Card payments in Vietnam to slowdown in 2020 as consumer spending plummets, says GlobalData

Thursday 19 November 2020 12:49 CET | News

Global Data has revealed that COVID-19 had impacted the Vietnam’s economy with reduced consumer spending, affecting the overall growth of the card payments market.

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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Keywords: Global Data, research, Vietnam, COVID-19, pandemic, reduced consumer spending, card payments, cards
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce