The year of 2011 has seen the biggest human resource change at the top levels of Vietnamese banking sector, with many banks appointed new leaders.
This is just part of the ongoing financial restructuring that is occurring in the country.
On December 26, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) appointed Simon Morris, who was formerly managing Khan, the largest bank in Mongolia, as it new CEO. He replaced Nguyen Duc Vinh. Vinh was the CEO of Techcombank bank for 12 years.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) recently appointed new general director, Nguyen Van Thang. Thang's contract will last until 2014.
Early 2011, TienPhongBank made replacements in many of its key positions, aiming for more efficient operations and better returns.
Also, Vietnam Bank for Agiculture and Rural Development (Agribank) made many changes as a result of the discovery of a number of corruption cases. In the last year the domestic banking sector saw 94 cases related to credit violations and corruption; of those, Agribank was related to 64.
Some other banks, including Vietnam International Bank (VIB), also made changes in their leadership in hopes of improving results.
More banks have tended to select foreign CEO. They are also tending to fast-track young people who have expertise in accounting.
An Binh Joint Commercial Joint Stock Bank (ABBank) plans to make management changes early this year.
Banks forecast that 2012 will pose more challenges as credit growth will be attempted to be limited to 15-17%. Under the Governor of the State Bank of Vietnam, Nguyen Van Binh’s instruction, the banking system will be subject to drastic restructuring this year.