The assessment was made at the 2011 ASEAN Banker Forum, jointly held by the International Data Group (IDG), the State Bank of Vietnam (SBV), and the Vietnam Banking Association and Deposit Insurance of Vietnam, in Ho Chi Minh City on December 7.

The number of payment cards in Vietnam, which are widely accepted at more than 12,000 ATM and 50,000 POS nationwide, has more than doubled from14,7 million in 2008 to 33 million this year. 

Meanwhile, 20 banks utilize internet banking and 8 banks offer mobile banking services, according to the SBV.

Karolyn Seet, an analyst at Moody’s Investors Service in Singapore, said Vietnam has great potential for developing the retail credit market retail banking expected to grow at 30-40 percent.

The forum featured one keynote address entitled "Overview of Retail Banking Market and Key Technology trends that will matter in 2012" with one panel discussion of “Initiatives and Suggestions for Future Growth of Retail Banking in Vietnam” and three sessions entitled “Transforming Technology Infrastructure Towards a Service-oriented Banking Sector”, “Enhancing Market and Customer Insights Towards a More Effective Strategy for Retail Banking”, and finally, “Retail Payments: facing the challenges”.

The forum also included a special panel discussion with the theme Retail Payments & Channel Management for Retail Banking Services focusing on non-cash payment methods for retail banking with experiences shared by leaders of major regional financial companies. 

Vu Bich Ngoan, Chairman of the National Financial Supervisory Commission, said the retail banking services in Vietnam are still very limited while there is a huge and increasing demand from people wishing to use these services.

An exhibition showcasing products, services and new solutions provided by banks and technology companies was also held as part of the event.

(VOV)