Politics hobbles change in Vietnam

Following the arrest of the main shareholder of Vietnam’s Asia Commercial Bank, Nguyen Duc Kien, the Vietnamese government has introduced a state-owned asset management company to clean up the country’s opaque banking sector. But how committed to change is Vietnam’s leadership?

In 2011, Nguyen Duc Kien was considered one of Vietnam’s richest and most powerful businessmen. The co-founder of Asia Commercial Bank (ACB) and the deputy chairman of the Vietnam Professional Football company, Kien was a well-respected figure.

A year later, this high-flyer experienced a fall from grace. In August 2012, he was arrested on suspicion of ‘economic violations’ relating to a number of dubious-looking investments and business ventures that he had been involved in.

In July this year, Kien was additionally charged with tax evasion.

Access intelligence that drives action

To unlock this research, enter your email to log in or enquire about access