Mastercard enters Vietnam

Mastercard enters Vietnam

HANOI (AFP): Mastercard is to license four banks in Vietnam to
issue its cards, becoming the first international credit card to
establish a network of member banks here, a company executive
said yesterday.

Vietcombank, Eximbank, First Vina Bank and the Asian
Commercial Bank are to start issuing cards soon to local
customers, said Southeast Asia general manager Donald Van Stone.

The company, which acts as a franchiser and central
coordinator for the cards, will provide training and
communication links for the four banks, he said.

Most major credit cards are accepted by about 500 businesses
in Vietnam but so far no international cards have been issued by
local banks.

Van Stone said Mastercard expected to see quite a rapid rise
in the number of credit card users.

Vietcombank began a pilot program for its local currency cards
last year but there have been only a handful of takers in a
country where few people have bank accounts.