Than Value in Vietnam
are rushing to cash in on Vietnam. Don’t bet your career on it though.
New hires, new businesses, new
startups, you name it, you have it. Banks, insurers and funds are rushing to
expand their footprint in Vietnam.
Merrill Lynch, Deutsche and
Prudential have all announced plans to expand
in Vietnam in the past month, while banks like Credit Suisse and JPMorgan
are already well established.
Why the rush? Merrill has
described Vietnam as a "frontier for international capital
markets", and according to Finance Asia, there are forecasts for the
country’s market capitalization to more than double by 2010 from $8billion
For job hopefuls, recruiters
caution that hiring is limited to very senior positions across the banking
sector and especially in areas like investment banking/venture
capital/private equity and capital markets that require special finesse.
Turnover for these senior roles is high, they say, as there is often not
enough going on to justify all the hiring.
Richard Mills, chairman of
Chalre Associates Executive Search, says turnover is slightly higher than it
should be, and this should continue for the next few years until deal flow
expands or more local talent can be developed.
"A disproportionate number
of the senior dealmakers are expatriates and they want to see a reasonable
deal flow to justify their being there. I worry whether the market is able
to deliver at the expectations of these people," he says.
Tan Soo Jin, vice-chairman of
executive search firm Amrop Hever Group, notes that the banking scene in
Vietnam is still at an infant stage.
Most foreign institutions, he
says, will usually send their own people to staff rep offices and the senior
positions in branches. On the odd occasion, they may search for senior
people outside of Vietnam, and in these cases their preference is for
returning Vietnamese and other Asian expats.
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