Credit Cards in Vietnam

CREDIT CARDS IN VIETNAM
Euromonitor International
November 2017
CREDIT CARDS IN VIETNAM Passport I
LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Prospects ..................................................................................................................................... 1
Credit Cards Remains A Small Category.................................................................................. 1
Commercial Credit Cards Remain Niche .................................................................................. 1
Co-branded Cards and Zero-interest Instalments Are Among the Most Popular Promotional
Schemes ................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 1
Vietcombank Maintains Its Leadership ..................................................................................... 2
Better Marketing and Customer Relation Management Needed in the Social Media Age ........ 2
Category Data .............................................................................................................................. 2
Table 1 Credit Cards: Number of Cards in Circulation 2012-2017 ............................ 2
Table 2 Credit Cards Transactions 2012-2017.......................................................... 2
Table 3 Credit Cards in Circulation: % Growth 2012-2017 ........................................ 2
Table 4 Credit Cards Transactions: % Growth 2012-2017 ........................................ 3
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2012-2017 ........ 3
Table 6 Commercial Credit Cards Transactions 2012-2017 ..................................... 3
Table 7 Commercial Credit Cards in Circulation: % Growth 2012-2017 .................... 3
Table 8 Commercial Credit Cards Transactions: % Growth 2012-2017 .................... 3
Table 9 Personal Credit Cards: Number of Cards in Circulation 2012-2017 ............. 4
Table 10 Personal Credit Cards Transactions 2012-2017 .......................................... 4
Table 11 Personal Credit Cards in Circulation: % Growth 2012-2017......................... 4
Table 12 Personal Credit Cards Transactions: % Growth 2012-2017 ......................... 4
Table 13 Credit Cards: Number of Cards by Issuer 2012-2016 .................................. 4
Table 14 Credit Cards: Number of Cards by Operator 2012-2016 .............................. 5
Table 15 Credit Cards Payment Transaction Value by Issuer 2012-2016 ................... 5
Table 16 Credit Cards Payment Transaction Value by Operator 2012-2016 .............. 6
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2012-2016 .............. 6
Table 18 Commercial Credit Cards: Number of Cards by Operator 2012-2016 .......... 7
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2012-
2016 ............................................................................................................. 7
Table 20 Commercial Credit Cards Payment Transaction Value by Operator
2012-2016 .................................................................................................... 7
Table 21 Personal Credit Cards: Number of Cards by Issuer 2012-2016 ................... 7
Table 22 Personal Credit Cards: Number of Cards by Operator 2012-2016 ............... 8
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2012-
2016 ............................................................................................................. 8
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2012-
2016 ............................................................................................................. 9
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2017-2022 ............. 9
Table 26 Forecast Credit Cards Transactions 2017-2022 ........................................... 9
Table 27 Forecast Credit Cards in Circulation: % Growth 2017-2022 ....................... 10
Table 28 Forecast Credit Cards Transactions: % Growth 2017-2022 ....................... 10
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation
2017-2022 .................................................................................................. 10
Table 30 Forecast Commercial Credit Cards Transactions 2017-2022..................... 10
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2017-
2022 ........................................................................................................... 10
© Euromonitor International
CREDIT CARDS IN VIETNAM Passport II
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2017-

2022 ........................................................................................................... 11
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation
2017-2022 .................................................................................................. 11
Table 34 Forecast Personal Credit Cards Transactions 2017-2022.......................... 11
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2017-2022 ........ 11
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2017-2022 ........ 11
CREDIT CARDS IN VIETNAM Passport 1
CREDIT CARDS IN VIETNAM

HEADLINES
 Credit card transactions records retail value growth of 28% to reach VND107 trillion in 2017
 The number of credit cards in circulation grows by 15% to reach 5.1 million cards in 2017
 Credit cards remains a small category, limited to mostly urban areas
 Credit card transactions is expected to record a retail value CAGR of 21% at 2017 constant
prices over the forecast period
PROSPECTS
Credit Cards Remains A Small Category

