return icon Vietnamnet.vn

Lenders look further afield for recruitment

As digital transformation calls for a different set of skills and knowledge, many financial institutions are turning to the overseas market for recruitment.

Vietnam is experiencing a shortage of domestic employees in mid and high-level management positions, so is looking overseas to recruit, according to a new report.

Lenders look further afield for recruitment

The Navigos Group report on the recruitment demand for mid- and senior-level personnel in Vietnam in the second quarter of 2022 said that there is a lack of Vietnamese candidates for jobs that require deep expertise. The report takes the banking industry as a prime example, looking at the ongoing demand for digital banking and risk management.

The recruitment market in this field is increasingly heating up with a series of joint-stock commercial banks, especially the big four of Agribank, BIDV, VietinBank, and Vietcombank, continuously recruiting in extremely high numbers. The first half of 2022 saw a 20 per cent increase in job postings compared to the same period in 2021.

The banking industry in recent years has been undergoing a digital transformation race to stay in line with international practices. This has led to a great demand for recruitment in IT, data, and solution architecture.

According to a Vietnam IT human resources market report in 2021 by TopDev, the country has had a shortage of IT human resources for the past five years. In 2021, Vietnam needed 450,000 IT personnel, while the total number of programmers was 430,000, meaning 20,000 positions could not be filled.

This shortfall comes from the disparity between the programmers’ qualifications and real-world business requirements. The report assessed that only about 30 per cent of students majoring in IT met the skills and requirements needed for businesses. This is causing financial institutions to look overseas.

In July, Techcombank organised an overseas talent roadshow in both Singapore and London. This was the first time a Vietnamese bank had conducted an international recruitment campaign targeting Vietnamese talent living and working abroad.

Explaining the choice, a Techcombank representative said, “Candidates joining Techcombank from these markets, in addition to decent remuneration, will be given the best conditions to develop available international experiences, thereby contributing to the growth of Techcombank and Vietnam’s banking industry.”

The campaign has been considered a success for Techcombank, as there has been sufficient interest from overseas candidates.

After this campaign, Techcombank plans to expand its search for international human resources in other markets. In 2021, the bank recruited about 4,300 new employees, of which 700 were in the technology, digital, and data sectors. With the bank’s current digital transformation strategy, these numbers are expected to almost double in the near future.

Likewise, MB Bank and the Association of Vietnamese Youth and Students in the United States (AVSPUS) in August established a collaboration for the bank to recruit Vietnamese talent in the US.

MB also plans to collaborate with other organisations to jointly coordinate and sponsor events, seminars, knowledge-sharing, skills exchange and provide AVSPUS with the bank’s financial services.

“This collaboration is opening up new horizons for both sides,” said Le Xuan Vu, member of MB’s Board of Management. “With a global ambition, MB is confident to accompany AVSPUS in delivering top-notch, world-class services to the young Vietnamese population in the US. The bank aspires to cement its position by deploying talent dynamically and building a strong, solid future workforce through the partnership.”

Doan Thi Minh Phuong, an AVSPUS representative, also expressed enthusiasm for the possibilities the partnership would bring.

“For the first time, we have witnessed cooperation between a joint-stock commercial bank here and an association in a foreign country,” Phuong said. “This not only demonstrates MB’s enthusiasm for overseas talent and the Vietnamese community, but is also a significant step forward in the bank’s brand promotion in developed markets like the US.”

The domestic market is also witnessing a wave of international students returning home upon graduation. Elena Nguyen, head of HR at a financial consulting company in Hanoi, said that in the past few years, the company had received many applications from returning international students for a wide range of positions.

“Many foreign-invested groups are willing to pay high salaries for students studying abroad, along with attractive promotion opportunities as these students have a wide range of knowledge and broad perspectives. Compared to employment abroad, offers from Vietnam are sometimes even more attractive,” she said.

Source: VIR

MORE NEWS

How will Vietnam escape the 'middle-income trap'?

Vietnam aims to become a higher average income country and a high income country by 2035 and 2045. However, to reach that goal, it will have to overcome challenges, especially institutional ones.

HCM City develops food streets to attract tourists

Ho Chi Minh City is focusing on developing food streets to attract more tourists and make them spend more during their stay in the city.

Int’l experts, organisations believe in Vietnam's sustainable growth potential

Experts, and representatives of international organisations, and investment funds have shown their belief in the potential for sustainable growth in Vietnam in the coming tỉme.

Why has HCM City removed 'residential people’s groups'?

With the elimination of over 25,000 "residential people’s groups", HCM City has cut 38,000 part-time officers.

Duan wins Hanoi Midnight marathon title, eyes SEA Games slot

Almost 10,000 elite and amateur runners registered to participate in the event. The number was double that of the first edition in 2020.

HCM City seeks to prevent illegal waste dumping

HCM City’s environmental sector is taking steps to prevent illegal dumping of domestic waste transported from neighbouring provinces to the city.

Macroeconomic and monetary policies key to improving economy

A volatile global market, the COVID-19 pandemic, approaching the limit to horizontal expansion and inefficient macroeconomic policies in the past...

Domestic tourism increases but spending remains low

The domestic tourism market was a lifesaver during the difficulties of the COVID-19 pandemic, but local spending on tourism is still low and needs a boost, experts have warned.

Transparent practices help farmers sell more produce

The optimal requirement of farm produce is safety, and without it, sales would be low.

Hanoi's tourism shows strong recovery since March 2022

Eight months after the reopening of international travel, Hanoi has seen substantial development in the tourism sector.

The natural beauty of Trang An

Trang An Landscape Complex is a mixed cultural and natural property within three protected areas, including the Hoa Lu Ancient Capital, the Trang An-Tam Coc-Bich Dong Scenic Landscape, and the Hoa Lu Special-Use Forest.

Screening tool to bump up FIE quality

Achecklist for appraisal of foreign-invested ventures in Vietnam will help the country woo desired foreign funding.

Lacking money, work on privately funded thermal power projects stalls

The thermal power projects developed by private investors all have been going slowly because of multiple problems.

Boosting international railway transport investment

The initial successes of the railway container transport network from Vietnam to Europe have inspired engagement with the international railway network.

Entertainment and cultural events of the week (November 28-December 4)

Upcoming entertainment and cultural events in Vietnam's major cities on November 28-December 4.
back_to_top