Although each field has both advantages and difficulties, female officials in the banking sector have always confidently affirmed and promoted their capabilities, strived to successfully accomplish their assigned tasks, and contributed to the achievements of each entity and the entire banking industry.
On October 18, 2023, in Hanoi, the Conference on Enhancing Women’s Role in the Banking Industry in light of New Challenges was co-organized by the Committee for the Advancement of Women in the Banking Industry, Vietnam Banking Trade Union, and Standard Chartered Bank.
In his opening speech, Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) cum Chairman of Vietnam Banking Trade Union and Head of the Committee for the Advancement of Women in the Banking Industry emphasized the especially significant contributions of female officials to the banking sector’s development. The SBV Deputy Governor shared that in all positions in the banking industry, from the state management positions, policy-making advisors, to business and operational positions in the commercial banks, there has been an active participation of female officials.
The SBV Deputy Governor assessed that although each field has both advantages and difficulties, women officials in the banking sector have always confidently affirmed and promoted their potential, strived to successfully accomplish their assigned tasks, and contributed to the achievements of each entity and the entire banking industry.
Looking back at the history of its establishment and development, according to the SBV Deputy Governor, the banking industry has had many achievements in and contributions to the promotion of the gender equality. For the first time in history, the SBV has a female Governor; at the same time, the SBV Governor is one of the three female Government members out of a total of 26 Government members.
Up to now, the SBV has basically achieved the main objectives of the Plan for Gender Equality in the Banking Sector for the period of 2021-2030. Besides, the SBV in particular and the banking industry in general have also been making efforts to make more positive contributions to the development of Vietnamese women through programs jointly implemented with Vietnam Women's Union; encouraging and supporting the commercial banks to enhance the credit granting to women, etc.
According to the SBV Deputy Governor, it can be said that the successes in the early stage are a great encouragement for the promotion of gender equality in the banking industry. However, with difficulties and challenges ahead, there is still a lot of work and tasks for the banking industry in order to further enhance gender equality.
Deputy Governor Dao Minh Tu delivers his opening speech
The SBV Deputy Governor hoped that, based on the results of the Conference, the entities in the industry would be further aware of the importance of, and would provide more support to female officials, thereby, female officials in the banking industry would continue to make breakthrough development steps in the coming time.
Organizers present flowers to female participants at the Conference
Attending the Conference, Mr. Iain Grant Frew, UK Ambassador to Vietnam, shared about gender equality in the financial sector in the UK. After that, Mr. Jaya Ratnam, Singaporean Ambassador to Vietnam, affirmed that the Conference was a good opportunity for the finance and banking sector to evaluate its standards, and to create a stronger and more consistent system, thereby bringing benefits to women and all the people. Furthermore, Ms. Wee Sung San Michele, Chief Executive Officer (CEO) of the Standard Chartered Bank Vietnam Ltd., also shared about the solutions to enhance women’s participation in the foreign banks.
Governor Nguyen Thi Hong speaks at the discussion session
Gender equality at the SBV has initially achieved encouraging results, specifically: female officials have assumed key leadership positions in 100% of the SBV entities. The proportion of female leaders has increased as compared to the beginning of the term. The targets for gender equality have been basically achieved.
According to the SBV Governor, the banking industry has also been contributing to the advancement of Vietnamese women. This is reflected through the following aspects: Firstly, the SBV had advised the Government for the formulation of several policies on supporting the vulnerable groups, including women, such as the National Financial Inclusion Strategy until 2025, Vision to 2030; the Prime Minister’s Decision on credit policy for near-poor households; the Prime Minister’s Decision on credit policy for households that have just got out of poverty; Decree No.28/2022/ND-CP dated April 26, 2022 on preferential credit policies for the implementation of the National Target Program for the Socio-economic Development in the Ethnic Minority and Mountainous Areas in the 2021-2030 period; Secondly, creating conditions for banks to implement credit programs for the vulnerable groups and women. The SBV has also coordinated with the Asian Development Bank (ADB) to implement a project on supporting women-led SMEs; Thirdly, signing the Regulations on coordination with Vietnam Women's Union.
An overview of the Conference
Ms. Sarah Twigg, the International Finance Corporation (IFC) Lead for Gender and Economic Inclusion in East Asia and Pacific, stated that the proportion of women in the banking industry is quite high, and the IFC considers gender equality to be a core part of its strategy to promote the competitiveness and productivity among banks. Therefore, she said that the IFC always demonstrates its commitments for diversity and integration, non-discrimination, improvement of family-friendly practices and options of flexible work; narrowing the gender gaps in the access to learning and development opportunities; developing respectful workplaces.
According to SBV Governor Nguyen Thi Hong, the SBV has been facing many difficulties and challenges, requiring each and every official to obtain more knowledge, strengthen their will, and develop a swift adaptability to new policies. For the commercial banks, the pressures from the competition are increasing, requiring more technological innovations, digital transformation, and provision of modern banking products and services. Female officials must improve their skills, self-confidence, and strengthen their will to be ready to accomplish their assigned tasks. The SBV Board of Management is fully aware of these needs, and would continue to implement solutions to improve female officials’ knowledge and practical skills.
Le Hang