LV Thạc sĩ_Understanding Targeted customer behavior toward developing HSBC credit card in vietnam

Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Acknowledgement This thesis is a wonderful combination of diversified sources of information I got from my network My deep gratitude firstly goes to Belgian professors and Vietnamese tutors during my two years’ MBM course I am heartily thankful to my supervisor, Mr … from National Economics University whose encouragement, guidance and support from the initial to the final level enabled me to develop an understanding of the subject My particular thanks go to Mr …., Branch Manager of HSBC- Hanoi Branch; Mr …, Head of Global Banking Department; Mrs … for their valuable feedback on the questionnaire and final thesis, help in passing out the questionnaire and encouragement in motivating me to complete the thesis Special thanks also go to my … who are always there and supported me in many ways during my time of studying the course and doing this thesis Words fail me to express big thanks to my family, my father and mother, my husband, my younger sister and my lovely son whose dedication, love and persistent confidence in me, have taken the load off my shoulder Last but not least, I would like to thank everybody who was important to the successful realization of thesis, as well as expressing my apology that I could not mention personally one by one Without all those support, I could not have completed my thesis comprehensively EXECUTIVE SUMMARY Despite the development of non-cash payment instruments such as in developed economies in the world recently, Vietnam is lagging behind with high cash payment Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam ratio over total means of payments However, Vietnam card market, as a main driver of non-cash payment volume, has seen a rapid growth in recent years which was driven by the strong involvement of commercial banks Credit card business is becoming strategic service section of almost every bank operating in the Vietnam market In terms of customer behaviors, the understanding of these will be helping the banks have the good strategies to approach the credit card customers and improve the banking business in the Vietnam market Findings from questionnaires and interviews with representatives from the existing Credit Cards holders are necessary to understand the habit, characteristics and requirements; targeting at the targeted customers; and following adequate strategies in Credit Card products sections The analysis provides a picture of credit card usages of people in Vietnam in the card market and how HSBC VIETNAM bank is developing the credit cards in Vietnam LIST OF TABLES, CHARTS AND FIGURES Table Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Table Number of Banks by groups through recent years Table Stages in Family Life Cycle Table Description of VALS types Chart Chart 3.1 Resistances to Credit Cards Chart 3.2 Profile of Credit Card Holders (Age) Chart 3.3 Profile of Credit Card Holders (Education) Chart 3.4 Profile of Credit Card Holders (Occupation) Chart 3.5 Profile of Credit Card Holders (Monthly Income-Mil VND) Chart 3.6 Number of Credit Cards Owned Chart 3.7 Typical frequency of using Credit Card Chart 3.8 Typical frequency of using Credit Card for Internet purchase Chart 3.9 Factors influencing choice of Credit Card Chart 3.10 Understanding of credit card information before applying Figure Figure Market shares of existing Bank Card Unions by 4/2009 Figure Steps in decision making process Figure Factors influencing customer behavior Figure VALS Framework Figure Maslow theory on human motivation TABLE OF CONTENTS Acknowledgement Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Executive Summary List of Tables, Charts and figures Introduction Page Introduction to HSBC Group & HSBC VIETNAM Rationale Research problem and objectives Methodology 10 Scope and limitations Chapter I 12 Theoretical background I.1 Customer behavior overview 13 I.2 Customer decision making process 18 I.3 Factors influencing customer behavior 23 Chapter II Research Findings II.1 Financial cards market in Vietnam 41 II.2 Research Findings 43 Recommendations to HSBC VIETNAM 56 Chapter III Conclusions 61 Reference 63 Appendix A Questionnaires 65 INTRODUCTION Introduction to HSBC Group and HSBC VIETNAM Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam HSBC Group which is one of the largest banking and financial services organizations in the world, with well-established businesses in Europe, the AsiaPacific region, the Americas, the Middle East and Africa HSBC differentiates its brand from those of its competitors by describing the unique characteristics which distinguish HSBC, summarized by the words 'The world's local bank' Headquartered in London, the HSBC Group has over 9,500 offices in 86 countries and territories The Group's total assets were US$ 2,527 billions at 31 December 2008 In Vietnam, HSBC first opened an office in Saigon (now Ho Chi Minh City) in 1870 In August 1995, HSBC opened a full-service branch in Ho Chi Minh City