Vietnam’s Eximbank banks on new leadership with EVN Finance experience

By Huy Ngoc, Huu Binh
Fri, October 6, 2023 | 3:44 pm GMT+7

Eximbank has appointed several senior executives with prior experience in the ecosystem of EVN Finance, the financial wing of state utility Vietnam Electricity, in its bid to arrest and reverse recent declines.

The latest such appointment is that of acting general director Nguyen Hoang Hai, who has proved his mettle as CEO of EVN Finance.

Hai took over his new role Tuesday, replacing Tran Tan Loc, who resigned for "personal reasons".

Earlier in August, Hai was appointed standing deputy general director of Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, for a three-year term.

An Eximbank transaction office. Photo courtesy of Banking Times.

An Eximbank transaction office. Photo courtesy of Banking Times.

Hai is well known for his accomplishments at EVN Finance (HoSE: EVF) with whom he worked for nearly 10 years, holding many important positions including acting CEO and CEO cum board member and legal representative.

This was a period that marked outstanding growth in profits and asset values of the financial company.

Notably, EVN Finance has had a close relationship with the Amber Holdings ecosystem. As of June 2023, Amber Capital Holdings JSC had VND124 billion ($5.08 million) in term deposits with EVN Finance, and owned VND265 billion ($10.86 million) in certificates of deposit issued by the latter.

The relationship between the two parties goes even deeper, with EVN Finance providing credit for the Amber Holdings group and related legal entities for many years. This explains the rapid rise of this secretive private corporation, especially in the field of renewable energy.

Hai is the fourth executive related to the EVN Finance - Amber Holdings link to assume a key leadership position at Eximbank.

The bank’s 2023 extraordinary general meeting of shareholders (EGM) elected Nguyen Canh Anh, 44, as a board member on September 18. Since August 2021, Anh had been CEO of Amya Holdings JSC - a legal entity within the Amber Holdings ecosystem.

Tran Anh Thang was elected as an independent member of the board at another EGM in February, and Doan Ho Lan was elected as a part-time member of the supervisory board at the 2023 annual general meeting of shareholders.

Thang, 39, is also chairman of Amber Capital Holdings JSC, while 42-year-old Lan serves as CEO of Amber Fund Management JSC.

These "links" of the Amber Holdings group are also more or less related to famous businesswoman Luu Thi Tuyet Mai, CEO of Vietnam’s leading consumer goods distributor Mesa Group.

Tuyet Mai and Mesa Group are said to be big players at Eximbank for many years. Mai holds a large stake in Thanh My Loi JSC - subsidiary of a listed real estate group that once nursed an ambition to own Eximbank.

In addition to holding the highest positions in Eximbank’s executive board, the team related to EVN Finance - Amber Holdings holds two of seven seats in the board of directors and one of three positions on its supervisory board.

In the first six months of the year, Eximbank earned net interest incomes of VND2.33 trillion ($98.2 million) and after-tax profits of VND1.41 trillion ($59.2 million), down 12% and 26% year-on-year, respectively.

As of June 30, 2023, its total assets stood at VND190.3 trillion ($8 billion), up 2.8% compared to the end of last year, with a modest 1% increase in loans.

Eximbank's deposits of VND154.28 trillion ($6.5 billion) was 3.8% higher than the end of last year, equal to 117% of its outstanding loans.

The bank expects pre-tax profits to grow 34.5% year-on-year to VND5 trillion ($213 million) this year.

On the stock market, Eximbank's EIB closed Friday at VND17,050 ($0.7), while EVN Finance’s EVF hit VND11,600 ($0.48).

Comments (0)
  • Read More
S Korea's Hanwha Energy eyes more LNG power projects in Vietnam

S Korea's Hanwha Energy eyes more LNG power projects in Vietnam

Hanwha Energy is keen to invest in more LNG-to-power projects in Vietnam, vice president Kim Young-Wook said in a meeting with the country's Ministry of Industry and Trade on Thursday.

Energy - Fri, May 16, 2025 | 3:32 pm GMT+7

Vietnam, China firms partner to develop pumped storage hydropower in Vietnam

Vietnam, China firms partner to develop pumped storage hydropower in Vietnam

Vietnam's Power Generation Corporation 2 (EVNGENCO2) and China's Lancang-Mekong International Company Limited (CSG-LMI) have signed an MoU on cooperation to develop pumped storage hydropower projects in Vietnam.

Companies - Fri, May 16, 2025 | 12:27 pm GMT+7

Vietnam market rebound in May: Leading stocks begin to rally

Vietnam market rebound in May: Leading stocks begin to rally

A new wave of stock market gains appears to be forming in Vietnam, opening up promising investment opportunities for both institutional and retail investors.

