Not all emerging economies follow a straight path to success. Some are shaped by leaders who work quietly but decisively — influencing policy, forging global partnerships, and guiding national strategies from behind the scenes.
One of those leaders is Richard McClellan, a seasoned policy advisor and strategist who has spent the past decade at the intersection of government reform, international investment, and economic transformation in Southeast Asia.
He led the Vietnam office of the Tony Blair Institute for Global Change and is the founder of RMAC Advisory, through which he continues to support governments, multilaterals, and private investors on high-impact growth strategies.
In this interview, McClellan shares his perspective on Vietnam’s most pivotal reforms, its ambition to become an international financial hub, and the evolving role of advisors in shaping both policy and private investment. His insights are not just relevant for Vietnam, but for any emerging market seeking sustainable, high-quality growth.
Highlights
Shaping Vietnam’s Next Economic Leap
Q: You founded the Vietnam office of the Tony Blair Institute and advised on high-impact reforms. From your vantage point, what are the most pivotal policy shifts that could redefine Vietnam’s competitiveness in the next five years?
A: Over the past few years, Vietnam has laid the groundwork for what I believe will be a transformational period. One of the most pivotal shifts is the move toward “quality” rather than just quantity in investment and growth. With the passage of Resolution 68, we’re seeing a modernization of how Vietnam approaches FDI — prioritizing technological upgrading, deeper linkages to domestic firms, sustainability, and national competitiveness.
Another major shift is in financial markets. For the first time, Vietnam is treating financial development not as a secondary function, but as a pillar of national growth. The push to build International Financial Centres in Ho Chi Minh City and Da Nang, alongside regulatory reforms to mature capital markets, signals a deeper commitment to financial sector evolution.
Finally, there’s a serious rethink of institutional architecture. From merging provinces to digitalizing public services to experimenting with sandbox regulations, Vietnam is challenging its own administrative legacy. It’s a bold move — and if done well, could unlock a new phase of productivity and policy delivery.
The Evolving Role of Private Strategic Advisors
Q: Having worked across McKinsey, TBI, and now RMAC Advisory, how do you see the role of private strategic advisors evolving in shaping government-led digital transformation and FDI strategy?
A: I’ve always believed that advisors shouldn’t just be in the room to deliver technical insights — they should act as strategic accelerators, helping governments overcome institutional inertia and align fragmented ecosystems.
At McKinsey, my work was often about structuring and analyzing complex data. At TBI, it shifted toward brokering public-private dialogue and getting reforms unstuck. Through RMAC Advisory — my vehicle for independent advisory work — I’ve continued to work closely with both policymakers and private investors.
What I see now is a growing appetite for outside-in thinking, but with strong local nuance. The most effective advisors operate in that “in-between space” — understanding both government processes and investor mindsets, both sector-level detail and cross-ministry coordination.
This is especially true for digital transformation and FDI, which increasingly go hand in hand. Investors want digital-ready economies with smart infrastructure, transparent regulations, and institutions that can move at the speed of capital. Advisors play a role in designing that interface — not just in theory, but in execution.
Becoming an International Financial Hub
Q: Vietnam aspires to become an international financial center. What are the biggest structural and regulatory shifts still needed to make that vision a reality — and what lessons can it borrow from other emerging markets?
A: Vietnam has taken impressive early steps — particularly with the recent National Assembly resolution that enshrines special mechanisms for IFC development. But we’re still in the early innings.
The real work now is regulatory and institutional. Vietnam needs trusted, independent bodies that can govern finance at global standards — covering everything from securities law and financial courts to AML/CFT enforcement and data governance. This isn’t just about tweaking decrees; it’s about building a regulatory ecosystem that can withstand scrutiny, respond to change, and signal credibility to global markets.
We also need to deepen capital markets — expanding the breadth and depth of products, liquidity, and investor diversity. Right now, too much capital flows through the banking sector and short-term instruments. That won’t sustain IFC ambitions.
There are lessons from Dubai’s DIFC, Malaysia’s Labuan, and Kazakhstan’s Astana — though none are perfect blueprints. Vietnam has the opportunity to design its own model, one that integrates green finance, digital assets, and regional connectivity. But it must keep pace with global expectations, not just regional ones.
Succeeding in Southeast Asia’s Fast-Moving Landscape
Q: In your experience advising multilaterals, governments, and investors, what are the key traits of a successful policy or investment strategy in Southeast Asia’s fast-moving and often unpredictable landscape?
A: Three traits stand out: adaptability, partnership, and long-termism.
First, adaptability. Rigid five-year plans don’t work in Southeast Asia anymore. You need the capacity to pivot quickly in response to global shocks, political shifts, or emerging technologies.
Second, partnership. The old model of “government does policy, private sector does business” is gone. The best strategies are co-created. Governments that bring the private sector into early-stage design — not just late-stage consultation — tend to get implementation right.
Third, long-termism. It’s easy to chase quick wins or align with political cycles, but the biggest opportunities — like green transitions, digital infrastructure, and capital market development — require patient capital, consistent rules, and policy stability.
Encouragingly, Vietnam is showing more of this willingness to try, iterate, and invest in institutions — not just projects. That’s what keeps me optimistic.
Balancing Long-Term Reforms and Short-Term Returns
Q: How do you balance the long-term nature of economic reforms with the private sector’s desire for short-term returns — especially in emerging economies where policy momentum can vary?
A: It’s a fundamental tension. The public sector plays the long game — building enabling environments, upgrading skills, rebalancing growth models. Businesses live in the now — needing predictable timelines, clear signals, and fast feedback loops.
One approach that works is what I call “phased credibility.” Governments don’t have to do everything at once, but they do need to show a clear path and hit early milestones that build trust. For example, when Vietnam launched its semiconductor strategy, it didn’t have every detail finalized — but it showed commitment by funding new labs, negotiating MOUs, and hosting investor roundtables. That built momentum.
On the flip side, the private sector also needs to rethink short-termism. In emerging markets, first movers often bear heavier costs — but they also help shape the landscape. Early engagement, shaping policy, and building ecosystems can be more valuable than waiting for incentives.
Ultimately, it comes down to mutual commitment. Governments must stay open to feedback and iteration. Businesses must invest not just for profit, but for resilience and long-term positioning.
Insights That Travel: Richard McClellan’s Advice for Leaders
Richard McClellan’s career bridges policy, investment, and execution, giving him a rare vantage point in Southeast Asia’s dynamic economic environment. His insights matter because they combine a clear-eyed understanding of institutional reform with a practical approach to investor engagement and market-building.
For policymakers, investors, and entrepreneurs, his message is clear: sustained growth comes from adaptability, strategic partnerships, and patience. The path forward isn’t about choosing between government reform and private sector dynamism — it’s about aligning the two for shared success.
McClellan’s blueprint for Vietnam is also a lesson for other emerging markets: build trust early, deliver consistently, and create environments where both policy and capital can thrive.
Highlights
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