Viet Nam is considered an extremely promising market for the retail banking industry thanks to the characteristics of population growth, GDP per capita and fast economic development. Grasping that trend, many banks have been promoting retail lending activities to diversify credit portfolios and optimise profits. — Photo courtesy of VIB

With the privilege of up to 50 per cent cashback on the Lazada Vietnam e-commerce platform and technologies first deployed by VIB, the LazCard credit card is expected to bring a great shopping experience to users during the year-end shopping season.

Innovative and pioneering card trend in VN

Viet Nam is an extremely promising market for the retail banking industry thanks to the characteristics of population growth, GDP per capita and fast economic development. Grasping that trend, many banks have been promoting retail lending activities to diversify credit portfolios and optimise profits.

VIB is one of the banks which has seen its outstanding retail loan accounting for over 90 per cent of the total loan portfolio - the highest level in the banking industry and the highest growth rate of the retail segment in the market.

This impressive figure is attributable to the bank's hard work in developing products with high technology content and automation. That has helped customers save time and make financial transactions safely and securely anytime, anywhere.

In particular, VIB has led the card trend thanks to the debuts of unique credit card lines that have brought outstanding benefits for all customers' spending, leading modern card technologies in Viet Nam and the region besides impressive and creative marketing activities. As a result, VIB has been continuously ranked at the top in terms of the growth in the number of credit cards and average spending on cards.

VIB's statistics showed that the bank has to date issued about 1.6 million cards, including credit and debit cards. Currently, VIB accounts for more than 35 per cent of Mastercard's total spending in Viet Nam. VIB also leads in the growth rate of Mastercard credit cards, five or six times the average of the whole market in quantity and quality.

VIB is also the bank that experiences the highest Mastercard spending revenue overseas with a growth rate of nearly 200 per cent per year.

VIB joined the local credit card market in 2019. The bank now ranks eighth among banks in Viet Nam in terms of the number of issued cards. It also places 4th in total card spending, according to data released by the Vietnam Card Association in June 2022. Total spending via VIB credit cards has increased 8.6 times, from VND8.4 trillion (US$360 million) in 2018, to VND72 trillion (over $3 billion) in 2022.

Thanks to VIB's achievements, the International Finance Magazine recently granted the bank two awards - "The Best New Card Offering - VIB Family Link” and "Most Innovative New Credit Card Service - Vietnam 2022". The two awards have recognised the endless effort of VIB in innovating and pioneering in terms of card trends in Viet Nam. This is the second consecutive year the bank has received this recognition from international media.

With up to 50 per cent cashback for online shopping, LazCard is now the leading Ecom card line. — Photo courtesy of VIB

Strong push for cashless payment, online shopping

Following these achievements, VIB has debuted LazCard on the Lazada Vietnam e-commerce platform with technologies first deployed by VIB in Viet Nam. LazCard is expected to provide customers with a convenient shopping experience from opening cards to paying quickly, safely and seamlessly. This is a co-branded credit card that VIB has launched in cooperation with global payment technology company Visa and e-commerce platform Lazada.

With up to 50 per cent cashback for online shopping, LazCard is now the leading Ecom card line. This rate includes 20 per cent points accumulation for cashback on spending and 30 per cent from online shopping vouchers via Lazada every Friday and special days exclusively for LazCard cardholders.

With a 30 per cent discount on shopping vouchers, LazCard cardholders using vouchers will receive an immediate discount of VND150,000 for orders worth VND450,000 or more every Friday, and VND1 million for orders worth from VND3 million on special days such as Lazada's birthday.

Once customers successfully open a LazCard, their card information and their spending from VND1 million on Lazada within 30 days from the date of card issuance are saved, they will immediately receive a Lazada e-voucher of VND500,000.

VIB also said that it will offer Lazada e-voucher valued at VND100,000 on customers' birthdays. Free shipping e-vouchers will be provided for LazCard cardholders by the bank every month. LazCard cardholders also enjoy a series of attractive offers from VIB partners nationwide.

“As an office worker, I often shop for essentials on e-commerce platforms which a lot of sellers participated in. Thus it is easy for me to compare prices, consult previous buyers' reviews to come to a decision whether to buy or not," Hong who is living in Ha Noi's Thanh Xuan District, said.

"With a 50 per cent cashback of LazCard on Lazada, I not only enjoy the promotions of suppliers and trading floors, but also benefit greatly from the bank, especially on occasions like Tet holiday when I will shop a lot,” she said.

According to the "Consumer trends during Tet holiday in 2022" report released by market research company Kantar, the shopping behaviour of Vietnamese consumers during the Tet holiday saw many changes. Local customers were more familiar with small supermarkets and online shopping to avoid crowds.

Along with attractive incentives, the launch of the new LazCard card line promises to bring a smooth and convenient shopping experience to customers during the year-end shopping period. It is also expected to give a big hit to cashless payments and online shopping in the near future. — VNS