Sacombank chairman new senior advisor to Bamboo Airways board
Bamboo Airways, FLC Group's airline, announced Tuesday a resolution to invite chairman of Sacombank Duong Cong Minh to become a senior advisor to its board of directors.
Chairman of Sacombank Duong Cong Minh (R) will become a senior advisor to Bamboo Airways. Photo courtesy of the carrier.
Duong Cong Minh, 61, is an entrepreneur with decades of experience in finance and real estate. He is the founder and senior leader of many well-known companies including real estate developer Him Lam JSC and Sacombank.
Sacombank was one of the leading credit providers for the ecosystem of FLC and its former chairman Trinh Van Quyet. Quyet's main collateral with these loans includes hundreds of millions of shares of Bamboo Airways.
Quyet, former chairman of FLC Group, one of Vietnam's leading real estate developers, was arrested in late March on charges of “manipulating” and “concealing information in securities activities”.
As of June 30, 2022, FLC and its member companies had finished paying off a debt exceeding VND1,800 billion ($76.89 million) to Sacombank, according to FLC's second-quarter financial statement.
According to Bamboo Airways's newly appointed chairman Nguyen Ngoc Trong, Duong Cong Minh becoming a senior board advisor plays an important role in the process of restructuring and consolidating the entire governance apparatus and senior leadership of Bamboo Airways, towards conquering big goals in a sustainable way in its new development phase.
Previously, after retiring from all positions at Bamboo Airways at the end of July, the carrier's former chairman Dang Tat Thang had revealed he was ready for the transfer of Bamboo Airways to a new investor.
Recently, on August 13, Bamboo Airways successfully held an extraordinary general meeting, thereby electing Le Ba Nguyen, Le Thai Sam, Nguyen Manh Quan and Doan Huu Doan as board members.
Bamboo Airways is operating nearly 170 flights a day on approximately 40 domestic and 12 international routes. In future, Bamboo Airways will and open new international routes to Asia, Europe, Australia and the Americas.
The carrier also aims to increase its fleet to 35 planes by the end of 2022, 42 by 2023, and 100 by 2028.
- Related News
- Read More
VN-Index plunges to 19-month low amid broad selloffs
Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.
Finance - Wed, September 28, 2022 | 6:05 pm GTM+7
Deputy foreign minister fired in pandemic repatriation scam
Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.
Politics - Wed, September 28, 2022 | 5:21 pm GTM+7
“Big 4” banks increase deposit rate
Biggest Vietnamese lenders Vietcombank, VietinBank, and Agribank have hiked their deposit interest rates by over one percentage point, after the central bank raised the deposit rate ceiling last week.
Banking - Wed, September 28, 2022 | 4:54 pm GTM+7
IFC to help HCMC in waste-to-energy prefeasibility study
The World Bank’s investment arm IFC will assist Ho Chi Minh City authorities to assess the prefeasibility of developing an advanced waste-to-energy facility in the southern economic hub, the body said Wednesday.
Energy - Wed, September 28, 2022 | 4:25 pm GTM+7
Fed rate hikes challenge Vietnam’s FDI attraction drive
International institutions have lowered their global 2023 growth forecasts following the Fed’s interest rate hikes. Experts fear that investment flows worldwide would leave emerging markets for developed countries. The Investor talks with Professor Nguyen Mai, chairman of the Vietnam Association of Foreign-Invested Enterprises (VAFIE), about possible impacts on Vietnam.
Executive Talk - Wed, September 28, 2022 | 3:05 pm GTM+7
Transport ministry seeks 10-lane southern Vietnam expressway
The Ministry of Transport has asked state-owned Vietnam Expressway Development Investment Corporation (VEC) to consider widening Ho Chi Minh City-Long Thanh-Dau Giay Expressway to 10 lanes, instead of the eight proposed by the investor.
Infrastructure - Wed, September 28, 2022 | 2:05 pm GTM+7
Hai Phong begins construction of $38.5 mln industrial center
Construction commenced Tuesday on the $38.5 million GNP Nam Dinh Vu Industrial Center at the Nam Dinh Vu Industrial Park in the northern port city of Hai Phong.
Industrial real estate - Wed, September 28, 2022 | 11:23 am GTM+7
Finland firm to supply containerboard technology for Cheng Loong in Vietnam
Finnish company Valmet will provide Cheng Loong Binh Duong Paper Co. with key process technology for its new containerboard machine 23 at the company’s Ben Cat mill in Binh Duong province, southern Vietnam.
Companies - Wed, September 28, 2022 | 10:36 am GTM+7
Parliament to discuss amended oil & gas law, anti-money laundering bill
The National Assembly, Vietnam’s parliament, is scheduled to pass seven draft and amended laws at its October-November session, including an amended oil & gas law and one on money laundering.
Politics - Wed, September 28, 2022 | 8:38 am GTM+7
Ministry seeks PM nod for Vietnam’s first cargo airline
The Ministry of Transport has asked the Prime Minister for permission to grant a license to the country’s first cargo airline, IPP Air Cargo.
Industries - Tue, September 27, 2022 | 10:45 pm GTM+7
Son Kim Real Estate plans $21 mln bond issuance to buy HCMC office project
Son Kim Real Estate Investment JSC is planning a private placement of bonds worth VND500 billion ($21 million) this week to purchase The METT office project in Ho Chi Minh City's Thu Thiem new urban area.
Finance - Tue, September 27, 2022 | 10:27 pm GTM+7
Vietnam GDP growth to reach 7.2%, top Southeast Asia: WB
Vietnam's economic expansion can hit 7.2% this year and 6.7% next year, the highest in Southeast Asia, the World Bank says Tuesday.
Economy - Tue, September 27, 2022 | 9:45 pm GTM+7
Deputy PM’s assistant arrested in pandemic repatriation scandal
Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, was arrested Tuesday for allegedly accepting bribes related to repatriation of Vietnamese citizens during the pandemic crisis.
Politics - Tue, September 27, 2022 | 5:06 pm GTM+7
FPT, VinFast join global chip supply chain
Vietnamese giants FPT and VinFast are entering the world's semiconductor industry amid a global shortage of this critical part in automobile and electronics manufacturing.
Industries - Tue, September 27, 2022 | 4:15 pm GTM+7
Becamex, India industry confederation sign cooperation agreement
Becamex IDC and the Confederation of Indian Industry (CII) have signed an agreement on partnership in the areas of IT, medical care, electronics, sustainable development and innovation.
Companies - Tue, September 27, 2022 | 3:27 pm GTM+7
Bamboo Capital to sell luxury properties in foreign markets
BCG Land and Helios have signed strategic agreements with 13 top realty consultants to distribute properties of their King Crown Infinity project in both domestic and foreign markets.
Companies - Tue, September 27, 2022 | 3:26 pm GTM+7
