The Vietnam Association of Financial Investors (VAFI) has expressed disappointment over the Ministry of Industry and Trade’s explanation about the appointments of Vu Quang Hai, a son of former Minister Vu Huy Hoang, to senior positions at Sabeco and PVFI.

Vu Quang Hai

VAFI vice chairman Nguyen Hoang Hai told the local news site VnExpress that the association had waited for an answer of the ministry for a long time but the reply was unsatisfactory.

He said Vu Quang Hai’s appointments at PetroVietnam Finance Investment JSC (PVFI) and Saigon Beer-Alcohol-Beverage Corporation (Sabeco) ran counter to the Enterprise Law and the Anti-Corruption Law but the ministry said there were no irregularities.

The vice chairman said VAFI pointed out signs of wrongdoing in the documents sent to the ministry and the Government but the ministry denied them. He added this incident would erode people’s confidence in the credibility of State management agencies. 

VAFI planned to write to the Government Inspectorate, the Ministry of Planning and Investment and agencies that participated in the process of drafting the enterprise and anti-corruption laws to seek a better explanation and assessment.  

Earlier, the trade ministry said Vu Quang Hai’s appointments to the posts of general director at PVFI and deputy general director at Sabeco were in line with the prevailing regulations.

The ministry said it is Sabeco’s board which has authority to pick Vu Quang Hai as member of the board of directors and deputy general director and that all procedures were done in accordance with the 2005 Enterprise Law.

At present, the Central Inspection Commission is working with the trade ministry over staff appointments at the ministry, including Vu Quang Hai’s case. The inspection lasts 60 days.

SGT