Generally speaking, financial cards in Vietnam is still a risky business due to the lack of an
established credit rating system. As such, many banks use strict criteria when issuing credit
cards to ensure that customers have the ability to pay the balance. This has led to a small
market for credit cards, with a fraction of the number of debit cards in circulation. Most credit
card owners are urban consumers with stable incomes. Many of these are also middle- to high-
income consumers, who usually purchase high-value items and travel.
Commercial Credit Cards Remain Niche

It is uncommon for companies in Vietnam to have commercial credit cards. Many companies
refund their employees’ spending by cash or with their salary instead of issuing them a
company-owned credit card. Moreover, the lack of promotions or special benefits, together with
high maintenance fees, make these cards unsuitable for most small and medium companies. As
a result, the category is limited to large multinational companies, meaning that it is likely to
remain a niche in the near future.
Co-branded Cards and Zero-interest Instalments Are Among the Most

Popular Promotional Schemes
Banks constantly run various promotional schemes in order to attract spenders and new
users. Many banks have co-branded cards, which benefit both the banks and the retailers.
These cards usually offer special discounts or points from the retailer of choice. For example,
many banks offer Vietnam Airlines co-branded cards which allow customers to earn LotusMile
miles when they spend. Another example is TPBank’s Mobifone credit card, which offers users
cashback and the ability to earn points for free call minutes which they can use on their
Mobifone phone number.
Offering zero-interest instalments is also another popular scheme. Many banks partner with
retailers of high-value goods, such as electronics and appliances, to offer customers zero-
interest instalments. This attracts many card owners, as these goods are necessary for many
households and customers usually opt for instalment payments in order to avoid the high one-off
cost, which allows them to upgrade to better and more expensive models.
COMPETITIVE LANDSCAPE
Vietcombank Maintains Its Leadership

JSC Bank for Foreign Trade of Vietnam (Vietcombank), one of the largest state-owned banks,
maintained its leadership in both the number of credit cards and credit transaction value in 2017.
The bank has many advantages over its competitors, one of which is the fact that it is the sole
issuer of American Express cards in Vietnam. In addition, being the first to launch a co-branded
card with Vietnam Airlines, Vietcombank’s Vietnam Airlines card has one of the best points-to-
miles schemes in the market, allowing customers to earn up to two LotusMile miles per USD
spent.
Better Marketing and Customer Relation Management Needed in the

Social Media Age
The main target audience for credit cards are middle- to high-income urban customers, who
are also active users of social media, including Facebook and Instagram. Therefore, many
players invest in online marketing campaigns in order to attract the right target market. For
instance, Citibank usually advertises its credit cards with attractive benefits via Facebook.
On the other hand, customers can also easily complain using a bank’s social media site if the
bank has provided unsatisfactory service, which can then easily be shared with the public. As
customers view word-of-mouth information to be more trustworthy than advertisements, they
can quickly gain a poor image of a bank after reading negative reviews. In 2016 and 2017, a few
large players such as Vietcombank, Techcombank and Citibank were involved in this kind of
publicity. Even though the scale of the impact varies, it would be better for banks to avoid these
events by having better customer relationship management.
CATEGORY DATA
Table 1 Credit Cards: Number of Cards in Circulation 2012-2017
'000 cards
2012 2013 2014 2015 2016 2017
Credit Function 2,452.5 2,972.1 3,291.3 3,730.5 4,421.7 5,085.0

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 2 Credit Cards Transactions 2012-2017
2012 2013 2014 2015 2016 2017
Number of transactions 7.1 9.5 11.8 14.3 19.6 25.8

(mn)
Transaction value (VND 26.5 35.0 44.9 56.5 84.1 107.3
tn)
Table 3 Credit Cards in Circulation: % Growth 2012-2017
% cards growth
2016/17 2012-17 CAGR 2012/17 Total
Credit Function 15.0 15.7 107.3

Table 4 Credit Cards Transactions: % Growth 2012-2017
% growth
2016/17 2012-17 CAGR 2012/17 Total
Number of transactions 31.6 29.3 261.8

Transaction value 27.7 32.2 304.3
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2012-2017
'000 cards
2012 2013 2014 2015 2016 2017
Commercial Credit Cards 65.2 71.5 77.5 82.7 89.5 104.4

Table 6 Commercial Credit Cards Transactions 2012-2017
2012 2013 2014 2015 2016 2017

