The Research and Markets website forecasts that the payment card market in Vietnam will grow at about 18.5 percent during the 2011- 2014 period.

In the March report "Vietnam Plastic Card Market Forecast to 2013" available at http://www.researchandmarkets.com, it says Vietnam’s payment card market is relatively small, but one of the most dynamic in the world.

The payment card market in Vietnam, which includes both credit and debit cards, has been growing rapidly in the past few years, fuelled by the continuous rise of the young population, technological developments, and the emerging trend of e-commerce, it said.

According to the report, Vietnam is still dominated by cash payments, but it pointed out that continuous government support and the rapidly increasing population have significantly contributed to the decrease in cash payments across the country and encouraged people to use alternative non-cash methods of payment.

The total number of cards issued in Vietnam nearly doubled in the 2008-2010 period. Debit cards dominate the market, whereas credit cards are relatively new and account for less than 1.5 percent of the market.

The market for credit cards in Vietnam remains largely untapped and full of immense opportunities for card issuers, suppliers, and manufacturers, the report said, reasoning that the cards are increasingly used in shopping malls and various on-line portals trading luxury, world-class brands of consumer goods.