State-run VietinBank has new CEO

Hanoi-based VietinBank, with 64.46% owned by the Vietnamese government, has appointed Nguyen Tran Manh Trung as its new general director.

Trung was also added to the bank’s board of directors for the 2024-2029 term at an extraordinary shareholders’ meeting in Hanoi on Thursday.

Before Trung’s appointment, Do Thanh Son, former chairman of state-owned OceanBank, succeeded Nguyen Hoang Dung to oversee VietinBank’s management from September 1, 2023 after former CEO Tran Minh Binh was promoted to the chair in September 2021. The CEO post had been left vacant since.

With Trung in place, Do Thanh Son returns to being deputy general director.

Before the promotion, Trung, 41, was deputy general director of the bank. He holds a bachelor’s degree in finance-banking from the National Economics University and a master’s degree in finance-banking at the Hanoi-based Banking Academy.

Trung joined VietinBank in 2005 and became director of the bank’s Hanoi branch in July 2015 before being promoted to VietinBank’s deputy general director in September 2022.

In addition to Trung, Nguyen Viet Dung, 38, secretary of the State Bank of Vietnam’s governor since March 2022, was elected to the bank’s board of directors on Thursday.

With the latest additions, the bank’s board now has 11 members, chaired by Tran Minh Binh.

As of September, VietinBank’s total assets exceeded VND2,200 trillion ($87.27 billion), up 9.7% against end-2023. Its credit growth hit 9% in the nine-month period and is poised to reach 14-15% for the whole year, according to Tran Minh Binh.

Shares of VietinBank, listed on the Ho Chi Minh Stock Exchange as CTG, edged up 0.14% to VND36,600 ($1.45) at 10:50 a.m. on Friday. The bank has a market cap of VND196.54 trillion ($7.78 billion).