Market Context
Vietnam’s credit card market reached a transaction volume of approximately $3.8 billion in 2024, growing at an annual rate of 12.5% (Source: State Bank of Vietnam Annual Banking Report 2024, Oxford Economics Asia Pacific Financial Services Outlook).
The overall market remains underpenetrated at 14.3% of the banked population, indicating significant growth potential as financial inclusion and digital payment adoption continue to expand.
Research Design
Research Objectives
- Measure credit card penetration and usage patterns across regions.
- Identify distinct consumer segments and their behaviors.
- Evaluate brand performance and perception for major banking providers.
- Understand key drivers and barriers to credit card adoption.
- Identify emerging trends and opportunities in the market.
Methodology
- Quantitative survey: 825 respondents aged 22-50 across 12 locations:
- HCM, Hanoi, Da Nang, Can Tho, Hai Phong.
- Binh Duong, Vung Tau, Dong Nai, Thanh Hoa, Nghe An, Nha Trang, Hue.
- Qualitative interviews: 19 IDIs with current cardholders (9 urban, 10 provincial).
- Fieldwork period: January – March 2025.
Regional Penetration & Usage Patterns
Penetration & Usage Pattern (n=825, all respondents)
| Region | Penetration Rate | Cards per User | Avg. Monthly Spend (VND) |
|---|---|---|---|
| HCM (n=180) | 22.5% | 2.3 | 7.2 million |
| Hanoi (n=165) | 19.8% | 2.1 | 6.8 million |
| Da Nang (n=75) | 14.5% | 1.7 | 5.2 million |
| Hai Phong (n=60) | 12.5% | 1.5 | 4.8 million |
| Can Tho (n=60) | 11.2% | 1.4 | 4.5 million |
| Nha Trang (n=35) | 8.6% | 1.4 | 4.2 million |
| Binh Duong (n=45) | 7.2% | 1.3 | 3.9 million |
| Vung Tau (n=45) | 6.8% | 1.3 | 4.1 million |
| Dong Nai (n=45) | 5.5% | 1.2 | 3.6 million |
| Hue (n=35) | 5.2% | 1.2 | 3.5 million |
| Thanh Hoa (n=40) | 3.8% | 1.1 | 3.2 million |
| Nghe An (n=40) | 3.2% | 1.1 | 3.0 million |