In 2005, HSBC also opened its second branch in Hanoi and established a representative office in Cantho On January 2009, HSBC started operating its locally incorporated entity and became the first foreign bank to incorporate in Vietnam The new entity, HSBC Bank (Vietnam) Ltd has a registered capital of VND3,000 billion and is 100 per cent owned by The Hongkong and Shanghai Banking Corporation Limited, the founding and principal member of the HSBC Group On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest joint stock commercial banks in Vietnam by equity In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15% In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam’s leading insurance company Rationale Vietnam is the developing country with the population of more than 85 millions Thus, this country is very potential for credit card market According to Visa International, only 170,000 of 85mil people in Vietnam (2%) are using Visa credit cards with the transaction turnover of $115mil Meanwhile, the percentages of Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam populations using Visa cards are much higher in other countries: 68.5% in Singapore, 10.6% in Thailand, 20.3% in Malaysia All statistics show a promising future for the credit card market, especially for the entire bank located in Vietnam who knows how to catch the opportunity by discovering and developing the high-technology, safety and multiple function credit cards About HSBC credit card services HSBC Credit Card has launched on 19 March 2008 The HSBC card promises to satisfy a high demand for high quality credit card in Vietnam with chip technology, high buying power, especially the home&Away Privilege Programme The Vietnam’s credit card market is in its young stage and therefore very potential Currently there is only 2% of the Vietnamese population using credit cards Another reason for HSBC credit card launch is the favourable research conducted by Nielson in October and November 2007: almost 90% of the respondents are interested in applying for the HSBC Credit Card and 75% of respondents find that HSBC credit card is “new and different” For details information, please go to www.hsbc.com.vn Business Objectives: - Provide a product solution which satisfies customer needs - Increase competitiveness, customer base and market share for our PFS business - Generate additional interest and fee income for the bank What is a Credit Card? - Credit card is an alternate means for making payment This payment is made on credit, i.e the cardholder is not required to pay any money immediately for their purchases The credit card issuing bank first pays the merchant for the purchases and the cardholder settles the transaction amount on or before the payment due date Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam - Cardholders can also withdraw cash from the credit card account (cash advance) if they wish to - A credit limit is assigned to each card within which cardholders can spend and perform cash advance - A credit card also allows the customer to 'revolve' their balance, i.e not paying the statement balance as indicated in the credit card monthly statement in full However, the minimum payment amount stated in the credit card statement must be paid on or before the due date - A credit card is different to a debit card in that the former does not remove money from the cardholder’s deposit account after every purchase or cash withdrawal - It is also different from a charge card which requires the balance to be paid in full each month Credit card is a popular product in developed countries, but in Vietnam, it is still a very new concept with more than 95% of Vietnamese population According to some survey, due to local people’s habit of paying in cash, over 90 percent of amount paid in credit cards in Vietnam was by foreign visitors and Vietnamese card holders who spent money abroad The forecasts that there will be a major change in both the number and type of credit card users thanks to international banks and card organizations’ current programmes to expand their markets Catching the opportunity, HSBC with a big ambitious: bring the international quality, high-technology, safety and flexible credit card to Vietnamese persons Besides, the bank wants to expand the number of HSBC credit card users from a small group at this moment to much Vietnam population in the next following years Here is some strong point of HSBC credit card compared to other competitors: • Buy now and pay later Cardholders will have up to 45 days to repay their purchases without interest charges • Get fabulous gifts or vouchers from HSBC Rewards Program simply by earning valuable reward points when making purchases anywhere with your HSBC Credit Card Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam • Fast and easy application process Application can be submitted by mail and the card can be issued within days after receiving the completed application form together with the required documents • Access and manage the HSBC credit card account, and download estatement anytime