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.