Visa International to open office in Vietnam
HANOI - Visa International, the global credit card group, said Thursday it has received a licence to open a representative office in Vietnam's southern business capital Ho Chi Minh City.
"Vietnam's fast-growing inbound tourism industry and the increased use of payment cards among Vietnamese consumers make 2005 an ideal time for us to reinforce our commitment to developing Vietnam's electronic payment infrastructure," Visa Asia-Pacific president and chief executive officer, Rupert Keeley, said.
However, government efforts to encourage a shift away from a cash-based economy in Vietnam towards one with a modern banking system have come up against tradition and decades of mistrust towards banks. The majority of people in Vietnam still do not have a bank account and have never seen a cash-dispensing machine. Visa cards were first accepted in Vietnam in 1991 and annual transaction value of Visa cardholders visiting the country reached 237 million dollars in 2004, Visa said.
Agence France Presse - February 18, 2005
|