HCM CITY — Card payments constitute 8.3 per cent of business to business (B2B) payment volumes among B2B card-accepting merchants in Việt Nam – the highest ratio in the Asia Pacific region, according to a study conducted by KoreFusion, an international strategy consulting firm specialising in payments.

This information comes from the "From Transaction to Transformation: Quantifying the Value of B2B Card Acceptance to Large Asia Pacific Suppliers" study commissioned by Visa and executed by KoreFusion, which also pointed out that the regional average is 3.3 per cent.

Despite domestic bank transfers remaining the predominant payment method for B2B transactions in the region at approximately 93 per cent, Việt Nam's robust adoption of card payments showcases the country's advanced stance in digital payments. 

Việt Nam's rapid digitalisation of the business landscape positions the country as a front runner in the Asia Pacific region in embracing B2B card payments, as per a 2024 Visa-commissioned study. This narrative presents opportunities for continued growth and benefits for Vietnamese businesses.

Though Việt Nam holds a leadership position in B2B card payments, the study by KoreFusion emphasises that Vietnamese enterprises can further enhance value by expanding card acceptance. Notably, card payments offer tangible operational efficiency enhancements, such as reduced reconciliation costs, minimised payment disputes, and lowered bad debt, according to the study.

“Việt Nam’s businesses are setting the pace for B2B card payments in the region, but there is still untapped potential. By further embracing digital payment solutions, companies in Việt Nam can drive greater efficiency and unlock new revenue streams. Visa is committed to supporting Vietnamese businesses as they continue to modernise and grow alongside with the country’s digital transformation,” said Dung Đặng, Visa country manager for Việt Nam and Laos. 

On average, the research found that card acceptance can lead to a net profitability improvement of up to 52 basis points and a sales uplift of up to 2.14 per cent, with half of card‑based sales representing an entirely new business. 

Beyond these financial gains, card acceptance also delivers a seamless payment experience for customers and helps drive sustainable growth for businesses. 

Sectors such as insurance and manufacturing are already seeing above‑average card payment volumes, but opportunities remain open across all industries.

Furthermore, mobile‑first acceptance, combined with tailored solutions for different business sizes and categories, helps remove cost and infrastructure barriers, and supports merchants along their graduation path – from micro and small sellers to fully qualified, digitally enabled merchants.

This approach not only strengthens supply chain efficiency but also unlocks cross‑border opportunities, enabling businesses to operate more seamlessly and expand into new markets. 

Leveraging the growth capabilities of businesses and the availability of robust digital infrastructure, business owners now have more opportunities than ever to reach customers, expand offerings, and grow their businesses.

Momentum for digitalisation is already building amongst early adopters, with 50 per cent of card-accepting merchants in the study reporting growth in their card payment volumes. This ongoing trend demonstrates the strong and growing potential for B2B card payments to support Việt Nam’s economic development. — VNS