Vietcombank appoints new general director

Nguyen Thanh Tung, deputy general director of Vietcombank's executive board, has been appointed as the bank's general director from January 30, 2023.

Tung, 50, holds a bachelor's degree in foreign trade economics from the Foreign Trade University, and a bachelor's degree in English from the Foreign Language Education University.

He has spent 26 years with Vietcombank, and has held a number of important positions, including deputy general director in charge of the wholesale division, director of the corporate customer department at the head office, and director of the Tay Ho branch. In August 2021, he was assigned head of Vietcombank's executive board.

At an extraordinary general meeting of shareholders on January 30, Tung was also elected as a board member for the 2018-2023 term.

At the same time, Vietcombank approved a plan to increase its charter capital to more than VND75 trillion ($3.2 billion) from the remaining profit in 2021, and the remaining profit accumulated up to 2018, becoming the leader in Vietnam's banking industry in terms of chartered capital.

Listed on the Ho Chi Minh Stock Exchange (HoSE) as VCB, the lender is one of the "Big 4" banks in Vietnam.

Vietcombank's unconsolidated pre-tax profit was VND36.774 trillion ($1.56 billion) in 2022, exceeding its target by 19% and up 39% year-on-year.

Its non-interest income was up 9.2% compared to 2021, exceeding its target by 8.7%, according to a report released at the bank's yearly review meeting. Net income from foreign currency trading grew 31.7%, exceeding its plan by 24%.

Credit exceeded VND1,150 trillion ($49.04 billion) in the year, up 19% compared to the end of 2021. Of this, wholesale credit was up 18.5%, and retail credit up 19.4% year-on-year. The bank's bad debt ratio remained at 0.67%.