VietNamNet Bridge – The high-ranking officials take jobs at businesses after their retirement from state management agencies not because they need money, but simply because they crave for work.

It is not a surprise to anyone nowadays that Vietnamese high ranking officials go working for businesses after they leave their posts at state agencies. Former Deputy Minister of Finance Le Thi Bang Tam has become Chair of HD Bank, while former Governor of the State Bank Cao Sy Kiem is now a member of the Board of Directors of Dong A Bank.

The Asia Commercial Bank (ACB) is a business which has been appointing experienced officials to the important positions at the bank. In November 2011, the bank set up a macroeconomic research team headed by the former Governor of the State Bank Le Duc Thuy.

The team is in charge of drawing up regular reports about the macro economy and showing the most noteworthy issues to the board of management of the bank. It can also make suggestions about what ACB should propose to the State’s leaders relating to the economic policies.

Tran Xuan Gia, who held many important positions in the cabinet, right after the retirement was invited to work as an advisor, and then as Chair of the Board of Directors of ACB.

The bank’s Board of Directors also has another special member – Luong Van Tu, former Deputy Minister of Trade (now the Ministry of Industry and Trade), former Head of the Vietnam’s delegation at the negotiations for Vietnam’s admission to WTO. Tu has just been elected as the Deputy Chair of the bank.

It is understandable why former high ranking officials have been hunted by big businesses, especially banks. The officials have deep knowledge about business fields, about the laws, and especially, they have good relations with individuals and institutions which banks can take full advantage of to do business.

“The officials have good knowledge about the legal framework, which allows them go give wise advises to businesses,” a banker commented.

In most of cases, the retired officials go to work not because they need money. Former Governor of the State Bank Cao Sy Kiem, who is now a Member of the Board of Directors of Dong A Bank, said he is still at work because this is the opportunity for him to learn experiences from the young entrepreneurs.

Pham Chi Lan, former Deputy Chair of the Vietnam Chamber of Commerce and Industry (VCCI) said she has been satisfactory with her works after the retirement. After leaving VCCI in 2003, she became a Member of the Prime Minister’s Research Team for three years.

Talking about the work of a member of the research team, Lan said she, like other members, all thought that they undertook the job not because they wanted money, because they could live well on pension and the small pay from the Prime Minister.

“Therefore, we all worked in perfect teamwork and we could make big contributions to the country’s development,” Lan said.

Tran Xuan Gia, former President of ACB, has been a famous official and famous businessman. Before Gia decided to work for ACB, he was Minister of Planning and Investment and Head of the Prime Minister’s Research Team on socio-economic and administrative policy renovation.

Commenting about Gia, a senior executive of ACB said Gia kept working even when he was informed about the life threatening disease.

“I cannot live without working and thinking,” Gia said.

Being highly appreciated by businessmen and economists, the information that Gia has been prosecuted for his wrongdoings has raised the sympathy from the public. Lan believes that Gia helped a lot in turning ACB into one of the leading banks in Vietnam.

Compiled by Thu Uyen