VietBank founder Tran Thi Lam leaves executive post

Tran Thi Lam, a founder of Vietnam Thuong Tin Commercial Joint Stock Bank (aka VietBank), has stepped down as its deputy general director after nearly 10 months, citing personal reasons.

The decision, announced by VietBank’s Board of Directors, took effect Tuesday. The bank’s executive board now comprises seven persons led by CEO Tran Tuan Anh.

Lam’s husband, Duong Ngoc Hoa, was VietBank chairman until 2021, when he was succeeded by their son, Duong Nhat Nguyen.

Lam’s family holds a combined 11.73% stake at the bank. Of this, Hoa owns 4.55%, Nguyen 3.36% and Lam’s daughters Duong Mai Anh and Duong Bao Anh own 2.1% and 1.7%, respectively.

VietBank earned a consolidated net profit of VND647 billion ($25.8 million) in 2023, up 23.8% year-on-year. Its assets totaled VND138.26 trillion as of end-2023, up 24.2% from a year earlier.

The bank had a charter capital of VND4.78 trillion ($191 million) as of end-2023, ranking among the smallest banks in the country.

Lam, 65, is well known as a founder of the Hoa Lam Group, VietBank, City International Hospital (CIH) and Gia An 115 Hospital.

According VietBank’s 2023 management report, Lam was chairwoman of several companies including Hoa Lam Health Co., Ltd. (Hoa Lam Shangri-La) and CIH. At Hoa Lam Vietnam Pharmaceutical Co., Lam holds at least a 5% stake.

Lam and her husband established Hoa Lam Group in 1993, focusing on producing scooters under brand Kymco. The group entered the financial industry by investing in VietBank in 2006. It then expanded to healthcare, lottery (Vietnam Lottery Company or Vietlott), real estate, and education.