(mn)
tn)
Table 7 Commercial Credit Cards in Circulation: % Growth 2012-2017
% cards growth
2016/17 2012-17 CAGR 2012/17 Total
Commercial Credit Cards 16.6 9.9 60.2

Table 8 Commercial Credit Cards Transactions: % Growth 2012-2017
% growth
2016/17 2012-17 CAGR 2012/17 Total

Table 9 Personal Credit Cards: Number of Cards in Circulation 2012-2017
'000 cards
2012 2013 2014 2015 2016 2017
Personal Credit Cards 2,387.3 2,900.6 3,213.8 3,647.7 4,332.2 4,980.6

Table 10 Personal Credit Cards Transactions 2012-2017
2012 2013 2014 2015 2016 2017

(mn)
tn)
Table 11 Personal Credit Cards in Circulation: % Growth 2012-2017
% cards growth
2016/17 2012-17 CAGR 2012/17 Total
Personal Credit Cards 15.0 15.8 108.6

Table 12 Personal Credit Cards Transactions: % Growth 2012-2017
% growth
2016/17 2012-17 CAGR 2012/17 Total

Table 13 Credit Cards: Number of Cards by Issuer 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016
JSC Bank for Foreign 385.1 476.9 532.3 609.2 727.8

Trade of Vietnam
(Vietcombank)
Bank for Investment & 303.4 378.3 422.5 481.1 571.9
Development of Vietnam
(BIDV)
Asia Commercial JSB 290.7 342.3 371.2 421.4 495.9
Vietnam JSC Bank for 250.7 308.3 343.1 394.0 472.2
Industry & Trade
(Vietinbank)
East Asia Commercial Bank 215.3 270.1 298.8 335.6 394.2
Vietnam Technological & 188.1 232.6 255.4 291.8 359.6
Commercial Bank
Vietnam Bank for 157.9 179.7 199.6 223.5 260.9
Agriculture & Rural
Development (Agribank)
Saigon Thuong Tin 156.1 177.0 193.7 197.7 233.9
Commercial JSB
Vietnam Eximbank - 53.5 65.7 73.6 149.2 182.0
Vietnam Export Import
Commercial Joint Stock
Bank
HSBC Bank (Vietnam) Ltd 88.5 110.2 125.0 139.4 160.6
Vietnam International 35.6 44.3 49.8 50.7 56.3
Commercial JSB
Petrolimex Group 33.9 40.2 45.6 47.8 56.3
Commercial JSB
Vietnam Bank for - - - - -
Industry & Commerce
(Incombank)
Others 293.6 346.4 380.9 389.2 450.0
Total 2,452.5 2,972.1 3,291.3 3,730.5 4,421.7
Table 14 Credit Cards: Number of Cards by Operator 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016
Visa Inc 1,313.8 1,504.3 1,643.7 1,900.5 2,583.3

Mastercard 810.7 1,080.0 1,210.5 1,402.4 1,677.1
International Inc
American Express Co 114.6 124.7 133.4 73.0 99.6
Others 213.4 263.1 303.7 354.6 61.6
Total 2,452.5 2,972.1 3,291.3 3,730.5 4,421.7
Table 15 Credit Cards Payment Transaction Value by Issuer 2012-2016
VND billion
Company 2012 2013 2014 2015 2016
JSC Bank for Foreign 4,201.7 5,711.1 7,390.7 9,411.2 14,016.4

Trade of Vietnam
(Vietcombank)
Bank for Investment & 3,424.8 4,692.3 6,065.5 7,688.1 11,490.2
(BIDV)
Asia Commercial JSB 3,139.1 4,201.4 5,280.3 6,582.5 9,990.6
Vietnam JSC Bank for 2,736.3 3,811.9 4,888.0 5,981.5 8,964.0
Industry & Trade

