Banking in Vietnam

March 21, 2008 Comments disabled ,

Vietnam has experienced rapid economic growth over the last years (in 2000-2002 it was the world’s second fastest growing economy), however less than 10% of Vietnamese have a banking relationship. This means high growth prospects for the Vietnamese banking sector according to this article, which predicts more than 25% annual growth for banking revenues over the next 5-10 years.

However the most striking result of the study is the pronounced difference between attitudes of the young and old – the greatest of all the Asian countries, according to the study. Young people in Vietnam are more likely to have a bank account, own a debit card or take out a loan and have a greater openness towards foreign owned banks.

Meanwhile the Economist worries whether Vietnam’s economy is growing too fast, following large increases in the cost of living.

About the author

Lucy (Liz) Chatburn
Lucy is English and first ventured out of the UK she was 19. Since then she has lived in 4 different countries and tried to see as much of the world as possible. She loves learning languages, learning about different cultures and hearing different points of view.
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