What is going on right now in Vietnam is that there is a lot of foreign investment coming in, business is expanding a lot and there is not enough qualified Viet professionals for high end positions such as managers, etc. Here is Danang most of the English teachers are Americans, British, etc. They make around $2,000 for a typical full time job.
A lot of resorts have opened up here, the managers and key positions are almost all foreigners, there is just not enough qualified Viets for that, it will take a long time for that.
The Viets that are qualified are making very good money and they can take their pick at what company they want to work for.
The electric company will not be privatized.
Steel and cement is mainly private, lots of big foreign companies.
The oil company will sell 49% to a Russian company and they will expand the operation, no problems there. Plenty of oil companies are coming to do oil refineries including a 25 billion project by a Thai company. Russian oil companies are also coming to Vietnam and the Viet oil company is investing in Russia also.
What he is talking about applies to a very specific case which is the big bank / financial companies, mainly in USA and I agree that there is a distortion there of the normal way a private company works, but that doesn't apply to 99% of private companies and is irrelevant to what we are talking here.
In a normal / typical private company there is accountability. Someone owns the company or shares of it and when the CEO, etc messes with their money, off they go. Period.