Dr. Do Duc Cuong.

VietNamNet - Dr. Do Duc Cuong is a senior banking expert in the US and a UN Good Will Ambassador who has spent the last few years fully devoted to the development of Vietnam’s economy.  

In 2003, Dr. Do Duc Cuong, who has worked as a senior banking expert in the US for more than 20 years and has been known as a talent in many fields – he can write with both hands at the same time – returned home to work in Vietnam. 

The man who said, “No” to US$1mil 

When VietNamNet tried to arrange a meeting with Dr. Cuong to discuss the paper’s Vietnam Glory award, which honours Viet Kieu who have made outstanding contributions to Vietnam, he paused for a moment and thoughtfully responded, “Please give the award to another individual. Many Viet Kieu need to be honoured for the great contributions they make to the homeland. What I do, I do out of loyalty to my country, its people and our ancestors. I feel it is my responsibility. We Viet Kieu are like bees who leave the hive to explore the land. But, to make honey, we must first return home. This is a bee’s instinct, and merits no special reward.” 

VietNamNet’s correspondence with Dr. Cuong was interrupted many times, as there is a lot of work that awaits his attention, and in the end, we lost contact with him. 

Dr. Cuong cares much less for this award than he does for what he feels is his responsibility to transfer knowledge, technology and experience to Vietnam’s young intellectuals and professionals. 

At the age of 60, Dr. Cuong has already suffered a number of heart attacks. He says, “I have a premonition of bad things happening in the future. I feel I’m going down a dark and unfamiliar road, and I’m just trying to pass on all that I can, now, because I know that I don’t have much time left.” 

Having devoted his life to scientific research, it was only in 2003 that Dr. Cuong was able to return to Vietnam for the first time. Upon a reunion with his family, he was disturbed to find that he and his mother did not recognize each other. He then realized that while he had abundance in his life and, hopefully, many more years ahead of him, his homeland was still mired in poverty, and his mother’s days were numbered. Refusing a job offer for a senior expert commanding a salary of $1 million a year, Dr. Cuong decided to re-settle in Vietnam. 

When asked, with all of his experience, why he did not seek a position with the State Bank of Vietnam, Dr. Cuong explained, “I didn’t care where and with whom I began my work. I was willing to work for any bank that met three requirements. First, it had to have flexible leaders who are open to discussion and opinions that are not their own. Secondly, it had to have a good strategy for healthy competition, and thirdly, there could be no embezzlement or corruption within the organization. 

“In 2003, I met Tran Phuong Binh, the Director General of the East Asia Bank (EAB) by chance, and I was aware that he and his wife had spent a large sum of money on surgeries to improve the eyesight of many people in the central highlands. I was so moved by their attitude that I decided to work as a consultant for Mr. Binh’s bank. Prior to that, I had heard that the organization had unsuccessfully sent a staff member to the US to look for me. Perhaps, it was fate,” he related. 

In fact, Dr. Cuong also advises other banks, namely the Cuu Long River Delta Housing Development Bank, the Hanoi Housing Development Bank and Sacombank, as well as enterprises like the Mai Linh Taxi Company, Viettel and the Viet Tien Garment Company. For the Bao Viet National Insurance Corporation, Dr. Cuong advises on financial models.

The hidden teacher 

Having worked in Vietnam for the past two years, Dr. Cuong is most concerned with fostering a new generation of bright and dynamic Vietnamese people. He explains, “I feel that the Vietnamese way of thinking is somewhat limited. Ten years ago, a company with 1,000 employees applied a cooperative management scheme. Ten years later, this is still the status quo, even though a company may now employ 10,000 workers. If enterprises do not begin to change their management schemes, they will soon find that their workshops are becoming the training grounds of foreign companies. 

“The younger generation was born during a time of war, raised in the period of state subsidization and graduated from school as the country entered its renovation period. Living through profound changes, that they could not have been prepared for, this generation, because of its enthusiasm and eagerness to learn, will yet be successful in building Vietnam into a beautiful and powerful country. 

“To the overseas Vietnamese and the foreigners who criticize the country for poverty and backwardness, I say that the wealth and power of Vietnam will one day far exceed that of the countries where they now live. Sadly, many Viet Kieu spend too much time criticizing without making a meaningful effort to contribute constructively to their homeland.” 

Dr. Cuong does not want Vietnamese youth to see him as a teacher. He believes they must not feel as though they are being trained. He encourages them to work through problems using their experience, and he gently helps them correct their mistakes. Rather than as their teacher, Dr. Cuong prefers to relate to students as an older friend. 

“In the eyes of the youth, I’m not an expert and not a strange person. They are my source of inspiration and the reason I work 15 hour days.” 

Tran Nguyen Hoai Thanh, Assistant to EAB’s Director General, had some very warm things to say about Dr. Cuong. “Since [he] came to work for EAB, we have totally changed our way of thinking, our way of working and our strategies for management. First and foremost, Dr. Cuong is our friend,” he commented. 

Meanwhile, EAB’ Director General, Tran Phuong Binh, said, “Dr. Cuong is a strategist with a very special way of thinking. We understand that he works because he wants to devote himself to the construction of the country.”  

Mr Binh added: “Dr. Cuong has been a breath of fresh air at EAB. He has made an incredible contribution to the development of the bank, especially in the area of ATM card development.” 

Speaking of his work at EAB, Dr. Cuong explains that all of his advice is based on three principals. First, he wants to disseminate banking services. Second, he wants to popularize banking as a way to manage one’s money in Vietnam. Third, he wants to see Vietnamese banks modernize. It makes him happy when he sees a vegetable seller using a bankcard to withdraw cash or a newsvendor using the ATM to send money to his family. 

The long road will be shorter 

After six months of trying to arrange a meeting with Dr. Cuong, my patience was finally rewarded. During our hour talk, he answered my questions, checked his mail and took some medicine. He expressed some trepidation about a trip to Australia to receive health care. He said, “I fear that the long road will exhaust me, and I will not have the strength to care for my young friends.” 

With my article almost finished, I received a request from Dr. Cuong. He pleaded, “Please show me as a normal and down to earth person. I don’t want there to be any gap between myself and my young friends.”  

He also repeated his concern for whether Vietnam will join the WTO this year and if Vietnamese enterprises are ready for this new playing field. 

“I want to keep living and keep working with Vietnamese youth. I expect to bring the Vietnam Bank Card system to the international financial world. I want more and more banks to open in Vietnam, so the majority of Vietnamese people will choose to use banking services.” 

The long road will be shortened, and light will come to replace the darkness. Vietnam’s young intellectuals will become strong leaders who will guide Vietnam to prosperity. Do you think so, Dr. Cuong? 

NVX