anywhere through HSBC internet banking • Easy access to cash Withdrawal can be done at over 800,000 HSBC ATMs and ATMs displaying a Visa/PLUS logo around the world • Offers better security The HSBC credit card is a chip card which reduces the chance of being copied for counterfeit purposes • Make secured online purchase by registering and using Verified By Visa service • The HSBC worldwide network The credit card is accepted at over 30 million establishments around the world and 15,000 merchants in Vietnam • Eligibility for HSBC home&Away Privilege Programme This programme enables cardholders to enjoy great merchant discounts at over 19,000 merchants in over 40 countries/territories However, after launching this product in Vietnam in Mar 2008, HSBC only attracted around 280000 customers to use this products and this is a very small number compared to the expectation Why? There are many reasons such as problems in promoting the product, customer services and others, however one of the biggest reasons was taken into account is that we have not understood well what customers want, what their needs are, what their behaviors towards the products are, who are the target customers … Topic This product promises a hugely potential future for Viet Nam’s credit card market Through this thesis, the author wants to take advantage of the course thesis to catch the golden opportunity by doing a real market research to “Understanding target customer’s behavior toward developing HSBC credit card in Vietnam” Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Research Problem and Objectives 3.1 Research Problem: With the development and stable economy, the credit card market in Vietnam becomes the very potential and attractive one Subsequently, HSBC’s credit card with the modern and security features will be able to widen in this market In fact, after years entering the Vietnam market, HSBC’s credit card has not reached their target There are few problems but three main ones can be indicated here that affect the bank’s desire: • The habit of using cash of Vietnamese people and it’s difficult to change their perception on the issue in the short time • The HSBC’s credit card with the modern features is quite new and not attracted by the Vietnamese customers In addition, the marketing strategies are also not suitable with the Vietnamese’s characteristics • The Vietnamese government is quite slow in applying and implementing the e-commerce systems and investing into the infrastructures for bank systems, education systems etc 3.2 Objective of this study: The objective of the thesis is to understand the customer behavior and attitude for using the credit cards The analysis of the factors that affect to the determination on purchasing credit cards as well as the strategies for developing the credit card market in Vietnam applied to the HSBC VIETNAM This also should be beneficial in developing other macro policies to develop the payment industry in Vietnam in a more efficient and modern manner In order to understand customer behaviors towards credit cards in Viet Nam, the following research questions (specific objectives) are raised: Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Question 1: Who are the targeted customers for the credit card products (income, career, habit, etc)? Question 2: What are the key factors leading to customers’ decision to buy this kind of products? (How to change their view in spending money by cash to by card) Question 3: What are the recommendations to HSBC to develop credit card products, to launch it successfully to Vietnam population in the following years All the theoretical background, secondary data and primary data in this study were developed and analyzed to answer these questions Methodology 4.1 Primary Data A survey data collection method was used Questionnaires were distributed to randomly selected people offered in companies, universities, hospitals, and public places in Hanoi and several suburbans, a large of questions also were distributed through the Internet for responses Several questions were distributed to the author’s colleagues in the author’s working place (HSBC VIETNAM) to get the feed back from the persons who directly serve credit card customers From the total of 250 questionnaires that were distributed, 100 questionnaires were returned from the credit card holders The survey instrument included questions regarding debit card usage, credit card usage, attitudes toward credit, financial knowledge, demographic characteristics, education and other personal finance attitude and behavior In this thesis it was hypothesized that credit card possession and usage are most likely influenced by four factors: (a) demographic characteristics (e.g., age, gender, marital status); (b) socioeconomic factors (e.g., income, education, and other indices of socioeconomic status); (c) background characteristics (e.g., life events, childhood experiences); and (d) psychological characteristics (e.g., locus of 10 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam  To strengthen the approach, promotion