Visa Int'l official optimistic about payment cards market in Viet Nam
Visa International's Country Manager for Viet Nam Gordon Cooper said the use of payment cards in Viet Nam is expanding rapidly, although Visa card transactions currently account for only 0.13 percent of spending in the country, compared to 0.7 percent in the Philippines and 20 percent in the Republic of Korea.
He cited the 67 percent increase in the number of cards issued by Visa Int'l in Viet Nam and the 78 percent increase in the value of Visa card transactions in 2004 as reasons for his evaluation.
Cooper estimated that some 9.5 million Vietnamese have the potential to change to card payment, the majority of who live in major urban areas such as Ha Noi and Ho Chi Minh City.
He added, however, that the card market's development is hampered by a lack of links between banks, the small number of merchants who accept card payment, and cumbersome procedures, which can only be removed with the government's proper policies.
Vietnam Economic Times - July 07, 2005.
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