The Vietnamese debit card payments market is expected to grow significantly over the next few years, with forecasts suggesting a compound annual growth rate of 13.7 percent between 2024 and 2028. This growth, according to data from GlobalData, is anticipated to push the market’s value to VND 1,559.6 trillion or US$62.38 billion by 2028.
The expansion is being fuelled by increased bank penetration and a continued shift among Vietnamese consumers towards electronic payments. As more individuals open bank accounts and adopt cashless payment methods, the use of debit cards has seen a steady rise across the country.
GlobalData’s Payment Cards Analytics has revealed that the value of card payments in Vietnam surged by 46.2 percent in 2022, driven by heightened consumer spending. The upward trend continued into 2023, with card payment value increasing by 18.4 percent to reach VND 804.2 trillion or US$32.2 billion.