to advertise about usage of credit cards for the potential customers such as big companies, joint venture, foreign representative offices in Vietnam, etc., cooperate with them to issue the large amount of credit cards for their staffs with the priority conditions  To invest into the advertisements on the publics such as newspapers, radio broadcast, television etc or advertised panels on the streets To organize the programs on the television to introduce and answer the questions related to the credit cards Simultaneously, HSBC VIETNAM should sponsor for the competitions of knowledge, economic games etc to propagate credit cards and other services as well  To extend and deploy more promotion programmes for customers such as: reward points, incentive scheme, free gift to customers in the special holidays, etc  Based on the customer behavior of buying the cheap goods, HSBC VIETNAM can sign a contract with some supermarkets, shops to make promotions or % discount to the customers that use the HSBC Vietnam’s cards in payment In exchange, HSBC VIETNAM will have incentives for them based on the percentage of money on the invoice that paid through HSBC Vietnam’s cards By this way, not only encouraging customers using cards but also helping the merchants increasing the turn over and card holders can get sale-off Other recommendations on information issues Well-known brand name is the key important factor that makes HSBC VIETNAM stronger than the other banks in attracting the customers One of characteristics of Vietnamese people is carefulness in money issue, that’s why they are rather using cash than cards This suggests HSBC VIETNAM to prepare the strategies that bring the confident, comfortableness, and trustless to the customers Promotions and low interest rates are also a very influencing aspects that keep an important role in encourage people come to the banks to apply credit cards 58 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Respondents made a number of suggestions about how their information needs could be more adequately addressed According to the survey, Vietnamese credit card holders have not really understood the basic of credit cards in terms of sign contract, terms and conditions Suggested improvements included the provision of a summary of the detailed terms and conditions of the credit cards Some respondents thought that provision of the credit card and interest rate information came in thick booklets with fine print Most put the changes to terms and conditions for credit cards straight into the bin This shows HSBC VIETNAM an issue that needs the improvement in cards information in order for people who are the potential customers understand and easier in decision to buy credit card service The credit card information should be passed to customers in concisely and easy understand way Uploading the information to the Internet in order for customers understand and conveniently  Developing and improving the customer care services better that helps solve all the customers’ concerns related to the credit card The recommendations are implemented successfully or not, depends several factors Firstly, the effort and capability from HSBC VIETNAM side and the next is the support from the State Bank of Vietnam (SBV) Hence, several recommendations to SBV and functional offices also should be raised for creating the advantageous environment for Credit Card services  To complete the legal documents of card services so as to bring credit card into the daily lives popularly  To plan the common strategies about credit card for the entire of banking system to avoid useless competition  To setup the inter-banking payment center of credit card  To have policies to encourage the extension of credit card business  To step up the fight against card crime  Investment in building infrastructure 59 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam  To create the environment social and economic stability  Investment in the education system In short, the help of the state is an issue extremely important all sectors, all levels If these measures have strong support of Government on tax policy, regulations on the law, etc to the commercial banks oriented implementation of payment card services contribute to economic development is a certain long-term service will get results 60 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Conclusions Findings from this thesis have shown that background behaviors of the credit card customers in Vietnam The research indicated mixed practices of Vietnamese people’s credit card use Based on the assumption that one's attitudes affect behavior, obtaining information on the factors affecting customer behavior offers a solid first step to improving users’ credit card behaviors in Vietnam The thesis found that customer behavior, when seeking credit card and using information to assist with that search, did not significantly vary between customers on the basis of socio-economic status To the extent there were differences, they appeared to relate to reduced choice because of income rather than