Credit card market grows 300% annually

The domestic credit card market has developed rapidly, posting an average annual growth of 300%, said Nguyen Thu Ha, Chairwoman of the Vietnam Card Association (VCA), at a press briefing in Hanoi on December 21.
Since 1996, credit organisations have issued 2.1 million cards, including 1.6 million domestic and 500,000 international ones.
Seventeen commercial banks now issue domestic credit cards and six others, international credit cards, with a combined value of 100 million US dollars per year. In the first 11 months of 2005, the figure reached 600 million US$.
However, due to local people’s habit of paying in cash, over 90% of amount paid in credit cards in Vietnam was by foreign visitors and Vietnamese card holders who spent money abroad.

 

Category: Finance