Vietnam, IFC together to promote female management in finance-banking

The International Finance Corporation (IFC), a member of the World Bank Group (WB), and the State Bank of Vietnam (SBV) have signed a cooperation agreement to promote initiatives on enhancing the employment of talented women in management in the finance-banking industry as well as sustainable and inclusive economic growth.

Vietnam, IFC will together promote female management in finance-banking. Photo: Thuy Truc

Over the next 18 months, the IFC and the SBV will conduct a survey on the employment of women in banks and key barriers to the employment of women in managing positions. 

With the support of the Facility for Investment Climate Advisory Services (FIAS), the project will also build a pilot learning platform to share knowledge and experiences from global good practices for talent development, staff planning, and creating a more flexible and gender-diverse work environment.

The IFC studies showed that gender diversity in management positions helps businesses achieve better results and bring greater profits for shareholders.

“We will build capacity, raising awareness, and highlighting the value of gender-diverse corporate boards and leaders in emerging markets,” said Kyle Kelhofer, the IFC’s Country Manager for Vietnam, Cambodia and Laos.

Within the agreement, the IFC and the SBV will also launch the Women Banking Awards to honor individuals and organizations who made achievements in promoting women's leadership through influential initiatives.

Women in Vietnam account for about 60% of the total workforce at banks, but only about 20% of the total number of senior management positions. As domestic banks face challenges of luring and retaining skilled workers, the scarcity of talented female workers could increase staffing costs.

Retaining female employees and promoting gender diversity in senior leadership positions bring many economic benefits for their employers, according to the IFC.