Mr Smith suggested that the rate could be even higher if Vietnam’s neighbours in the region maintained positive GDP growth rates.

The forecast came even as inflationary pressure has been rising in Vietnam, foreign investment has fallen, credit agencies have downgraded the domestic currency, and monetary and foreign exchange policies have been in flux.

These were temporary problems that would not impact investor decisions, Smith said, adding that Vietnam remained the investment destination with the highest potential in the region.

Since 2005, ANZ has held a 10 percent stake in Sacombank, one of the leading commercial banks in Vietnam in terms of charter capital and total assets. It also held a stake of over 17 percent in Saigon Securities Inc.

Smith’s visit aimed to outline a new regionally-based strategy in the countries of the Greater Mekong region, including Vietnam, Cambodia, and Laos. ANZ planned to expand retail banking services with a focus on affluent clients in emerging markets.

VNS