Foreign banks encounter cultural barrier in Vietnam

Instead they stash their money at home and rely on informal lending networks of family and friends for loans. Banks require too much paperwork and the charges are too high said Cao Thi Dong a housekeeper. If I borrow from people I know I can get a much better interest rate. While luxury stores are springing up everywhere most Vietnamese remain poor and fewer than percent have bank accounts. For the first time they will be allowed to open multiple branches like their Vietnamese counterparts. Vietnam s retail banking market is expected to grow between percent and percent a year McKinsey said. Thomas Tobin the president and chief executive of HSBC Vietnam sees signs of greater spending power everywhere. Everyone has a mobile phone. Everyone is really well dressed. Every day you see more and more people able to participate in consumerism. I trust banks Mai said. But my first choice is always to borrow from friends and family. It s more comfortable more perso! nal. And unlike a bank lending officer Mai said her family members would never turn down her loan application. It s their responsibility to support me Mai said. I have the same responsibility to them. The phuong system is built on long term relationships and mutual trust. People do not default on their payments because if they did they would be ostracized from the village. You would have no roots no family. In all HSBC hopes to open to branches within the next three to four years. Rhoden talks about the page Mitchell report. The Week Ahead Dec. Alison Smale the IHT s managing editor discusses events in the world this week. Emerging market billionaires turn to philanthropy . From tanks to trade A new road for ex foes . The myth of Putin s success . Child abuse cases in Germany prompt debate . Poverty in the streets of Algiers breeding ground for terrorism . The house Kenzo built . Amid deadlock in Bali EU threatens to boycott climate talks in U. Biggest Swi! ss political party quits cabinet . Bolivian dissident states ! declare autonomy in stiff challenge to Morales . In Italy a winter of discontent . Mental reserves keep brains agile . Foreign workers face campaign of brutality in Malaysia . In France discrimination on upswing as violence smolders . The places to go in . France s hidden discrimination . Cohen Obama and the American idea . Central banks pumping billions into world financial system . Roles swap in Argentina s palace as first lady takes over . In Italy a winter of discontent . In Japan it s the men who want to be skinny and cute . Unhappy Self critical Maybe you re just a perfectionist . In India a terrible place to be born a girl . Rural Britain wants to take itself off the GPS map . The Queen s Hinglish gains in India . Study compares American students with other countries . Mental reserves keep brains agile . Foreign workers face campaign of brutality in Malaysia . In France discrimination on upswing as violence smolders iht.

Source: http://www.! iht.com/articles/2007/12/14/business/dong.php


Another site recomended to review: Video Czech Republic ( http://www.czrealtor.com/video.html )

I just don't have much to say lately. Whatever. Nothing seems important. I guess it doesn't bother me. I feel like a void.

Feel free to read: Marriage in Czech ( http://www.czrealtor.com/wedding.html )