 2010-2015
% number of cards
Contact Smart Cards

Contactless Smart Cards
Non-Smart Cards
Total
Source:
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
Table 6
Domestic versus Foreign Spend 2015
% value analysis
- Charge Card Transactions

- Credit Card Transactions
- Debit Transactions
-- Open Loop Pre-Paid Card Transactions
Source:
Domestic
Foreign
Total
58.0
99.0
100.0
42.0
1.0
-
100.0
100.0
100.0
MARKET DATA
Table 7
Financial Cards by Category: Number of Cards in Circulation 2010-2015
'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
Table 8
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Financial Cards by Category: Number of Accounts 2010-2015
'000 accounts

Credit Function
Debit Function
Store Cards
Financial Cards in
Circulation
Source:
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
Financial Cards Transactions by Category: Value 2010-2015
VND tn
ATM Transactions
Card Payment Transactions
- Charge Card
Transactions
- Credit Card
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
Financial Cards by Category: Number of Transactions 2010-2015
million transactions
ATM Transactions
- Charge Card
Transactions
- Credit Card
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
Consumer Payments by Category: Value 2010-2015
VND tn
2010
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
Table 12
Consumer Payments by Category: Number of Transactions 2010-2015
Card Payment
Transactions (Excl
Commercial)
Transactions
Paper Payment
Transactions
- Cash Transactions
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
Table 13
M-Commerce by Category: Value 2010-2015
VND billion
Mobile Phone M-Commerce

- Mobile Phone Proximity
- Mobile Phone - Remote
Tablet M-Commerce
M-Commerce
Source:
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
M-Commerce by Category: % Value Growth 2010-2015
% current value growth

2014/15
2010-15 CAGR
2010/15 Total
Passport

- Mobile Phone - Proximity
Tablet M-Commerce
M-Commerce
Source:
111.9
4,168.7
Table 15
Financial Cards: Number of Cards by Issuer 2010-2014
'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
Table 16
Financial Cards: Number of Cards by Operator 2010-2014
'000 cards
Company
Vietnam National
Financial Switching JSC
2010
2011
2012
2013
2014
16,360.4
21,851.4
29,197.1
34,767.4
41,688.7
Smartlink Card Services

JSC
Vietnam Bank Card JSC
Visa Inc
MasterCard
International Inc
American Express Co
Others
Total
Source:
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
Table 17
Financial Cards: Card Payment Transactions Value by Operator 2010-2014
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:
Table 18
Financial Cards: Card Payment Transactions Value by Issuer 2010-2014
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
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
Table 19
Forecast Financial Cards by Category: Number of Cards in Circulation 20152020
'000 cards
ATM 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,
trade sources
Table 20
Forecast Financial Cards by Category: Number of Accounts 2015-2020
'000 accounts

Credit Function
Debit Function
Store Cards
Financial Cards in
Circulation
Source:
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
trade sources
Forecast Financial Cards Transactions by Category: Value 2015-2020
VND tn
ATM Transactions
- Charge Card
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
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
trade sources
Table 22
Forecast Financial Cards by Category: Number of Transactions 2015-2020
ATM Transactions
- Charge Card
Transactions
- Credit Card
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
trade sources
Table 23
Forecast Consumer Payments by Category: Value 2015-2020
VND tn
Card Payment
Transactions (Excl
Commercial)
Transactions
Paper Payment
Transactions
- Cash Transactions
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
trade sources
Table 24
Forecast Consumer Payments by Category: Number of Transactions 20152020
Card Payment
2015
2016
2017
2018
2019
2020
78.9
92.9
108.1
124.0
140.4
156.8
12
Transactions (Excl
Commercial)
Transactions
Paper Payment
Transactions
- Cash Transactions
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
trade sources
Table 25
Forecast M-Commerce by Category: Value 2015-2020
VND billion

- Mobile Phone Proximity
Tablet M-Commerce
M-Commerce
Source:
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
Table 26
Forecast M-Commerce by Category: % Value Growth 2015-2020
% constant value growth

2015/2016
2015-20 CAGR
2015/20 TOTAL
18.0
18.0
18.0
27.0
27.0
27.0
230.8
230.8
230.8

- Mobile Phone - Proximity
Tablet M-Commerce
M-Commerce
Source:
SOURCES
Sources used during the research included the following:
Summary 1
Research Sources
Official Sources
Ministry of Finance
Trade Associations
Vietnam Bank Card Association
Trade Press
Bao dat Viet

Bao Thanh Nien
Cafe.vn
13
Passport
Giao Duc Online

Intellasia Finance Vietnam
Lao Dong Online
Nhip Cau Dau Tu
Sai Gon Tiep Thi
Tapchi tai chinh
Thanh Nien
The Saigon Times
Tuoi Tre
Vietbao
Vietnam Economic Forum
Vietnam Net News Online
Vietnam Panorama Banking & Finance News
Vietnam Trade
Source:
14

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FINANCIAL CARDS AND

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

LIST OF CONTENTS AND TABLES

Number of POS Terminals: Units 2010-2015 ............................................... 5

Market Data .................................................................................................................................. 6

Financial Cards by Category: Number of Cards in Circulation 20102015 ............................................................................................................. 6

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Forecast M-Commerce by Category: Value 2015-2020 ............................. 13

Research Sources ...................................................................................... 13

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

FINANCIAL CARDS AND PAYMENTS

Credit Cards Remains A Small Category

Major Banks Focus on Technology Advancement To Improve Customer

Atms Growth Decelerates

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

the Number of Financial Cards Exceeds the National Population, While

KEY TRENDS AND DEVELOPMENTS

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Technology As the Key Means of Competition Amongst Major Issuers

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Vietnam Remains A Cash Society in Spite of Financial Cards Strong

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Number of POS Terminals: Units 2010-2015

Number of ATMs: Units 2010-2015

Value Lost to Fraud 2010-2015

Value Lost to Fraud

Card Expenditure by Location 2015

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Charge Card Transactions

Financial Cards in Circulation by Type: % Number of Cards 2010-2015

Contact Smart Cards

Domestic versus Foreign Spend 2015

- Charge Card Transactions

Financial Cards by Category: Number of Cards in Circulation 2010-2015

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Financial Cards by Category: Number of Accounts 2010-2015

Charge Card Function

Financial Cards Transactions by Category: Value 2010-2015

Financial Cards by Category: Number of Transactions 2010-2015

Consumer Payments by Category: Value 2010-2015

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Consumer Payments by Category: Number of Transactions 2010-2015

M-Commerce by Category: Value 2010-2015

Mobile Phone M-Commerce

M-Commerce by Category: % Value Growth 2010-2015

% current value growth

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Mobile Phone M-Commerce

Financial Cards: Number of Cards by Issuer 2010-2014

Financial Cards: Number of Cards by Operator 2010-2014

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Smartlink Card Services

Financial Cards: Card Payment Transactions Value by Operator 2010-2014

Financial Cards: Card Payment Transactions Value by Issuer 2010-2014

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Forecast Financial Cards by Category: Number of Cards in Circulation 20152020

Forecast Financial Cards by Category: Number of Accounts 2015-2020

Charge Card Function

Forecast Financial Cards Transactions by Category: Value 2015-2020

FINANCIAL CARDS AND PAYMENTS IN VIETNAM

Forecast Financial Cards by Category: Number of Transactions 2015-2020

Forecast Consumer Payments by Category: Value 2015-2020

Forecast Consumer Payments by Category: Number of Transactions 20152020