The Research and Markets website forecasts that the payment card market in Vietnam will grow at about 18.5 per cent during the 2011- 2014 period.
In its "Vietnam Plastic Card Market Forecast to 2013" March report available on http://www.researchandmarkets.com , it said Vietnamís payment card market is relatively small, but it is one of the most dynamic markets in the world.
The payment card market in Vietnam , which includes both credit cards and debit cards, has been rapidly growing in the past few years, fuelled by continuous rise in young population, technological developments, and emerging trend of e-commerce, it said.
According to the report, Vietnam is still dominated by cash payments.
It, however, pointed out that continuous government support and rapidly rising population have significantly contributed in decreasing cash payments in the country and have encouraged people to use non-cash modes of payment.
The total number of cards issued in Vietnam has nearly doubled during the 2008-2010 period. Debit cards dominate the market, whereas credit cards are relatively new in the market and accounts for less than 1.5 per cent of the market.
The market for credit cards in Vietnam remains largely untapped and full of immense opportunities for card issuers, suppliers, and manufacturers, the report said, reasoning that the cards are increasingly used in shopping malls and various on-line portals trading luxury, world-class brands of consumer goods.