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Banks shake straits, seek workers   2009-06-02 - Viet Nam News

Financial institutions plan to resume employee recruitment after many months of staff cuts due to the financial crisis, according to industry insiders.

Staff at a VPBank branch in Ha Noi. Financial institutions plan to resume employee recruitment after many months of staff cuts due to the financial crisis.

Deputy general director of the Military Bank (MB), Luu Trung Thai, said due to impacts from the global economic recession, domestic financial institutions had faced major financial difficulties and were forced to cut staff at the end of last year in order to continue operations.

Thai said that although domestic banks did not have to cut staff as rampantly as foreign banks, many of them did lose 20-30 per cent of their staff.

With signs of economic recovery and more optimistic business performance at banks, financial institutes are planning to increase their offerings, which will require new employee recruitment.

Thai said his bank planned to recruit roughly 150 employees in the next few months and would continue some hiring after that.

Asia Commercial Bank (ACB) is following the same trend. ACB general director, Ly Xuan Hai, estimated that the bank would need to recruit roughly 600 employees to staff the 40 new branches and transaction offices expected to open this year.

Deputy general director of Tan Viet Securities Incorporate (TVSI) Hoang Xuan Quyen said his company had plans to recruit 50 new staff members to fill broker, consultant and analyst positions. The new staff were needed to implement plans for enlarging business performance after the company’s charter capital was recently raised to VND300 billion (US$16.85 million).

Quyen said it was time for financial institutions to promote their human resources to be ready to pounce on opportunities when the economy fully rebounds.

The domestic securities market was warming up and had experienced partial recovery since March, and rising unemployment had ceased, said Quyen, adding that the free-falling US economy had also started to see an end.

Meanwhile, Thai said human resources were important for the economic rebound and development of domestic banks at this time. He explained that the Vietnamese banking industry was forecast to grow significantly in the next 10 years, leading to continued rising demand for human resources.

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