How common is credit card in Vietnam?

Vietnam’s Credit Card Market: A Surging Wave of Plastic

In the vibrant and rapidly evolving economy of Vietnam, the popularity and usage of credit cards have witnessed a remarkable surge. As of March 2023, the total number of credit cards in circulation has soared to an impressive 150.6 million, representing a notable 3.29% increase compared to the previous year, according to data from the State Bank of Vietnam. This exponential growth underscores the growing adoption of credit cards as a convenient and flexible payment method among Vietnamese consumers.

The widespread acceptance of credit cards across various sectors, including retail, hospitality, and e-commerce, has further fueled their popularity. Credit cards offer consumers the convenience of making purchases without the need for cash, while also enabling them to take advantage of rewards, discounts, and loyalty programs.

Moreover, the emergence of mobile banking and digital payment platforms has significantly enhanced the accessibility and usability of credit cards. Consumers can now seamlessly manage their accounts, make payments, and track their expenses from the comfort of their smartphones. This technological advancement has made credit cards an even more appealing option for both urban and rural residents alike.

The growth in credit card usage in Vietnam can also be attributed to the country’s expanding middle class. As disposable incomes rise, Vietnamese consumers are increasingly seeking convenient and efficient ways to make purchases, and credit cards fulfill this need effectively.

Looking ahead, the future of credit cards in Vietnam appears promising. With the government’s continued efforts to promote financial inclusion and the rapid adoption of digital technology, the number of credit card users is expected to continue its upward trajectory. Credit cards are poised to play an increasingly pivotal role in shaping Vietnam’s cashless society and driving economic growth.