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Swiss Bank Executive Says Vietnam Needs Time

Vietnam will need five to 10 years to catch up with other countries in banking and finance, Hans-Ulrich Doerig, vice-chairman of Credit Suisse, estimates.

However, he tells online blogger Chao-Vietnam and VietnamNet in an interview, the Vietnamese government is on the right track to develop the sectors.

But changes cannot be made overnight or else the country will face a crisis, he warned.

Excerpts:

What would you say about the potential of Vietnam’s banking and finance sector?

Vietnam is determined to build a market economy and follow an open-door policy. However, you cannot expect development overnight; you have to go step by step. One should not think of creating changes overnight. All countries have to follow a progressive model. You cannot skip on the way. If you go too fast, you may face crises.

The government of every country has to define goals for every stage of development. It will take Vietnam years to find suitable final solutions.

However, I think the government is on the right track and going at a suitable pace. There is no need to go faster or slower. In the time to come, the government will allow greater participation by foreign investors in banking and finance. But it needs more time. Vietnam will need five to ten years to catch up with other countries and become competitive.

How can the country become more competitive, attract investment, and catch up with the world in banking and finance?

Firstly, Vietnam should maintain a low-cost regime for the next five or ten years. Only by doing so can it maintains its competitiveness. If the inflation rate is high, which means higher costs and higher prices, you will find it hard to attract investment.

The most important thing for Vietnam is investors should know under what mechanism they make investments.

To become successful, one should keep a positive view on the prospects of the country and the behavior of people towards their work. If you keep a positive attitude, you will be able to work better and more effectively. Vietnam is one of the countries which have such advantageous factors.

Do you have any investment plans in Vietnam?

I can say I know a lot about Asia. My strategic interest in Vietnam, a promising nation, becomes bigger every day.

We now have a fund for the group’s activities in Vietnam. I myself bought a bunch of government bonds when Vietnam sold the bonds on the international market two years ago.

We think Vietnam is a special case among the burgeoning economies, and it will remain a burgeoning economy for many more years.

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