Vietnam’s Eximbank elects third chairperson in three years

Ho Chi Minh City-based Eximbank has elected Nguyen Canh Anh as its chairman for the 2020-2025 term, its third leader since early 2022, as the private lender tries to settle its leadership structure.

The appointment was announced after the bank’s 2024 AGM on Friday.

Anh, 45, was elected to the bank’s board of directors in September last year and had worked for Techcombank, military-run telco Viettel, private conglomerate Vingroup, EVN Finance, and most recently Amya Holdings.

Before Anh, the bank had two female chairs, namely Luong Thi Cam Tu and Do Ha Phuong, who are both now vice chairs. Tu and Phuong, Anh’s immediate predecessors, represent several groups of stakeholders.

Shareholders also elected Nguyen Ho Nam, former chairman of Bamboo Capital, a multi-industry company with a focus on renewable energy development, as a board member and vice chair.

As such, Eximbank has four chairpersons that also include Tran Tan Loc. Other board members are Pham Quang Dung and Tran Anh Thang.

Per its business targets for 2024 approved by shareholders, the bank is set to earn a pre-tax profit of VND5.18 trillion ($204.38 million), up 90.4% from 2023.

The bank’s total assets are projected to increase 11% year-on-year to VND223.5 trillion ($8.82 billion). It also aims to grow total outstanding loans by 14.6% to VND161 trillion and deposits by 10.5% to VND175 trillion.

Bad debt is set to be curbed at 1.8% of total lending, down from 2.71% in 2023.

Japanese financial giant Sumitomo Mitsui Banking Corporation (SMBC) in March 2022 announced its exit from Eximbank and completed its entire divestment one year after, terminating 15 years of strategic alliance.

SMBC then bought a 15% stake in Hanoi-based private lender VPBank in 2023 for $1.5 billion.

Shares in Eximbank, listed on the Ho Chi Minh Stock Exchange as EIB, closed at VND17,950 ($0.71) on Friday.