(Vietinbank)
East Asia Commercial Bank 2,589.0 2,968.6 3,719.2 4,840.1 7,252.7
Vietnam Technological & 2,156.1 2,904.5 3,727.9 4,741.3 7,089.7
Commercial Bank
Vietnam Bank for 1,410.2 1,750.0 2,282.9 2,797.7 4,013.7
Agriculture & Rural
Saigon Thuong Tin 1,325.7 1,720.4 2,189.8 2,485.9 3,585.6
Commercial JSB
HSBC Bank (Vietnam) Ltd 891.7 1,201.3 1,553.8 1,880.6 2,722.5
Vietnam Eximbank - 411.6 553.2 721.3 1,629.8 2,526.2
Bank
Commercial JSB
Commercial JSB
Industry & Commerce
(Incombank)
Others 3,637.0 4,652.8 5,957.1 7,145.0 10,669.2
Total 26,547.6 34,997.5 44,867.0 56,489.7 84,072.9
Table 16 Credit Cards Payment Transaction Value by Operator 2012-2016
VND billion
Company 2012 2013 2014 2015 2016
Visa Inc 15,807.8 20,114.8 24,755.6 32,790.5 52,102.6

Mastercard 7,262.3 9,876.6 13,637.5 17,561.4 23,209.3
International Inc
American Express Co 1,548.3 2,125.2 2,606.9 1,597.1 2,421.2
Others 1,929.1 2,880.9 3,866.9 4,540.8 6,339.7
Total 26,547.6 34,997.5 44,867.0 56,489.7 84,072.9
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016

Vietnam Bank for 0.8 0.9 1.0 1.0 1.0
Agriculture & Rural
Vietnam Eximbank - - - - - -
Bank
Others 4.5 4.8 5.0 5.5 6.0
Total 65.2 71.5 77.5 82.7 89.5
Table 18 Commercial Credit Cards: Number of Cards by Operator 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016
Visa Inc 54.5 58.3 62.5 66.4 71.6

Mastercard 10.7 13.2 15.0 16.3 17.9
International Inc
Total 65.2 71.5 77.5 82.7 89.5
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2012-2016
VND billion
Company 2012 2013 2014 2015 2016

Vietnam Bank for 11.6 12.8 14.9 15.5 20.7
Agriculture & Rural
Vietnam Eximbank - - - - - -
Bank
Others 50.3 51.6 56.7 66.0 116.2
Total 1,164.9 1,263.9 1,418.1 1,613.8 2,582.1
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2012-2016
VND billion
Company 2012 2013 2014 2015 2016
Visa Inc 984.3 1,055.4 1,162.8 1,320.1 2,109.6

Mastercard 180.6 208.5 255.3 293.7 472.5
International Inc
Total 1,164.9 1,263.9 1,418.1 1,613.8 2,582.1
Table 21 Personal Credit Cards: Number of Cards by Issuer 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016
JSC Bank for Foreign 385.1 476.9 532.3 609.2 727.8

Trade of Vietnam
(Vietcombank)
Bank for Investment & 303.4 378.3 422.5 481.1 571.9

(BIDV)
Vietnam JSC Bank for 250.7 308.3 343.1 394.0 472.2
Industry & Trade
(Vietinbank)
East Asia Commercial Bank 215.3 270.1 298.8 335.6 394.2
Vietnam Technological & 188.1 232.6 255.4 291.8 359.6
Commercial Bank
Vietnam Bank for 157.1 178.7 198.5 222.5 259.9
Agriculture & Rural
Saigon Thuong Tin 156.1 177.0 193.7 197.7 233.9
Commercial JSB
Vietnam Eximbank - 53.5 65.7 73.6 149.2 182.0
Bank
Commercial JSB
Commercial JSB
Industry & Commerce
(Incombank)
Others 289.1 341.6 375.9 383.7 444.1
Total 2,387.3 2,900.6 3,213.8 3,647.7 4,332.2
Table 22 Personal Credit Cards: Number of Cards by Operator 2012-2016
'000 cards
Company 2012 2013 2014 2015 2016
Visa Inc 1,259.3 1,445.9 1,581.2 1,834.1 2,511.7

Mastercard 800.0 1,066.8 1,195.5 1,386.1 1,659.2
International Inc
American Express Co 114.6 124.7 133.4 73.0 99.6
Others 213.4 263.1 303.7 354.6 61.6
Total 2,387.3 2,900.6 3,213.8 3,647.7 4,332.2
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2012-2016
VND billion
Company 2012 2013 2014 2015 2016
JSC Bank for Foreign 4,201.7 5,711.1 7,390.7 9,411.2 14,016.4

