Vietnam Credit Cards
Vietnam is known as Socialist Republic of Vietnam. It is a beautiful country but was affected by Vietnam War. The population of Vietnam is about 80.6 million. The literacy rate in Vietnam is 90.3%. Economy of Vietnam depends upon tourism, natural resources and other services. Agriculture, Industry, trade and transportation also supports the economy.
Vietnam stands in the row of developing countries. The major hurdle to in the way of development is consistently increasing population rate. The whole economy was destroyed in the war. So economic reforms were started in 1986. Banking sector had given extra attention so marked improvement was seen in some years.
The economy of Vietnam was run by the only bank named as, State Bank of Vietnam. After 2000, credit instruments were launched. Banks started issuing Credit Cards in Vietnam in 1996. Credit cards gained much popularity in few years. Vietnam had a cash based economic setup. Due international tourists, Credit cards in Vietnam have become the popular mean of payment.
Evolution of Credit Cards In Vietnam
The era of 1996-2007 was very important period for the evolution of credit cards in this country. So many changes have been occurred during this period of time. Several banks issue Vietnam Credit Cards. Now, credit cards are accepted at every place in Vietnam. There are a large number of tourists that rely on credit cards heavily so this was the key factor in the promotion of credit cards.
The credit card market in Vietnam expanded much in the last decade that is why The State Bank of Vietnam has to make some rules and regulations in this regard. All the limitations regarding the usage and issuance of the Vietnam Credit Cards are pretty clear by the central bank. All the major credit cards providers are working in Vietnam like Visa, Master Card, American Express and Diners.
Several leading banks in Vietnam also back credit cards. Policies are strict but it is the safest mode of payment. There are several financial institutions of the world that are also taking part in the credit card market of Vietnam. This shows that card market in Vietnam is having high potential in it. The big names of this field are making alliance to provide good quality services to the customer and to get more revenue as well.
There are four known alliances in card market of Vietnam, including the Vietcom Bank alliance, the bank net alliance, the VAB alliance, Sacom bank and ANZ. Leading banks of Vietnam are also issuing Vietnam Credit Cards. These banks are ACB, HSBC, Industrial and commercial bank of Vietnam, VP Bank.