VN needs 5-10 years to catch up

Hans-Ulrich Doerig, Vice Chairman of the Board of Directors of Credit Suisse, said in an interview with VietNamNet that changes could not come overnight, and Vietnam would need some five to 10 years to catch up with other countries, becoming more competitive in banking and finance.


What would you say about the potentials of Vietnam’s banking and finance sector, as an expert who has worked in the banking sector for many years, especially in Asian countries?

Vietnam is determined to build a market economy and follow an open-door policy. However, you cannot expect development overnight; you have to go step by step. One should not think of creating changes overnight. All countries have to follow a progressive model. You cannot skip on the way. If you go too fast, you may face crises.

The government of every country has to define goals for every stage of development. It will take Vietnam years to find suitable final solutions.

However, I think that the Government of Vietnam is on the right track and going at a suitable pace. There is no need to go faster or slower. In the time to come, the government will allow the deeper participation of foreign investors in the banking and finance sector. But it needs more time. Vietnam will need five to ten years to catch up with other countries in the world and become more competitive.


What suggestions would you give in order to, as you said, become more competitive, attract investment and catch up with the world in the banking and finance sector?

Firstly, Vietnam should maintain the low-cost scheme for the next five or ten years. Only by doing so can Vietnam maintain its competitiveness. If the inflation rate is high, which means higher costs and higher prices, you will find it hard to attract investment to Vietnam.

The most important thing for Vietnam is the anticipation of the mechanism. Investors should know under which mechanism they make investment.

In order to become successful, one should keep a positive view on the prospects of the country and the behaviour of people towards their work. If you keep a positive attitude, you will be able to work better and more effectively. Vietnam is one of the countries which own such advantageous factors.


Do you have any investment plan in Vietnam?

I studied in Japan in 1975-1976. I went to China 24 years ago, and then returned to the country two times at least every year. I can say I know a lot about Asia. I have had enough time to discover the continent and work with people here. My strategic interest in Vietnam, the promising nation, becomes bigger every day.

We now have a fund for the group’s activities in Vietnam. I myself got a volume of Vietnam’s Government bonds when Vietnam launched the bonds on the international market two years ago.

We think Vietnam is a special case among the burgeoning economies, and it will remain a burgeoning economy for many more years.


Do you have any suggestions about what to do to get success?

Vietnamese people are intelligent and they need to be given opportunities. They need to be well trained, and they need to learn experience from practice as well. Young people sometimes are impatient, they go too fast, and therefore, they can easily make mistakes. Many young people think that they should change their work after six months. In fact, they need to do the same work for at least three years to get more experience. They should work long enough to make mistakes and have enough time to correct mistakes.


What has helped create the success and fame of Credit Suisse?

First, we have a history of 151 years of operation. Second, we have big financial capability. Third, we have a network throughout the world.

150 years ago, we were not a famous group. Our leaders tried to expand our business scope. We brought new ideas into life and experimented with initiatives.

Fifth, we have staffs coming from different nations, and the diversification in nationality can bring creativeness and differentiation.

Now we are one of the 25 biggest banks among 70,000 banks around the world.

Source: VNE