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.
