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Plastic MoneyConstructing Markets for Credit Cards in Eight Postcommunist Countries$
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Alya Guseva and Akos Rona-Tas

Print publication date: 2014

Print ISBN-13: 9780804768573

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804768573.001.0001

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Vietnam and China

Vietnam and China

(p.203) Seven Vietnam and China
Plastic Money

Akos Rona-Tas

Alya Guseva

Stanford University Press

This chapter focuses on China and Vietnam--two countries whose political context and transition trajectory differ from those of the other six. The case of China deserves special attention due to the country's sheer size: it is particularly challenging to create a credit card market in a country of more than one billion people, only a small number of whom have bank accounts. Establishing cooperation between banking institutions thousands of miles apart is equally challenging. The Chinese government views cards not as a market, but as part of China's payment system. It has been successful in developing its domestic card system that poses challenges to multinationals not only domestically, but also internationally. The Vietnamese market is the least developed of all eight countries. Its retail banking covers an even smaller percentage of the population than the banking system in China, and its IT infrastructure is even more inadequate.

Keywords:   China, Vietnam, state-owned banks, multinational card networks, Visa, MasterCard, domestic cards, UnionPay, WTO, credit bureau

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