return icon

Female tycoon leaves post, daughter makes US$1 billion

Southeast Asia Commercial Joint Stock Bank (SeABank) on March 24 listed more than 1.2 billion SSB shares on the Ho Chi Minh Stock Exchange - HOSE (HSX) with the reference price of VND16,800 per share and the price range of +/- 20%.

SeABank shares immediately rose to the ceiling at VND20,150 per share.

With the reference price of over VND20,000 per share, SeABank's market capitalization is nearly VND24.2 trillion (over $1 billion), equal to the current capitalization of BAB, and lower than that of MSB and EIB.

SeABank shares were listed at the time the prices for banking shares continuously increase and broke the peak in recent days when the VN-Index surpassed 1,200 points.

In the past few years, SeABank under the leadership of the daughter of real estate tycoon Nguyen Thi Nga, chairman of the BRG Group, has made impressive business results with sharply increased profits and capital.

Nữ tướng rút lui, con gái lên ghế nóng ghi dấu 1 tỷ USD

Ms. Nguyen Thi Nga



After 11 years in office, in early 2018, Nga was replaced by Mr. Le Van Tan as SeABank chair. She has stepped down to be SeABank's Standing Vice Chair. This is a change to meet the regulations of the amended Law on Credit Institutions, which were passed by the National Assembly and came into effect from January 15, 2018.

Accordingly, the Chair of the Board of Directors, the Chair of the Board of Members, the General Director of credit institutions cannot concurrently be the Chair of the Board of Directors, members of the Board of Directors, Chairman of the Board of Members, members of the Board of Members, company president, General Director, Deputy General Director or equivalent titles of other enterprises.

Nga gave up her position at SeABank to stay at the BRG. In addition to SeABank, she also participates in the Board of Directors/Board of Management at several companies in the BRG Group's "ecosystem" such as BRG Group, Intimex Vietnam, Theater Hotel Co., Ltd., Thang Loi Hotel, and the Hanoi Tourism Service Joint Stock Company.

Nga's daughter, Le Thu Thuy (born 1983), is now SeABank's General Director cum Vice Chair of the Board of Directors.

In late 2018, Nga’s husband - Le Huu Bau - bought nearly 16.7 million rights to buy SeABank shares which were issued to raise capital from Phu My Investment Company Limited, which is owned and chaired by Nga.

Phu My Investment Company Limited is the largest shareholder in SeABank with an ownership rate of nearly 6.57% (equivalent to 79.3 million shares). Thuy holds 2.9%.

Audited financial statements of 2020 show that SeABank earned pre-tax profit of VND1,729 billion, an increase of 24% compared to 2019, after-tax profit of VND1,360 billion, 26% higher than the previous year. Over the past four years, the bank's profit has increased 4.5 times, reaching a record high of VND1,729 billion in 2020. Its charter capital has also increased sharply, from VND5,465 billion at the end of 2018 to more than VND12,000 billion at the end of 2020.

In late 2019, SeABank completed its pre-maturity repurchase of all special bonds held by the Vietnam Assets Management Company (VAMC) and completely dealt with the bonds during the year.

Moody's has just announced that it will maintain SeABank's B1 credit rating. This is one of 15 banks that Moody's raised the prospect of ranking on March 18.

V. Ha

Time for a stock market overhaul

Time for a stock market overhaul

The overload technical issues of the Ho Chi Minh City Stock Exchange have been a subject of controversy over the past few weeks, with the blame being attributed to poor management and incompetence of an age-old technology. 

The female successors of Vietnam's tycoons

The female successors of Vietnam's tycoons

Despite their young ages, a number of women hold important positions in large corporations and own assets worth trillions of dong.



Vietnam demands Taiwan to cancel illegal drills in Truong Sa’s waters

Vietnam resolutely opposes and demands Taiwan (China) to cancel its live-fire exercises in the waters around Ba Binh island that belongs to Vietnam's Truong Sa (Spratly), Vietnamese Foreign Ministry spokeswoman Le Thi Thu Hang stated on December 2.

Make-in-Vietnam cameras have high security, satisfy standards

Make in Vietnam camera manufacturers are enhancing security capability and satisfying requirements on information security set by the Ministry of Information and Communications (MIC) for devices such as cameras and Internet of Things (IoT).

Government plans to rearrange state-owned enterprises till 2025

Deputy Prime Minister Le Minh Khai has signed a decision approving a plan of rearrangement of state-owned enterprises for the period of 2022-2025 in the form of one-member limited company, equitization, re-arrangement and divestment.

Transport Ministry urges new ship channel for large vessels in Mekong Delta

The Ministry of Transport has urged Tra Vinh Province to implement compensation payment for site clearance and resettlement support to build a new ship channel for large vessels in the Hau River.

Toan retains WBA Asia belt against Amparo in Bangkok

Le Huu Toan successfully defended his World Boxing Association (WBA) Asia minimum-weight (48kg) belt during The Challenger event on November 30 in Bangkok, Thailand.

Billions of dollars from foreigners invested in Vietnam’s enterprises

Foreign capital keeps flowing into Vietnam through many different channels, helping investors regain their confidence in the stock market and the economy.

Urban areas, parks to be built on Red River alluvium grounds

Hanoi authorities plan to build new urban areas and eco-friendly housing, and develop open space with parks, urban squares and flood parks on thousands of hectares on the alluvium grounds of the Red River area.

Target of 1 million social housing units difficult to reach

The goal of developing 1 million social housing units may not be feasible.

Ministry to control rice import management

The Ministry of Industry and Trade (MOIT) fears the high level of rice imports and the failure to control imports will affect domestic production.

Gambling soars during World Cup

Football betting is taking place in the open air at venues where people gather to watch World Cup matches, or quietly online.

Michelin Guide to announce first Vietnamese restaurant selections

Hanoi and Ho Chi Minh City have been selected by Michelin as the latest destinations joining the international selection, as compiled by the Michelin Guide.

Ministry to crack down on Internet ads violations

The Ministry of Information and Communications held a conference in Hanoi on November 30 to roll out Internet advertising management measures.

Seven-day Tet holiday fixed for State employees

Officials, civil servants, public employees and workers of State administrative and socio-political organisations will enjoy a seven-day Lunar New Year (Tet) and four-day National Day holidays next year.

Vietnam has opportunity for energy transition towards green growth

Vietnam boasts substantial potential for wind power, particularly offshore wind power, providing an opportunity for the country to fulfill its energy transition target towards green growth.

PM requests combined efforts to combat IUU fishing

Prime Minister Pham Minh Chinh called for concerted efforts to fight illegal, unreported and unregulated (IUU) fishing while chairing a teleconference with 28 coastal provinces and cities on December 1.