Vietnam Plastic Card Market Poised for Immense Growth

Noida, India (PressExposure) July 26, 2011 -- According to our recent report, "Vietnam Plastic Card Market Forecast to 2013", the Vietnamese payment card market is regarded as one of the most lucrative and underpenetrated payment card markets across the globe and provides brilliant growth opportunities. Vietnamese payment card industry is one of the most quickly expanding card markets across the globe, which has shown impressive growth rates during the last few years. However, the market still remains largely unpenetrated as people prefer using cash instead of payment cards. Consequently, we anticipate that the bank cards market will grow at a CAGR of over 18% during 2011-2014.

As per our research, growing consumer awareness, technological developments, and rising trend of e-commerce, payment cards in Vietnam has gained considerable popularity during the last few years. Moreover, the government's move towards legislating payment of salaries of permanent employees via banks, and increase in employment has resulted in higher number of payment cards, especially debit cards.

Further, our report reveals that the country is still dominated by cash payments. However, 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 increasing non-cash payments in the country have been possible due to the State Bank of Vietnam's efforts for encouraging use of cards in the country. The State Bank of Vietnam (SBV) has promoted banks to develop infrastructure for non-cash payments and has offered incentives to financial institutions to apply for more enhanced technologies in non-cash payment systems.

Our report, "Vietnam Plastic Card Market Forecast to 2013", has provided thorough analysis of the macroeconomic factors and featured future outlook of the payment card industry. It also presents an in-depth analysis of the emerging market trends, current developments, and competitive landscape to enable clients a better understanding of the market situation and its progress in the coming years. Most importantly, the report focuses on the technological developments in the payment card market and tries to answer the crucial questions that concern every investor or player looking to enter the market.

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Press Release Submitted On: July 26, 2011 at 12:55 am
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