Young Vietnamese More Interested in Banking Services - McKinsey
Young Vietnamese have greater faith in commercial banks and are more and more interested in using banking services than older generations, according to a study conducted by McKinsey, a global management consulting firm.
The attitudes towards banking services have been changed from generations to generations in Asia and in Vietnam.
There is an increasing demand of banking services among young people in Vietnam, such as credit cards, borrowing loans and banking internet.
Banking sector has been developing rapidly in the recent years with profit growth of between 25 per cent-30 per cent a year since Vietnam joined the World Trade Organization.
The establishment of series of joint stock commercial banks and the entry of new foreign players into the market have also helped boost the development of banking sector.
McKinsey showed that only less than 10 per cent of the Vietnamese population has accessed to services of formal financial institutions and 60 per cent of urban consumers have savings accounts.
McKinsey’s findings suggest that foreign banks entering Vietnam’s liberalizing banking market would be best targeting the young, which will be more receptive to new products and services. (VNA)
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