Nguyen is the son of Hoa Lam Group founders Duong Ngoc Hoa and Tran Thi Lam. The group, a private conglomerate with interests in real estate, healthcare, banking, lottery and other businesses, had invested in the bank 15 years ago.

This is the second time in as many months that Vietbank has appointed a chairman for its board of directors.

Nguyen has an MBA from the by Keller Graduate School of Management in Devry University in the U.S. He joined Vietbank's executive board in early 2013. Since then, he has held several important positions, including deputy general director, member of the board of directors and vice chairman of the board.

He leads several crucial projects at the bank, including salary reform, branding, digital banking, and core banking.

In the first year of his term as Vietbank chairman, Nguyen is expected to help the bank grow its asset base by 30 percent and its credit by 21 percent to VND120 trillion ($5.2 billion) and VND60 trillion, respectively.

It also set pre-tax profit target of VND1.1 trillion this year.

In late February, Bui Xuan Khu, the bank’s vice chairman was elected to replace founding chairman Duong Ngoc Hoa, who had been in the position for 15 years.

However, in the bank’s annual general meeting held April 26, Khu was not mentioned in the list of board members for the 2021-2025 members. No explanation has been given for the omission.