According to m w88 revised law on credit institutions approved by m w88 National Assembly last year, leaders at banks are not allowed to hold management positions in enterprises.
Accordingly, chair of board of directors (BoD), chair of m w88 member board, and general director of credit institutions (CIs) cannot be m w88 chair and member of BoD, or chair and member of m w88 board of members, general director, deputy general director, or other equivalent titles in any other enterprises.
m w88 new regulation has taken effect since January 15; however, under m w88 transitional provision of m w88 law, these leaders may continue to concurrently hold m w88 two positions until m w88 end of their term, or m w88 expiry date of m w88 appointment at m w88 bank.
According to m w88 National Assembly Economic Committee, m w88 fact that an individual is holding leadership positions at both a bank and another business has triggered several problems and affected banking operations and safety of m w88 entire banking system. Therefore, m w88 new regulation aims to ensure publicity, transparency and risk prevention for both credit and production activities.
Many business people, therefore, have been forced to give up their current positions in enterprises, where they have gained their reputation and careers, to hold senior leadership at banks.
Mr. Duong Cong Minh, chair of Sacombank’s BoD, has officially resigned from his position in many other businesses to focus on m w88 restructuring process at Sacombank. Specifically, he is no longer chair of BoD of four companies, including Him Lam Joint Stock Company, Bao Long Sport Equipment Joint Stock Company, Xin Man Development Joint Stock Company and Lien Viet Securities Company. He was elected to lead Sacombank at m w88 bank’s annual general meeting in July 2017.
According to Minh, his resignation from Him Lam and other companies, where he used to hold top positions, will not affect m w88 business of these companies.
Another case is of Mr. Do Minh Phu, chair of Doji Group, who recently announced his resignation from this position to continue being m w88 chair of BoD of TPBank.
Similarly, Mr. Do Quang Hien, chair of T&T group and Saigon Hanoi Commercial Joint Stock Bank (SHB) also chose m w88 bank and stepped down from T&T Group.
Mr. Hien will also withdraw from m w88 top position at several other companies, such as Saigon Hanoi Fund Management Company, Saigon Hanoi Insurance Company and Saigon Hanoi Securities Company.
Another well-known businesswoman, Ms. Thai Huong has officially announced she will leave m w88 chairmanship at TH Group, m w88 owner of TH True Milk brand, after 10 years and choose to be m w88 general director of Bac A Bank.
Currently, many business leaders are chairing banks’ BoDs and at m w88 same time running other companies. For example, Mr. Vo Quoc Thang is chair of BoD at Kien Long Joint Stock Commercial Bank and Dong Tam Company; Mr. Vu Van Tien is chair of BoD at An Binh Commercial Joint Stock Bank and Geleximco Group; Ms. Nguyen Thi Nga is chairwoman of BoD at Southeast Asia Commercial Joint Stock Bank and BRG Group; while Ms. Le Thi Bang Tam is chairwoman of BoD at HCM City Development Joint Stock Bank and Vietnam Dairy Products Joint Stock Bank (Vinamilk). Some of m w88 leaders said they will meet m w88 above requirement by m w88 end of their term.