a reduced capacity to make sense of the information available about loans In terms of the factors that contribute to and inform customer decisions to enter into customer credit card, these vary between various sectors of the customer credit market Advertising plays a key role in influencing customer decisions to obtain a credit card For these credit cards the existing relationship with the bank finance advisor is also the significant influence on choice of credit card, followed by the perceived quality of the credit card after shopping around In terms of the factors that determine choices between credit providers and credit products, it appears that these are heavily influenced by the market conditions that customers find themselves In the credit card sector there is almost no visible price competition, although there is considerable competition on the basis of promotion schemes The research indicates that customers will shop around and make use of market information if there is real product choice and there is visible price competition There would appear to be room for improvement regarding the information about the terms of a credit card product Many find the information provided about product terms to be complex and difficult to compare Overall, this thesis provides grounds for greater strategy about the truth in providing objectives of the Customer Credit Card that brings the HSBC VIETNAM closer to the potential Credit Card market in Vietnam 61 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam These suggestions are based on the analysis of the inherent limitations in this thesis Finally, additional attempts should be made to standardize measures related to credit attitudes and behaviors In this way future research can be evaluated on a consistent and reliable basis Limitations The first limitation is the scale and scope of the research The analysis based on interview with most respondents from Hanoi and HCM city only This may not reflect the real picture of the Vietnam credit card market Further analysis on the bank credit card sector in general should be carried out to find out key success factors for players in this potential market 62 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam References Hawkins, D.I, Mothersbaugh, D.L and Best, R.J., Consumer Behavior (Ed.), New York: Mc Graw Hill, 2007 Kotler, P., Marketing Management (Ed.) New Jersey: Pearson Education, Inc., 2003 Kotler, P and Keller, K.L., Marketing Management (Ed.), New Jersey: Pearson Education, Inc., 2006 Schiffman, L.G and Kanuk, L.L Consumer Behavior (Ed.) Prentice Hall International, Inc., 2005 Peter, J.P and Olson, J.C., Consumer behavior and Marketing Strategy (Ed.), New York: Mc Graw Hill, 2005 Business Monitor International, “Vietnam Commercial Banking Report Q4 2009”, London: Business Monitor Internation, 2009 Bank card Association Report 2008, Annual Seminar of Bank card Association, April 2009 Humphrey D., Kim M., Vale B., 2001, "Realizing the Gains from Electronic Payments: Costs, Pricing, and Payment choice", Journal of Money, Credit and Banking, Vol 33, No 2, pp 216-234 Patel K and Delen M., 2009, Payment Systems Survey, Capgemini Financial Services 63 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam Internet Resources The State Bank of Vietnam (http://www.sbv.gov.vn) Bank for Investment and Development of Vietnam (http://www.bidv.com.vn) Vietnam Bank for Agriculture and Rural Development (http://www.agribank.com.vn) Australia and New Zealand Banking Group (http://www.anz.com/Vietnam) Vietnam National Financial Switching JS Company (http://www.banknetvn.com.vn ) The Hongkong and Shanghai Banking Corporation (http://www.hsbc.com.vn ) Smartlink Card Services Joint Stock Company (http://smartlink.com.vn/ ) Vietnam Technological and Commercial JS ban (https://www.techcombank.com.vn/ ) Vietnam Chamber of Commerce and Industry (http://www.vcci.com.vn ) Vietnam Investment Review (http://www.vir.com.vn ) Visa Asia Pacific site (http://www.visa-asia.com ) www.smartlink.com.vn Vietbao Vietnam (http://vietbao.vn ) 64 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam APPENDIX A: Questionnaires What is your gender? a) Male b) Female What is your age? a) 18-29 b) 30-39 c) 40-49 d) 50-59 e) 60-69 Where you currently live? a) Hanoi b) HCM city c) Others What is your education level? a) Secondary b) High School c) College d) Graduate e) Post Graduate Please estimate your monthly income ( VND) a) Less than 1.000.000 VND 65 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam b) 1.000.000 to 5.000.000 VND c) 5.000.000 to 10.000.000 VND d) 10.000.000 to 30.000.000 VND e) 30.000.000 VND to 60.000.000 VND f) more than 60.000.000 VND Which of the following best describes your occupation? a) Sales and Marketing b) Administrative c) Education d) Manager e) Medical/Doctor f) Engineer g) Student h) Retired i) Others What is your marital status? a) Married b) Living together c) Single, never married d) Divorced or Separated e) Widowed Do you travel frequently? a) Rarely (once a year) 66 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam 