Vietnam

Last week the World Bank reported that the direct impact of the global financial crisis on Vietnam is minimal. Its banks are neither exposed to “toxic” products nor owned to a large extent by exposed foreign banks. Such favorable situation is a result of learning the lessons of a domestic financial turmoil happened in 2008. 

This week MasterCard Worldwide announced that it opened its representative office in Vietnamese Ho Chi Minh City. The office reportedly will function as MasterCard’s communication headquarters in Vietnam and will be responsible for providing creative and safe payment solutions countrywide. Additionally, the office will be working on establishing business relations between MasterCard and local banks.

Residents of Vietnam will soon be able to use online payment service similar to those used in the US and China, namely PayPal and Alipay. According to statistic data there are over 60 million mobile subscribers, 15 million bank accountholders and 20 million Internet users in Vietnam which is considered to be huge potential for online payment service providers.