Visa signs Memorandum of Understanding with Vietnam Airlines with plans to collaborate on enhancing consumer digital experiences
06/23/2023
Vietnam Airlines plans to leverage Visa’s expertise to launch a unique co-brand product and enhance its digital capabilities, improving customer experience throughout the user journey and promoting digital transformation.
Visa, a world leader in digital payments, and Vietnam Airlines today signed a Memorandum of Understanding (MoU), with plans to improve the customer experience throughout their user journey while also enhancing Vietnam Airlines’ digital capabilities. This is in line with Visa’s commitment to empowering digital payments in the country, reinforced by a visit to Vietnam by Oliver Jenkyn, Visa Group President, Global Markets.
The collaboration comes at a time when Vietnamese are re-discovering travel following the pandemic. According to the 2022 Visa Consumer Payment Attitudes Study1, over half of Vietnamese consumers have taken a trip since 2021, with Japan, Australia, and South Korea among preferred overseas destinations. A majority, meanwhile, plan to travel in the next year, indicating strong demand for convenient flight options. Notably, 48% of Vietnamese respondents expect overseas travel to go fully cashless moving forward, highlighting a desire to pay for travel through digital methods.
The Visa Green Shoots Radar research from September 20222 shows positivity among Vietnamese consumers regarding the current and future health of Vietnam’s economy. This will inspire confidence in companies focused on attracting new customers. For example, 68% of Vietnamese believe the economy is better compared to during the pandemic, while 84% believe it will be better in a year. Both of these figures are the highest among surveyed nationalities. Another 23% of Vietnamese respondents believe their travel plans will be unaffected by rising prices in the sector.
“Visa is committed to advancing cashless payments in Vietnam, and our partnership with Vietnam Airlines is an important step toward this goal,” said Ms. Dung Dang, Visa Country Manager of Vietnam and Laos. “We are particularly excited to launch our unique co-branded product with Vietnam Airlines and enhance digital capabilities in the near future. By working together, we will ensure that passengers can enjoy a convenient, secure digital experience throughout their journey.”
The collaboration aligns with the long-term commitment of both players to enhance the consumer experience, especially in transforming digital payments. Visa’s goal is to facilitate the growth of communities, businesses, and economies around the globe by creating the most advanced, user-friendly, trustworthy, and secure payments network possible, contributing to creating a cashless society. As part of its five-year digital transformation strategy through 2026, Vietnam Airlines aims to become Vietnam’s first digital airline by 2025 while focusing on three key factors: digital technology, digital data, and digital culture. With its focus on improving the customer experience and developing digital products and services, Vietnam Airlines is striving to be a digital transformation leader in ASEAN’s aviation industry.
"As we progressively reinstate and establish new routes that link Vietnam with the rest of the world, we eagerly anticipate collaborating with Visa, the word leader in digital payments, to guarantee a convenient and secure digital payment experience for all our passengers," stated Mr. Nguyen Sy Thanh, Director of Lotusmiles, Vietnam Airlines. "This partnership with Visa signifies a significant milestone on Vietnam Airlines' digital transformation expedition, encompassing not only operations, services, and customer care but also the creation of a comprehensive and triumphant digital ecosystem”.
Moving forward, both Visa and Vietnam Airlines are committed to collaborating on other opportunities, including enabling digital acceptance capabilities and leveraging Visa Consulting Analytics to create clear customer segments while analyzing customer spending behavior to identify areas of enhancement.
1 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Sep-Oct 2022 and surveyed 6,550 consumers in Singapore, the Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted online interviews with 1,000 Vietnamese consumers across the country who are working part or full-time with a demographic mix that sought to create a representative mix of ages and genders.
2 Green Shoots Radar, September 2022 (Wave 8). This is a quarterly quantitative study that provides a strategic map of where to play and how to win in a post-COVID world. The research was conducted on 8,400 denominators of mixed demography over 14 markets including Vietnam.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Vietnam Airlines
Vietnam Airlines is currently operating more than 98 routes to 22 domestic destinations and 28 international destinations, connecting major cities of the world with attractive tourist destinations in Vietnam. With a modern fleet of aircraft such as Airbus A350, Boeing 787-9, and 787-10 Dreamliners, and commitment to continuous innovation and development, Vietnam Airlines has proven itself to be the leading airline in Vietnam and the region, recognized as a leading airline in Vietnam and the region. recognized by domestic and foreign communities through the prestigious award series of Skytrax, World Travel Awards, CAPA, Airline Ratings... During 30 years of development with double-digit growth rate, Vietnam Airlines has been and is leading the aviation market in Vietnam - one of the fastest growing domestic markets in the world. As a modern airline with a brand widely known for its distinct cultural identity, Vietnam Airlines is aiming to become the leading 5-star international airline in Asia.