Trade of Vietnam
(Vietcombank)
Bank for Investment & 3,424.8 4,692.3 6,065.5 7,688.1 11,490.2
(BIDV)
Vietnam JSC Bank for 2,736.3 3,811.9 4,888.0 5,981.5 8,964.0

Industry & Trade
(Vietinbank)
East Asia Commercial Bank 2,589.0 2,968.6 3,719.2 4,840.1 7,252.7
Vietnam Technological & 2,156.1 2,904.5 3,727.9 4,741.3 7,089.7
Commercial Bank
Vietnam Bank for 1,398.6 1,737.3 2,268.0 2,782.2 3,993.0
Agriculture & Rural
Saigon Thuong Tin 1,325.7 1,720.4 2,189.8 2,485.9 3,585.6
Commercial JSB
HSBC Bank (Vietnam) Ltd 802.1 1,099.7 1,442.5 1,756.0 2,526.2
Vietnam Eximbank - 411.6 553.2 721.3 1,629.8 2,526.2
Bank
Commercial JSB
Commercial JSB
Industry & Commerce
(Incombank)
Others 3,586.7 4,601.3 5,900.4 7,079.0 10,553.1
Total 25,382.7 33,733.6 43,448.9 54,875.9 81,490.8
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2012-2016
VND billion
Company 2012 2013 2014 2015 2016
Visa Inc 14,823.5 19,059.5 23,592.7 31,470.4 49,993.1

Mastercard 7,081.8 9,668.1 13,382.3 17,267.6 22,736.8
International Inc
American Express Co 1,548.3 2,125.2 2,606.9 1,597.1 2,421.2
Others 1,929.1 2,880.8 3,866.9 4,540.8 6,339.7
Total 25,382.7 33,733.6 43,448.9 54,875.9 81,490.8
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2017-2022
'000 cards
2017 2018 2019 2020 2021 2022
Credit Function 5,085.0 5,796.9 6,550.5 7,336.5 8,143.6 8,957.9

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 26 Forecast Credit Cards Transactions 2017-2022
2017 2018 2019 2020 2021 2022

(mn)
tn)
trade sources
Table 27 Forecast Credit Cards in Circulation: % Growth 2017-2022
% cards growth
2017/2018 2017-22 CAGR 2017/22 Total
Credit Function 14.0 12.0 76.2

trade sources
Table 28 Forecast Credit Cards Transactions: % Growth 2017-2022
% growth
2017/18 2017-22 CAGR 2017/22 Total

trade sources
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2017-

2022
'000 cards
2017 2018 2019 2020 2021 2022
Commercial Credit Cards 104.4 119.9 136.7 154.7 174.4 195.4

trade sources
Table 30 Forecast Commercial Credit Cards Transactions 2017-2022
2017 2018 2019 2020 2021 2022

(mn)
tn)
trade sources
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2017-2022
% cards growth
2017/2018 2017-22 CAGR 2017/22 Total
Commercial Credit Cards 14.8 13.4 87.2

trade sources
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2017-2022
% growth
2017/18 2017-22 CAGR 2017/22 Total

trade sources
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2017-2022
'000 cards
2017 2018 2019 2020 2021 2022
Personal Credit Cards 4,980.6 5,677.0 6,413.8 7,181.8 7,969.2 8,762.5

trade sources
Table 34 Forecast Personal Credit Cards Transactions 2017-2022
2017 2018 2019 2020 2021 2022

