return icon Vietnamnet.vn

Vietnam banks spend big money to hire foreign CEOs

Several banks reportedly are offering annual pay of VND8 billion to experienced foreign CEOs.
VietNamNet Bridge - Several banks reportedly are offering annual pay of VND8 billion to experienced foreign CEOs.


{keywords}

Vietcombank has for the first time recruited a foreigner for a high post




Vietcombank, one of the three largest state-owned banks, has for the first time recruited a foreigner for a high post.

Eiji Sasaki of Japan officially became a member of the board of directors and deputy CEO of the bank. The banker was once Mizuho Bank’s Asia business director.

Prior to that, Vietcombank recruited Thomas William Tobin of Canada to work as director of the retail banking service. The expert has 30 years of experience in finance & banking in Vietnam and markets similar to Vietnam. He also held high positions at HSBC and other institutions.

At Techcombank, Paul Simon Morris, the CEO, is a foreigner. And VIB, ACB and Eximbank have assigned posts in the board of management to foreigners to implement their plans to develop personal and consumer lending divisions.

Hiring foreign CEOs is now a choice of many banks which feel pressure from 100 percent foreign owned banks. After many reforms, half of the bank’s management board is composed of foreigners. 

Financial experts have said that hiring foreign CEOs is now a choice of many banks which feel pressure from 100 percent foreign owned banks. After many reforms, half of the bank’s management board is composed of foreigners. 

However, it is costly to hire foreign experts. A source said the pay for an experienced director of retail banking is no less than VND5-7 billion a year.

One Vietnamese banker said a CEO can receive no less than $25,000 a month, or VND575 million. He heard that one bank had offered VND8 billion to attract foreign talents.

Explaining the decision to recruit foreigners, Vietcombank’s chair Nghiem Xuan Thanh said the bank has a long term plan to develop retail banking services and hopes an expert will help the bank implement the plan.

Nguyen Tri Hieu, a banking expert, commented that foreign CEOs in Vietnam banks act as a bridge to connect Vietnam and the rest of the world. 

Some Vietnam banks have expanded their business by setting up branches in Myanmar, Laos and Cambodia. However, they still have not joined the international financial playing field. 

Vietnam needs experienced bankers who can help Vietnamese banks penetrate the international market.

However, Hieu commented that while foreign experts have experience in corporate governance and business expansion, they are not good at bad debt settlement. This is because the debt settlement process in Vietnam is related to many specific conditions.

An HSBC (Hong Kong & Shanghai Banking Corporation) report released in 2016 showed that 35 percent of foreign specialists said working in Vietnam helped them earn more money than in their home countries. 


RELATED NEWS

VN CEOs brimming with confidence: survey

First VN coach transport company hires foreign CEO


Mai Thanh

MORE NEWS

HCM City want foreign doctors to be fluent in Vietnamese

The HCM City Department of Health has just proposed that foreign doctors should be fluent in Vietnamese if they want to work in the country.

Use of toxic e-cigarettes among students on the rise

After a trial smoke, T lost consciousness, was foaming at the mouth, and his limbs were curled up. Two days later, T regained consciousness at the hospital, but was still in the status of extreme fear.

Vietnam spends US$7.74 billion importing petroleum products

Vietnam imported over 7.5 million tonnes of oil and petrol worth around US$7.74 billion as of mid-November, up 24.1% in volume and 122% in value year on year, according to the General Department of Vietnam Customs.

Vietnam won’t sacrifice the environment for economic growth: Prime Minister

Vietnam takes people as the goal in development. People will enjoy the fruits of a green economy and the government will not sacrifice the environment to pursue economic growth.

Vietnam’s bond market contracts amid monetary tightening

After strong growth in the previous quarter, Vietnam’s currency bond market contracted 0.2% due to a decline in the Government bond market and slower growth in corporate bonds.

AI used to predict renewable-energy capacity

Wind and solar power will account for an increasing proportion of Vietnam’s total electricity capacity.

Infrastructure pinpointed to spur socioeconomic fortunes

The Vietnamese government is continuing to promote infrastructure development with the construction of expressways and new bridges, in efforts to spur socioeconomic development and welcome new private investment.

Budget resolutions set plan for 2023

Vietnam’s state budget performance is expected to see a deficit of billions of US dollars this year, with such a landscape fixed for next year – with warnings sounded about punishing violations in budget management and usage.

Vietnam fruit exported to new markets

2022 has been a successful export year as Vietnam’s farm produce has accessed many international markets.

Colourful beauty of Lo Lo ethnic costumes

Living at the foot of Rong (Dragon) Mountain in Lung Cu Commune, Dong Van District, Ha Giang Province, the Lo Lo ethnic community have effectively preserved their traditional culture, including their attire.

Sapa forecasted to experience frost

Mount Fansipan in the northern province of Lao Cai’s Sapa Town has been forecasted to see frost in the coming days as temperatures fall below zero degrees centigrade.

Dortmund footballers excited to discover Hanoi

Following their arrival in Hanoi, players of Bundesliga FC Borussia Dortmund enjoyed a cyclo tour around the Vietnamese capital and explored some famous sightseeing spots ahead of their friendly match against hosts Vietnam on November 30.

Vietnamese lacquer painting sold for EUR390,000 at French auction

A lacquer painting by late Vietnamese painter Nguyen Khang (1912-1989) went for EUR390,000 on November 28 at the "Major Works of Asian Painters" auction held by Aguttes in France.

Vietnam beat Borussia Dortmund 2-1 in friendly match

Vietnam defeated Bundesliga’s Borussia Dortmund 2-1 in a friendly match in Hanoi on November 30 evening, - a perfect test for coach Park Hang-seo and his student ahead of their 2022 AFF Cup campaign in December.

NA Chairman holds talks with Australian leaders

National Assembly Chairman Vuong Dinh Hue has affirmed that his ongoing Australia visit aims to further deepen the strategic partnership and cooperation between the two sides.
back_to_top