Report: Vietnam could be next big market for plastic cards
The demand for payment and other types of plastic cards in Vietnam could be set to skyrocket over the next few years, market researcher RNCOS stated in a recent report.
Ongoing technological advances, a growing youth population, and the advent of widespread ecommerce in the country are the central factors that RNCOS said should drive plastic card demand up by 18 percent per year from 2011 through 2014.
As opposed to many western countries, interestingly, the payment cards market in Vietnam is centered around debit, as opposed to credit. While credit cards were the first such payment options to make a big splash in the U.S., the pattern has been reversed in the case of Vietnam. This means, RNCOS said, that the opportunity to claim a significant share of the credit card market still exists.
Vietnam has become more open to foreign investment in recent years, and is widely regarded as an economic success story in Southeast Asia, according to experts. The country joined the World Trade Organization in 2007.
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