ANZ chief discusses growth strategy

Where is Vietnam’s market in comparison with other Southeast Asian nations? In your opinion, what is the prospect of growth?

Vietnam’s population of 90 million and expected economic growth of 5-6 per cent make it a very attractive market, but there are difficulties. We are competing against a high number of other banks and most of them are local, which gives them certain advantages. That said, we have 20 years here and plan to continue that tradition.

How do you see Vietnam’s economy changing in coming years?

Our economists regularly do research and their results forecast stability as a whole, as well as with the exchange rate and interest rates, though the latter will rise commensurate with inflation. This stability is giving companies the ability to shape mid and long-term plans rather than speculating. Also, there has been considerable progress in consolidation of banking and steel industries and this should continue over the next 12-18 months; this has already accelerated certain changes in our business.

So, what are ANZ's expansion plans?

We have a fantastic branch network already but we are recognising that our customers are trending toward online banking and we want to enhance their capacity to do this on tablets and smartphones. That said, we understand the traditional strength of having branches and feet on the ground, so we recently set up a new representative office in Binh Duong and last year we established one in Can Tho. We continue to invest in growth and in support of local business. We have a strong retail banking business and are in a great position to support middle market companies.

As a leading Australian and New Zealand bank, how does ANZ facilitate co-operation between firms from these countries partnered with Vietnamese companies?

We firstly leverage our natural linkages between Australia, New Zealand and Asia, including Vietnam. We have a unique growth strategy that is super regional. We always seek opportunities to support partnerships between Vietnamese and Australian businesses. And as you know, there are also more than 300,000 Vietnamese living in Australia at this time. The partnerships go both ways and we consider it our duty support them in building stronger, better businesses.