Vietnamese consumers have welcomed ownership and use of cards, according to ‘The Payments and Cards Market in Vietnam’ study conducted by TNS Vietnam for Visa.
53% of respondents thought that credit cards are the smartest way to manage their money, against 38% for debit cards and 30% for cash.
"These results are very encouraging for the growth of electronic payments in an economy such reliant on cash," said Lorijon Bacchi, Visa country manager for Vietnam, Cambodia and Laos.
The survey was carried out on 1,200 people in the country’s biggest cities: Hanoi, Hai Phong, Da Nang and Ho Chi Minh City, where only 4% of the population own credit cards while 42% possess debit cards.
Cash is still the predominant payment method in Vietnam but the study showed that 19% of the surveyed felt vulnerable when carrying physical money. However, 42% felt safe to carry credit cards.
Bacchi added: "Figures show consumers acknowledging the inherent disadvantages in relying on cash. They are becoming much more informed about card usage and financial management."
Another study, conducted by Moody’s Analytics, demonstrated that electronic payments added $1.2bn to the GDP of Vietnam between 2008 and 2012.