Lender VietABank promoted Deputy General Director Phuong Thanh Long as its new chairman for the 2018-2023 term. 

Long, 39, is the grandson of the bank’s former chairman Phuong Huu Viet. He has nearly 15 years of experience working with financial institutions and banks, and did not hold any shares of the bank as of April 24.

New chairman of VietABank Phuong Thanh Long.
Photo courtesy of VietABank

Also Wednesday, the bank appointed Nguyen Van Trong, 51, as its acting general director. Trong had been a deputy general director since June, 2020.

As of April 24, Viet Phuong Investment Group JSC and Rang Dong JSC are the largest shareholders of VietABank, holding 12.21 percent and 7.35 percent shares, respectively.

The bank earned pre-tax profits of nearly VND396 billion ($17.41 million) in the first half of this year, surging 165 percent over the same period in 2020, thanks to increased interest from credit activities and a sharp reduction in provisioning expenses.

Its total assets value fell by 4 percent from the beginning of this year to VND83 trillion.