10 11 12 13 card? b) Occasionally (at least once a year quarter) c) Frequently (at lease once a month) Do you have a credit card in your name? a) Yes b) No (Please answer question 10) Why don’t you use credit card? a) Using cash b) Use debit card c) Fear of getting into debt d) Not being interested e) Considering a card How many credit cards from different institutions you have? a) One b) Two c) Three or more Which card you use most often (primary card)? a) Visa b) Master c) Others What is your current credit line (limit) on your primary a) Less than 10.000.000 VND b) 10.000.000 to 20.000.000 VND 67 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam 14 15 16 17 c) 20.000.000 to 40.000.000 VND d) 40.000.000 to 60.000.000 VND e) more than 20.000.000 VND How long have you been using your credit cards? a) Less than year b) 1-3 years c) 3-6 years d) 6-10 years e) More than 10 years How often you use your credit cards for purchases? a) Rarely (few times a year) b) Occasionally (at least once a month) c) Frequently (at lease once a week) d) Very frequently (almost daily) Do you normally carry a balance on your credit cards? a) Yes b) No How often you use your credit card for Internet (online) purchases? a) Never b) Rarely (few times a year) c) Occasionally (at least once a month) d) Frequently (at lease once a week) e) Very frequently (almost daily) 68 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam 18 19 20 What are your reasons for choosing your primary credit card? a) Higher Credit Limit b) Interest Rate Offered c) Type of Credit Card offered (Gold, Platinum, etc.) d) Good reputation of the bank e) Willingness of the bank to provide loan f) Excellent Customer Service offered g) Convenience payment h) Interest free period i) Low free and charges j) Other Where did you see, hear or get information that influenced you in deciding on the lender you obtained the credit cards from? a) (Advertisements - TV, radio, newspapers, magazines, shop windows b) Pamphlets provided by lender c) Financial advisor d) Family/friends e) Previous dealings with lender f) Other (please specify) What was the time interval between considering taking out the credit cards? 69 seriously Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam 21 22 22 a) at least one day before? b) at least one week before? c) at least a fortnight before? d) at least a month before? e) (Don’t know/can’t remember) What did you find was not helpful about the information? a) Difficult to make sense of b) Too long and detailed c) Didn’t make clear what the interest rates/loan repayments were d) Didn’t make clear what the charges were e) Difficult to understand f) Large amount of useless information g) Other (please specify) _ h) Nothing i) Don’t know Did the information in any way affect your decision to obtain the credit card? a) Yes b) No c) Don’t know How many credit car providers did you consider before you obtained credit card? 70 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam 23 24 25 a) providers b) - providers c) - providers d) More than providers e) Don’t know Did you compare interest rates between the providers before you obtained credit card? a) Yes b) No What was it about the credit card that made you decide it was the credit card you wanted? a) Interest rate offered b) Interest free period c) Low fees and charges d) Convenience of having credit card e) Incentives offered (e.g loyalty schemes, frequent flier points) f) Good reputation of the lender g) Previous dealings with lender h) Willingness of the lender to provide the loan i) Part of a package deal with another loan h) Other (please specify) The lender must provide you with written information about the terms of the credit card before you use the 71 Understanding targeted customer’s behavior toward developing HSBC’s Credit Card in Vietnam card Did you read the information before you used the credit card? 26 27 28 a) Yes b) No c) I did not receive information d) Don’t know/can’t remember How long before you used the card did you read the information? a) Just before using b) At least an hour before c) At least a day before d) At least a week before e) (Don’t know/can’t remember Getting back to your credit card, before you applied for the credit card, did you decide to only go to one lender you had in mind or did you decide to shop around? a) Went to only one b) Decided to shop around Do your family members use the credit card? a) Yes b) No c) Do not know 72 ... doing a real market research to “Understanding target customer? ??s behavior toward developing HSBC credit card in Vietnam? ?? Understanding targeted customer? ??s behavior toward developing HSBC? ??s Credit. .. Understanding targeted customer? ??s behavior toward developing HSBC? ??s Credit Card in Vietnam Another main reason that makes a resistance in developing card market in Vietnam is the habit of not using... how HSBC VIETNAM bank is developing the credit cards in Vietnam LIST OF TABLES, CHARTS AND FIGURES Table Understanding targeted customer? ??s behavior toward developing HSBC? ??s Credit Card in Vietnam