According to the press release, the gradual reopening of businesses and easing of lockdown restrictions will provide the much-needed push to the country’s economy, which will positively impact the payment industry.
GlobalData’s Payment Cards Analytics shows that card payments in Vietnam are estimated to grow by 11.0% in 2020 compared to the 35.3% growth in 2019. The value is expected to increase at a compound annual growth rate (CAGR) of 20.9% between 2020 and 2024 to reach USD 61.8 billion in 2024.
Following the surge in COVID-19 cases, Vietnam declared nationwide lockdown on 1 April 2020. The large-scale social restrictions imposed across several regions resulted in the closure of businesses and brought the domestic and international travel to a complete halt. However, with the gradual easing of travel and other lockdown restrictions after decline in new cases, the country is now opening offices and commercial establishments.
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