Shareholders attempt to oust new Eximbank chairwoman

By Huong Dung
Fri, June 30, 2023 | 11:01 pm GMT+7

A group of shareholders in private Vietnamese lender Eximbank has asked the board of directors to dismiss Do Ha Phuong, who was elected chairwoman only two days ago.

Phuong had been nominated by the group as the new chair of Eximbank for the 2020-2025 term to replace Luong Thi Cam Tu.

Tran Hoang Ninh, a representative of the group, said Phuong had shown signs of abusing shareholders' trust for personal gain.

In a proposal sent to the board of directors, Ninh claimed that Phuong had arbitrarily convened a board meeting and voted to elect a new board of directors and dismiss the chairperson on Wednesday without the group's consent.

The group informed the bank’s board of directors, supervisory board, and CEO of the termination of their authorization and nomination, and proposed removing Phuong from the board of directors.

Do Ha Phuong was elected the new chair of Eximbank on June 28, 2023. Photo courtesy of the bank.

Do Ha Phuong was elected the new chair of Eximbank on June 28, 2023. Photo courtesy of the bank.

Also on Friday, the State Bank of Vietnam’s (SBV) banking supervision agency requested the head of Eximbank’s supervisory board to clarify the contents related to the convening of a board of directors meeting on June 1 and procedures for personnel replacement under the June 28 announcement, and report the results no later than July 3.

Phuong has a master's degree in finance from the UK's University of Westminster and a bachelor's degree in accountancy from the U.S.'s George Mason University. She has held senior management and executive positions at domestic and foreign credit institutions.

From May 2007 to November 2011, she held the positions of tax consultant, auditor and senior financial consultant at EY. After that, she worked as a financial advisor for the representative office of Coffey International Development in Hanoi.

In December 2012, she was appointed director of financial structure, debt structure, and credit risk at Vietnamese private lender VIB, and held the position until December 2017.

Phuong then left VIB to join Lotus Finance Company Limited as a financial advisor. In May 2018, she co-founded VNInvest Partners Co., and was its CEO until 2023.

Eximbank recorded a pre-tax profit of over VND900 billion ($39 million) in the first quarter of 2023, up 16% year-on-year.

Speaking at the bank's annual general meeting of shareholders on April 15, chairman Tran Tan Loc said in 2023, its pre-tax profit is expected to grow 34.5% to VND5 trillion ($213 million).

On the Ho Chi Minh Stock Exchange, Eximbank's EIB closed at VND21,250 ($0.9) on Friday, up 1.19% against the previous session.

Comments (0)
  • Read More
Singapore supports businesses, workers amid US tariff pressures

Singapore supports businesses, workers amid US tariff pressures

The Singapore Economic Resilience Taskforce (SERT) has announced measures to help Singapore companies adapt to a new U.S. tariff.

Southeast Asia - Mon, July 14, 2025 | 10:11 pm GMT+7

Malaysia makes efforts to minimize US tariff’s impacts

Malaysia makes efforts to minimize US tariff’s impacts

Malaysia’s top export to the U.S. - electronics and electrical products - will face the biggest brunt of a 25% tariff hike that the U.S. has imposed on the country, said head of School of Business under the Monash University Malaysia Prof Nafis Alam.

Southeast Asia - Mon, July 14, 2025 | 10:08 pm GMT+7

Thailand faces $6.14 bln export loss if US tariff is 25-36%: forecast

Thailand faces $6.14 bln export loss if US tariff is 25-36%: forecast

Thailand could lose up to THB200 billion ($6.14 billion) in export value this year if the U.S. imposes new tariffs ranging from 25-36% on Thai goods, according to a forecast from the University of the Thai Chamber of Commerce (UTCC).

Southeast Asia - Mon, July 14, 2025 | 10:06 pm GMT+7

Southern Vietnam province Tay Ninh okays many high-tech agri projects

Southern Vietnam province Tay Ninh okays many high-tech agri projects

Tay Ninh authorities recently granted in-principle approvals to a string of high-tech agricultural projects, paving the way for significant development opportunities in the southern province.

Industries - Mon, July 14, 2025 | 10:00 pm GMT+7

Construction ministry backs $1.95 bln port project in southern Vietnam

Construction ministry backs $1.95 bln port project in southern Vietnam

Geleximco Group's Cai Mep Ha container and general port project aligns with the national master plan and the master plan for Vietnam’s seaport system, according to the Ministry of Construction.

Infrastructure - Mon, July 14, 2025 | 5:09 pm GMT+7

Electric vehicles in Vietnam: 7 years of development and double-digit growth prospect

Electric vehicles in Vietnam: 7 years of development and double-digit growth prospect

The shift toward greener mobility has been underway in Vietnam and the local electric vehicle (EV) market is expected to see double-digit growth thanks to favorable policies, infrastructure development, automakers’ efforts, and a young consumer base.

Economy - Mon, July 14, 2025 | 4:46 pm GMT+7

HCMC apartment prices continue to rise as supply hits 10-year low in H1

HCMC apartment prices continue to rise as supply hits 10-year low in H1

The apartment market in former Ho Chi Minh City continued to see rising prices since the total supply in the first six months of 2025 hit the lowest since 2015, according to real estate consultancy firm DKRA.

Real Estate - Mon, July 14, 2025 | 4:03 pm GMT+7

Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

A buyer successfully secured a shophouse at property major Sunshine Group’s Noble Palace Tay Thang Long project in Hanoi for VND11 billion ($421,295), VND2.5 billion or 15% below market value, during a bidding livestream on the NobleGo platform held last Friday evening.

Companies - Mon, July 14, 2025 | 1:37 pm GMT+7

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vinafood 1, Vietnam's top rice exporter, has been asked to develop an integrated hub for agricultural trade, logistics, warehousing, exports, customs, banking, irradiation, and research and development activities.

Industries - Mon, July 14, 2025 | 12:19 pm GMT+7

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam’s leading multi-sector conglomerate Masan Group will issue up to 7.5 million MSN shares under an employee stock ownership plan (ESOP) at a par value and issue price of VND10,000 ($0.38) apiece.

Companies - Mon, July 14, 2025 | 11:26 am GMT+7

Investment funds in Vietnam upbeat about new US tariff

Investment funds in Vietnam upbeat about new US tariff

With Vietnam soon reaching a trade agreement with the U.S., major uncertainties have significantly diminished, positively impacting investor sentiment in the stock market, according to investment funds.

Finance - Mon, July 14, 2025 | 9:04 am GMT+7

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.

Companies - Sun, July 13, 2025 | 6:51 pm GMT+7

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.

Economy - Sun, July 13, 2025 | 1:56 pm GMT+7

PVI Insurance honored with prestigious international awards

PVI Insurance honored with prestigious international awards

2025 marks a proud milestone for PVI Insurance Corporation (PVI Insurance), as it has been consecutively recognized with prestigious accolades from top-tier institutions in the Asian insurance industry.

Companies - Sun, July 13, 2025 | 1:27 pm GMT+7

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics is not just a long-term goal but a present-day opportunity for Vietnamese enterprises to advance amid the global transition toward sustainable development.

Companies - Sun, July 13, 2025 | 12:18 pm GMT+7

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

Telecommunication Services Corporation (VNPT-VinaPhone) and Communications Corporation (VNPT-Media) will be merged into their parent company, Vietnam Posts and Telecommunications Group (VNPT).

Companies - Sun, July 13, 2025 | 9:52 am GMT+7