(mn)
tn)
trade sources
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2017-2022
% cards growth
2017/2018 2017-22 CAGR 2017/22 Total
Personal Credit Cards 14.0 12.0 75.9

trade sources
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2017-2022
% growth
2017/18 2017-22 CAGR 2017/22 Total

trade sources

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CREDIT CARDS IN VIETNAM

LIST OF CONTENTS AND TABLES

Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2017-

CREDIT CARDS IN VIETNAM

Credit Cards Remains A Small Category

Commercial Credit Cards Remain Niche

Co-branded Cards and Zero-interest Instalments Are Among the Most

Vietcombank Maintains Its Leadership

Better Marketing and Customer Relation Management Needed in the

Credit Function 2,452.5 2,972.1 3,291.3 3,730.5 4,421.7 5,085.0

Table 2 Credit Cards Transactions 2012-2017

2012 2013 2014 2015 2016 2017

Number of transactions 7.1 9.5 11.8 14.3 19.6 25.8

Table 3 Credit Cards in Circulation: % Growth 2012-2017

Credit Function 15.0 15.7 107.3

Table 4 Credit Cards Transactions: % Growth 2012-2017

Number of transactions 31.6 29.3 261.8

Table 5 Commercial Credit Cards: Number of Cards in Circulation 2012-2017

Commercial Credit Cards 65.2 71.5 77.5 82.7 89.5 104.4

Table 6 Commercial Credit Cards Transactions 2012-2017

2012 2013 2014 2015 2016 2017

Number of transactions 0.5 0.6 0.6 0.7 1.6 2.6

Table 7 Commercial Credit Cards in Circulation: % Growth 2012-2017

Commercial Credit Cards 16.6 9.9 60.2

Table 8 Commercial Credit Cards Transactions: % Growth 2012-2017

Number of transactions 62.0 39.5 429.0

Table 9 Personal Credit Cards: Number of Cards in Circulation 2012-2017

Personal Credit Cards 2,387.3 2,900.6 3,213.8 3,647.7 4,332.2 4,980.6

Table 10 Personal Credit Cards Transactions 2012-2017

2012 2013 2014 2015 2016 2017

Number of transactions 6.6 8.9 11.2 13.6 18.0 23.2

Table 11 Personal Credit Cards in Circulation: % Growth 2012-2017

Personal Credit Cards 15.0 15.8 108.6

Table 12 Personal Credit Cards Transactions: % Growth 2012-2017

Number of transactions 28.9 28.4 249.5

Table 13 Credit Cards: Number of Cards by Issuer 2012-2016

JSC Bank for Foreign 385.1 476.9 532.3 609.2 727.8

Table 14 Credit Cards: Number of Cards by Operator 2012-2016

Visa Inc 1,313.8 1,504.3 1,643.7 1,900.5 2,583.3

Table 15 Credit Cards Payment Transaction Value by Issuer 2012-2016

JSC Bank for Foreign 4,201.7 5,711.1 7,390.7 9,411.2 14,016.4

Industry & Trade

Table 16 Credit Cards Payment Transaction Value by Operator 2012-2016

Visa Inc 15,807.8 20,114.8 24,755.6 32,790.5 52,102.6

Table 17 Commercial Credit Cards: Number of Cards by Issuer 2012-2016

Asia Commercial JSB 56.3 61.7 67.2 71.9 77.9

Table 18 Commercial Credit Cards: Number of Cards by Operator 2012-2016

Visa Inc 54.5 58.3 62.5 66.4 71.6

Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2012-2016

Asia Commercial JSB 1,013.3 1,098.0 1,235.2 1,407.7 2,249.0

Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2012-2016

Visa Inc 984.3 1,055.4 1,162.8 1,320.1 2,109.6

Table 21 Personal Credit Cards: Number of Cards by Issuer 2012-2016

JSC Bank for Foreign 385.1 476.9 532.3 609.2 727.8

Bank for Investment & 303.4 378.3 422.5 481.1 571.9

Table 22 Personal Credit Cards: Number of Cards by Operator 2012-2016

Visa Inc 1,259.3 1,445.9 1,581.2 1,834.1 2,511.7

Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2012-2016

JSC Bank for Foreign 4,201.7 5,711.1 7,390.7 9,411.2 14,016.4

Vietnam JSC Bank for 2,736.3 3,811.9 4,888.0 5,981.5 8,964.0

Table 24 Personal Credit Cards Payment Transaction Value by Operator 2012-2016

Visa Inc 14,823.5 19,059.5 23,592.7 31,470.4 49,993.1

Table 25 Forecast Credit Cards: Number of Cards in Circulation 2017-2022

Credit Function 5,085.0 5,796.9 6,550.5 7,336.5 8,143.6 8,957.9