FPT chairman withdraws from Vietcombank board

Vietnamese leading lender Vietcombank expects to vote Vu Viet Ngoan as an independent board member for the term 2023-2028 at the annual general meeting of shareholders on Friday to replace Truong Gia Binh, chairman of Vietnam’s leading IT corporation FPT.

Ngoan, 65, holds a doctorate in finance and is an experienced leader in banking and finance.

He is chairman and CEO of Viet Lotus JSC, former chairman of the National Financial Supervisory Commission, former head of the Prime Minister's Economic Advisory group, as well as a former board member and CEO of Vietcombank.

At the meeting, Vietcombank shareholders will elect the bank's new board of directors for the term 2023-2028 comprising 11 members. They include one representing foreign investment capital at the bank and an independent member. The candidate for the one who represents foreign capital is Japanese national Shojiro Mizoguchi, currently a board member at Vietcombank, who is nominated by Japanese bank Mizuho.

The meeting will also elect the bank's Supervisory Board for the term 2023-2028 with five members.

In 2022, Vietcombank's unconsolidated pre-tax profit was VND36.77 trillion ($1.56 billion), exceeding its target by 19% and up 39% year-on-year. Vietcombank is a "Big 4" bank in the country.

Its non-interest income was up 9.2% compared to 2021, exceeding its target by 8.7%, according to a report released at the bank's year review meeting. Net income from foreign currency trading grew 31.7%, exceeding its plan by 24%.

Its credit supply exceeded VND1,150 trillion ($49.04 billion) in the year, up 19% compared to the end of 2021. Of this, wholesale credit was up 18.5%, and retail credit up 19.4% year-on-year. The bank's bad debt ratio remained at 0.67%.