The State Bank of Viet Nam has given the green light to the Bank for Foreign Trade of Viet Nam (Vietcombank) to provide open account payments with Visa credit cards on a trial basis in a move to help banks lessen their operation cost
Cardholders in Viet Nam will not be charged for foreign exchange fees and the differences of exchange rates for domestic transaction. This paves the way for linking credit card payments centers in Viet Nam later.
By December 2005, about 85,000 Visa cards were issued by domestic banks, with over US$85 million in revenue.
