Vietnam’s Bank Card Network Grows Strongly
Vietnam’s banking industry has issued over 15 million bank cards by end-2008, a 160 per cent increase against 2007, the Vietnam Bank Card Association announced recently.
The number of domestic cards, including credit and debit cards, accounts for 93 per cent of the figure. Vietnam had around 10 million domestic bank card holders till 2007.
Vietcombank, had issued over three million cards and continue to lead the market with a share of 22 per cent. Vietnam Bank for Industry and Trade (VietinBank) and DongA Commercial Bank made up 30 per cent and 17.6 per cent, respectively.
The number of international cards also surged to over one million last year, 74 per cent increase against 2007. International bank cards are issued at 16 out of 40 issuers in the country.
ACB is also the largest international card issuer in Vietnam with over 300,000 cards, holding a market share of 29 per cent, while the Vietcombank and Techcombank account for 28 per cent and 14 per cent, consecutively.
Nearly VND250 trillion has been transacted via domestic cards till the end of 2008, up 200 per cent on-year, while over US$1 billion has been paid through international cards.
Bank cards are mostly used for cash withdrawal, while payment at points of sales is still limited. The country now has nearly 7,500 automated teller machines (ATM) to date with Vietcombank, Agribank, and BIDV running highest numbers of ATMs in the country. (STD)
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