Vietnam is one of its fastest growing markets of global payments technology company Visa in the world, according to Sean Preston, Visa country manager for Vietnam, Cambodia and Laos.
Speaking at a press conference held in HCM City on November 26 on the occasion of Visa’s 20 years of operation in Vietnam, Preston said the company has made some remarkable progress in growing electronic payments in this market over the past two decades.
This year, Visa has seen strong growth in Vietnam. Total payment volume spent on Visa cards in Vietnam has grown by 44 percent over the past year, while the total number of Visa transactions has risen by 41 percent.
Online shopping using Visa cards is also experiencing significant growth of 49 percent as many consumers, particularly young Vietnamese, are enjoying the convenience, competitive prices and more products available online.
According to a report from the Vietnam e-Commerce and Information Technology Agency, 39 percent of Vietnam’s population has access to the Internet and 58 percent of them shop online. This means there is still a great opportunity for more Vietnamese to experience the benefits of shopping online.
Visa cards carried by tourists were first accepted by retailers in Vietnam back in 1995 but it wasn’t until 1997 that the first Visa credit card was launched in this country in conjunction with Asia Commercial Bank.
In 2005, Visa opened an office in HCM City and had the first Visa Debit card issued in cooperation with EximBank. So far, Visa Debit has made up more than half of the five million Visa cards issued in the country.
“We look forward to working with our clients and the government in the 20 years ahead to continue to grow electronic payments across Vietnam,” Preston said in a statement.
Preston said Vietnam is heavily reliant on cash but there are some positive signs of non- increasing cash payments made via debit and credit cards and a rise in e-commerce.
Source: The Saigon Times
Key words: Vietnam, seen among, Visa’s fastest growing markets
