Unfazed by volatility, Techcombank goes big on Vietnam’s middle class

DESPITE headwinds in the Vietnam economy, domestic lender Techcombank is staying optimistic. Its chief executive Jens Lottner believes that recovery is on the horizon, and is ready to capture the long-term opportunities of the country’s youthful and increasingly affluent middle class.

“It’s a little bit tough right now in Vietnam; (with) the real estate market, everything is not going as well,” Lottner told The Business Times in a recent interview.

Over the past year, high-profile scandals have rattled Vietnam’s real estate and bond markets. Global volatility has also weighed on its export-oriented economy. This year’s gross domestic product (GDP) is expected to come in at around 5 per cent, missing the government’s 6.5 per cent target.