Banks in Vietnam need more women leaders to promote inclusive growth

While women make up 60% of the entry-level workforce at banks in Vietnam, less than a third make it to managerial and senior management positions, according to a new IFC study in collaboration with the State Bank of Vietnam (SBV).

The study “Mind the gap: Getting more women into leadership in Vietnam’s banking sector” shows that there was a strong recognition of the value of gender equality in the banking sector, especially how gender diversity in senior management positions could help banks to attract and retain skills, while expanding a strong base of female managerial talent, boosting workforce productivity and financial performance.

However, many banks did not know how to make the effort to create a more gender equal workforce and management team. Women reported having less access to all forms of training and career development opportunities, and there is strong evidence that they also face overt and unconscious biases in relation to motherhood and childcare.

“Promoting gender equality and women’s representation in management positions is important to the State Bank of Vietnam. This report, the fruit of close collaboration between the SBV and the IFC, provides a snapshot of where women and men in the banking sector, the challenges women face and introduces ideas and recommendations for more women in leadership and management positions,” the Vietnamese central bank confirmed.

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The study also showed that although 80% of people felt safe at work, almost one in five had witnessed bullying and one in ten had personally experienced bullying, with similar responses among men and women. The study, based on surveys of almost 40,000 bank employees, as well as interviews with managers and middle managers, also showed that women wanted more support to reconcile work and family life.

“The lack of gender diversity in the leadership of the banking sector is a persistent problem around the world,” said Thomas Jacobs, IFC Director for Vietnam, Cambodia and Laos.

many banks did not know how to make the effort to create a more gender equal workforce and management team

“While Vietnam is doing better than other countries in terms of women leading banks, this report clearly shows that more must be done to turn commitments into practical steps, enabling women to move into leadership positions. We know that balanced leadership between men and women generates better financial returns and other benefits for employees, investors and companies.”

As a first step and in an attempt to help address the gender gap in banking, with the support of the SBV, IFC is launching a special initiative for Vietnamese banking institutions to learn from successful global practices, focusing on talent development, succession planning and creating more flexible and inclusive workplaces.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article: https://vietnamnews.vn/economy/1494159/viet-nam-s-banks-need-more-women-leaders-to-promote-inclusive-and-high-productivity-growth.html

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