The Vietnamese card payments market is forecast to register a compound annual growth rate (CAGR) of 9.7% between 2025 and 2029 to reach VND1.8 quadrillion ($70.6 billion) in 2029, supported by improving payment infrastructure, rising banking penetration, and regulatory measures that enhance security and strengthen trust in electronic transactions, forecasts GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in Vietnam grew by 5.0% in 2025 to reach VND1.2 quadrillion ($48.7 billion), reflecting the combined impact of accelerating acceptance infrastructure and increased consumer familiarity with electronic payments.

Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “Vietnam’s card payments market is on a sustained growth path, driven by a steady increase in the banked population, continued build-out of acceptance infrastructure, and a regulatory agenda that prioritizes security and formalization. Initiatives such as migration away from magnetic-stripe cards are particularly important, as they reduce fraud exposure while strengthening consumer trust—two essential ingredients for lifting card usage beyond cash withdrawals into daily payment behavior.”

Debit card payments held a significant 65.9% share of the total card payments market in Vietnam in 2025, supported by strong financial inclusion momentum and broad-based access to basic bank accounts. The government and commercial banks have promoted debit card adoption through financial literacy programs and digital banking platforms, while the expansion of agent banking has helped extend services into remote areas.

Credit and charge cards accounted for 34.1% of total card payments value in 2025, driven primarily by issuer-led value propositions and wider availability of both physical and virtual card formats. Banks and issuers are boosting credit card appeal via rewards, cashback, discounts, instalment plans, and premium travel and lifestyle perks—while increased credit card awareness has been supported by the growing presence of digital-only banks, non-banks, and co-branded offerings featuring merchant-linked deals.

Beyond product dynamics, Vietnam’s card market is being propelled by rapid scaling in acceptance, supported by low-cost POS propositions aimed at improving SME acceptance. For example, in November 2025, Visa partnered with Sacombank, Vietcombank, and VPBank to launch Visa Accept in Vietnam. The solution lets micro and small businesses accept contactless Visa payments directly on NFC-enabled smartphones without installing any extra hardware. Merchants can onboard through their bank’s mobile app and start accepting tap-to-phone or pay-by-link payments with near real-time settlement.

Regulatory measures are further reinforcing card adoption. In March 2025, the Government of Vietnam issued Decree No. 70/2025/ND-CP, which requires businesses that sell goods or provide services directly to consumers with annual revenue of VND1 billion ($39,991.8) or more to use electronic invoices generated from cash registers. The decree was effective from June 2025.

In addition, the State Bank of Vietnam phased out magnetic-stripe cards by disabling magnetic-stripe ATM cards from 1 July  2025, accelerating the migration to chip cards.

Chinta concludes: “Vietnam’s payment card market is set to experience robust expansion over the coming five years, underpinned by wider contactless adoption, expanded merchant acceptance, and enhanced digital payments infrastructure. Rising banking access and product innovation will further broaden usage, especially among the underserved segments. Continued regulatory support will also foster a secure, transparent environment that reinforces consumer confidence and supports sustainable growth in card payments.”