Vietnam Credit Card Market Report 2024

Despite a temporary slowdown in 2023 following weakening consumer demand surrounded by unfavourable economic conditions, the credit card market sustained double-digit growth in terms of both active card volume and transaction value. In the first half of 2023, the number of credit cards in circulation multiplied by 2.4 times compared to 2018, and the transaction value via credit cards increased by 35% p.a.

 

Despite a temporary slowdown in 2023 following weakening consumer demand surrounded by unfavourable economic conditions, the credit card market sustained double-digit growth in terms of both active card volume and transaction value. In the first half of 2023, the number of credit cards in circulation multiplied by 2.4 times compared to 2018, and the transaction value via credit cards increased by 35% p.a. 

Notably, the market has seen a significant boost from domestic credit cards, with their circulation increasing approximately fourfold over the last five years thanks to the widespread adoption of NAPAS-based cards by commercial banks and finance companies (FinCos).  

The credit card market in Vietnam embraces huge growth potential backed by its low penetration compared to regional countries, robust growth of e-commerce and online services, and the acceleration of digital payments. Also, the shift in consumer behaviour toward contactless payment indicates a promising prospect for credit card development.  

This report answers the following questions: 

• What is the market size, growth pattern and share of credit cards compared to other circulating payment methods in Vietnam? 
• How is credit card usage tendency towards credit purchase vs cash advance and through different types of acceptance points i.e. QR code, POS &mPOS, Ecom, etc.,  
• What is the pace of development for card payment infrastructure, and how do card payments compare to cash spending among Vietnamese consumers? 
• What are the drivers poised to propel the growth of the credit card market in the upcoming years? 
• Which key development trends are expected to shape credit card market changes? 
• How is the competitive landscape among key credit card issuers  
• With an in-depth view, which factors influence Bank’s credit card and FinCo’s credit card market? 
• How does the Vietnamese government regulate and facilitate the expansion of cashless payments, specifically card transactions, through legal frameworks? 

We would like to provide you with the Demo.

Table of contents and summary of key findings and be found HERE. 

You can also check out other reports covering key sectors of Vietnam including Cold Chain, Consumer Finance, Banking, Healthcare, Housing Builders, and Plastic etc. on our website: http://fiinresearch.vn

About FiinGroup    

FiinGroup is Vietnam’s leading provider of financial data analytics platforms, business information, market research and consulting, credit ratings, and other data-driven analytics services via Platform as a Service (PaaS), annual package, and on-call services.    

FiinGroup has successfully supported various local and foreign investors conduct market assessments, commercial due diligence, merger filing support and deal/market entry advisory works to penetrate/ expand in Consumer Finance Sector and many key sectors in Vietnam including financial services, fintech, infrastructure and utilities, environmental sectors, logistics, construction and building material, etc.    

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