Finance - Fri, May 16, 2025 | 11:12 am GMT+7

Malaysia's TNB proposes partnership with Vietnam's EVN in connecting regional power grids

Malaysia's TNB proposes partnership with Vietnam's EVN in connecting regional power grids

TNB, Malaysia's largest utility, has proposed Vietnam's state-owned utility EVN to cooperate in building a power transmission network connecting countries, including a line between Malaysia and Vietnam, via land and sea.

Energy - Fri, May 16, 2025 | 8:17 am GMT+7

New Vietnam-China int'l road transport route opens

New Vietnam-China int'l road transport route opens

Convoys carrying electronic components, fresh vegetables, and daily necessities departed simultaneously from Nanning in south China's Guangxi Zhuang Autonomous Region and Kunming in southwest China's Yunnan province on Wednesday morning, heading for Hanoi, the capital of Vietnam.

Southeast Asia - Thu, May 15, 2025 | 10:34 pm GMT+7

Indonesia’s rice reserve set to hit record 4 mln tons

Indonesia’s rice reserve set to hit record 4 mln tons

Indonesia’s rice reserves are on track to surpass 4 million tons, setting an all-time high after reaching a new record of 3.7 million tons in mid-May.

Southeast Asia - Thu, May 15, 2025 | 10:24 pm GMT+7

China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam

China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam

Huadian Group, a wholly state-owned company of China, is keen to further invest in Vietnam’s renewable energy sector.

Energy - Thu, May 15, 2025 | 9:40 pm GMT+7

Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital

Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital

Vietnam's macroeconomic indicators remained broadly positive, with both trade and FDI attraction performing well in the first four months of the year, write Dragon Capital analysts.

Economy - Thu, May 15, 2025 | 5:47 pm GMT+7

'How many new jobs created’ should be new KPI for local governments: VCCI leader

'How many new jobs created’ should be new KPI for local governments: VCCI leader

With a shift in thinking about the role of the private sector, local governments may soon prioritize creation of new jobs and businesses over traditional growth metrics, according to Dau Anh Tuan, deputy secretary-general of the Vietnam Chamber of Commerce and Industry (VCCI).

Economy - Thu, May 15, 2025 | 5:23 pm GMT+7

Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally

Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally

Herbalife, a global multi-level marketing corporation selling dietary supplements, recorded $75.4 million in net sales in Vietnam in the first quarter of 2025, according to the firm’s report.

Companies - Thu, May 15, 2025 | 5:01 pm GMT+7

Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity

Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity

Nitto Vietnam, a subsidiary of Japan’s multi-sector corporation Nitto Denko, has decided to raise the investment in its Hung Yen province-based plant by $28 million to $160 million.

Investing - Thu, May 15, 2025 | 3:58 pm GMT+7

UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections

UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections

The Embassy of the United Arab Emirates (UAE) in Hanoi and the Vietnam's Association of Foreign Invested Enterprises (VAFIE) on Wednesday agreed to jointly deploy specific measures to lift trade and investment ties between the two countries.

Companies - Thu, May 15, 2025 | 2:37 pm GMT+7

Turbulent times of Vietnam's food giant Kido

Turbulent times of Vietnam's food giant Kido

Profits of Kido Group, a leading food company in Vietnam, have been lower than its leaders' expectations in the past few years, with its real estate investment and divestment from Kido Foods not being smooth sailing.

Companies - Thu, May 15, 2025 | 2:27 pm GMT+7

Impact of US tariffs on Vietnam’s textile, clothing and footwear sector

Impact of US tariffs on Vietnam’s textile, clothing and footwear sector

The adjustments in the U.S. tariffs are poised to reshape Vietnam’s textile, clothing and footwear industry, prompting businesses to reassess their strategies and operations, write Assoc. Prof. Rajkishore Nayak and Corinna Joyce from the Fashion Enterprise program at RMIT University Vietnam.

Consulting - Thu, May 15, 2025 | 8:17 am GMT+7

Malaysia-EU FTA expected to promote ASEAN-EU ties

Malaysia-EU FTA expected to promote ASEAN-EU ties

The EU is placing high expectations on the Free Trade Agreement (FTA) with Malaysia as a central pillar in its strategy to strengthen relations with the Association of Southeast Asian Nations (ASEAN) amid escalating global uncertainties.

Southeast Asia - Wed, May 14, 2025 | 10:17 pm GMT+7

Malaysia works hard to expand semiconductor ecosystem

Malaysia works hard to expand semiconductor ecosystem

Malaysia needs to broaden its manufacturing ecosystem beyond assembly lines and semiconductors to fully capitalize on foreign investments, towards becoming a more complete manufacturing hub.

Southeast Asia - Wed, May 14, 2025 | 10:14 pm GMT+7