Brand: HSBC Vietnam
Lead agency: Mindshare Vietnam
HSBC, the leading Visa Credit Card in Vietnam, wanted to grow credit card penetration and increase credit card usage in Vietnam.
Vietnam's economy is growing steadily, with GDP YOY growth of ∽6.8%, however the challenge remains that only 18% of Vietnamese are connected with the banking system and salaries remain low, average monthly income is $260 (as per ministry of Industry & Trade). As a result, Vietnam has one of the lowest penetrations of consumer lending; credit cards account for only 15% (as per Ministry of Industry and Trade) of all transactions and cash remains king.
Thus, the objectives were to:
- Recruit new card customers for its classic, gold and platinum products
- Find appropriate partners to help increase the card usage"