State-controlled lender Vietcombank appoints new chairman

Nguyen Thanh Tung, general director of Vietcombank, one of the four largest state-controlled banks in Vietnam, was appointed chairman for the 2023-2028 term on Friday, after 27 years with the creditor.

Since the beginning of this year, the position had been vacant after former chairman Pham Quang Dung was appointed Deputy Governor of the State Bank of Vietnam.

Before becoming Vietcombank chairman, Tung had been a board member cum general director since early last year.

He started working at Vietcombank in 1997 as an officer of the international credit department at the Vietcombank head office. Nearly four years later, he became secretary of the executive board and secretary of the board of directors at the bank's head office.

At the end of 2004, Tung became deputy chief of office while remaining secretary of the board of directors. He was appointed chief of office in early 2008 and deputy director of a Vietcombank transaction office in mid-2013.

Tung later served as director of the Tay Ho branch, director of the corporate customer department at the head office, and general director in charge of the wholesale division and director of the corporate customer department at the head office.

In April 2019, he became Vietcombank deputy general director in charge of the wholesale sector and deputy general director in charge of the executive board in August 2021.

Tung, 50, has a bachelor's degree in foreign trade from the Foreign Trade University, a bachelor's degree in English from the Foreign Language Education University, and a master’s degree in economics from Paris Dauphine University.

Also on Friday, Vietcombank promoted deputy general director Le Quang Vinh to the position of general director, replacing Tung.

The new general director has a master’s degree in economics from University of New South Wales, and a bachelor’s degree in economics from Vietnam's National Economics University. He was named deputy general director of Vietcombank in late 2017.

Vietcombank has charter capital of VND55.89 trillion ($2.2 billion), with the central bank holding 74.8% and Mizuho 15% as of end-2023, according to the bank's consolidated 2023 financial statement.

The bank is listed on the Ho Chi Minh Stock Exchange as VCB, which closed Friday at VND87,300 ($3.45) per share.