HCM CITY — The board of directors of Sacombank has accepted the resignation of CEO Nguyễn Đức Thạch Diễm and appointed Nguyễn Thanh Nhung as acting CEO to ensure the continuity and stability of the bank’s operations.

But Diễm will continue as the permanent vice chairwoman of the bank.

Nguyễn Đức Thạch Diễm remains the permanent vice chairwoman of Sacombank.— Photo courtesy of the bank

The 52-year-old, who has a Ph.D. in business administration from the Academy of Finance, became CEO in 2017, when the bank received government approval to implement its post-merger restructuring plan.

During her eight-year tenure, Sacombank underwent a significant transformation.

Between 2016 and 2024, the bank's assets grew by more than 125 per cent, lending increased by 169 per cent, deposits by 121 per cent and pre-tax profits from VNĐ156 billion (US$6 million) to nearly VNĐ12.3 trillion ($472.8 million).

Its key financial ratios also improved markedly.

The capital adequacy ratio was consistently maintained above 9 per cent and reached 10.14 per cent in 2024, well above the State Bank of Vietnam’s 8 per cent requirement.

Both return on assets and return on equity rose by 49 times, underscoring the bank’s performance under her leadership.

Despite resource constraints, Sacombank strengthened its core operations while actively resolving the majority of legacy debts and fully meeting all financial obligations outlined in its restructuring plan.

In 2024 the bank recovered nearly VNĐ10 trillion worth of non-performing loans and legacy assets, bringing the cumulative total to nearly VNĐ104 trillion, including VNĐ76.7 trillion under the restructuring plan.

It successfully reduced its restructuring-related NPLs and legacy assets by 80.5 per cent, bringing their share of total assets down from 28.1 per cent to just 2.4 per cent.

Notably, Sacombank fully resolved all VNĐ21.58 trillion in frozen accrued interest and made 100 per cent provisions for the remaining unresolved debt portfolio.

By the end of 2024 cumulative retained earnings (after profit distribution) reached over VNĐ25.4 trillion, equivalent to 1.35 times the bank’s charter capital.

As a result of these achievements, Sacombank’s credit ratings have been consistently upgraded by both Fitch Ratings and Moody’s.

The board of directors has commended Diễm for her outstanding leadership and unwavering dedication throughout her tenure as CEO, noting that her contributions have laid a solid foundation for Sacombank’s continued strategic development.

Nguyễn Thanh Nhung has been appointed as acting CEO of Sacombank. — Photo courtesy of the bank

Nhung, the newly appointed acting CEO, is a respected figure in the finance and banking sector.

He has dual bachelor’s degrees in economics and law from the HCM City University of Law, and a master’s degree in banking and finance from the University of Economics HCM City.

He has over 30 years of experience across key banking functions, including accounting, legal affairs, credit, and treasury operations, including in senior positions such as deputy CEO of Eximbank and CEO of Vietbank.

His expertise and leadership are expected to help Sacombank sustain its momentum and achieve safe, efficient and sustainable growth, make steady progress on its restructuring journey and realise its vision of becoming a leading bank in Việt Nam.

All of the bank’s operations remain stable and closely aligned with the strategic directions and plans approved by shareholders at its annual general meeting. — VNS