There were over 800,000 domestic credit cards in circulation as of the end of August, a year-on-year increase of 42 per cent, according to the State Bank of Vietnam (SBV).

Fifteen domestic credit card issuers were in business, eleven of which were banks and four financial companies.

Non-cash transactions increased strongly in the first two quarters of the year, according to National Payment Services (Napas).

A representative from Napas said the diversity and benefits from new payment methods have contributed to the strong growth of online transactions in recent years.

As of the end of the second quarter, transactions via Napas rose 65.1 per cent in volume and 12.1 per cent in value compared to the same period last year.

Meanwhile, cash withdrawals at ATMs in the second quarter fell 13.5 per cent in volume and 17.8 per cent in value year-on-year.