Instead of his trademark yellow tie associated with LPBank, businessman Nguyen Duc Thuy - widely known as “Bau Thuy” - appeared this week wearing a dark blue tie, the signature color of Sacombank’s brand identity.

A surprising leadership transition

The “hot seat” in the banking sector became a center of attention this week as a string of senior executives either stepped down or transitioned to new roles.

The biggest surprise came from LPBank (Lộc Phát Bank), where several senior leaders simultaneously submitted their resignations citing “personal reasons.”

Among them, Chairman Nguyen Duc Thuy resigned from the board along with his younger brother, Nguyen Van Thuy. Deputy CEO Nguyen Thi Kieu Anh also stepped down - just days after her appointment on December 12.

An extraordinary general meeting on December 23 approved their resignations and elected Ho Nam Tien, formerly Standing Vice Chairman, as the new Chairman of LPBank’s Board of Directors.

That same day, Sacombank announced the appointment of Nguyen Duc Thuy as Acting CEO, replacing Nguyen Thanh Nhung, who had held the position since May 2025 following the departure of Nguyen Duc Thach Diem.

A new image, a new team

The image of Bau Thuy at Sacombank - still impeccably dressed but now without his signature yellow tie - symbolized a shift not only in branding but in leadership.

Sacombank also appointed Nguyen Thi Kieu Anh as Deputy CEO effective December 23, suggesting the beginning of a “Bau Thuy team” within the bank’s executive structure.

His arrival immediately triggered further leadership adjustments. Duong Thanh Tuan relinquished his role as Chief of the Board Office and Corporate Governance Officer as of January 1, 2026, and will now serve as Deputy Director of the Administrative Management Division.

The position was handed to Duong Trung Loi, who previously served as Assistant to Chairman Duong Cong Minh - a figure who, before leading Sacombank, was also Chairman of LPBank (formerly LienVietPostBank).

Sacombank’s internal restructuring continued on December 25, with the appointment of Ha Van Trung (born 1974) as Standing Deputy CEO and Vu Minh Quan (born 1972), Director of the Debt Resolution Center and Assistant to the Chairman, as Deputy CEO.

From LPBank dividends to Sacombank restructuring

Sacombank has spent the past nine years in an intensive restructuring phase. The bank has recovered and handled non-performing loans and frozen assets totaling over 103.988 trillion VND (around USD 4.2 billion) - well above its original restructuring plan of 76.695 trillion VND (USD 3.1 billion).

However, the heavy burden of bad debt has prevented Sacombank from paying dividends for nearly a decade.

In contrast, under Nguyen Duc Thuy’s leadership since 2022, LPBank has consistently approved generous dividend payouts - a move that boosted investor interest but also drew scrutiny over its sustainability.

BVBank and Eximbank also see changes

Elsewhere in the sector, BVBank announced on December 26 the election of a new board of directors and supervisory board for the 2025–2030 term.

Vice Chairwoman Nguyen Thanh Phuong, along with Ngo Quang Trung and Phan Thi Hong Lan, will not continue on the new board or supervisory committee.

BVBank explained that the changes comply with Vietnam’s amended Law on Credit Institutions, which prohibits executives from simultaneously holding management positions in multiple financial organizations.

Nevertheless, Nguyen Thanh Phuong will remain closely involved with the bank as Chairwoman of the Strategy and Innovation Committee, overseeing strategic planning, modernization, and human resources development.

At Eximbank, a leadership transition also took place. As of December 4, 2025, Pham Thi Huyen Trang was elected Chairwoman of the Board of Directors for the 2025–2030 term, succeeding Nguyen Canh Anh, who resigned for personal reasons but remains a board member.

Nguyen Canh Anh had been elected to Eximbank’s board in September 2023 and later assumed the chairmanship and legal representative role in April 2025.

These back-to-back leadership shifts across LPBank, Sacombank, BVBank, and Eximbank reflect a broader realignment in Vietnam’s banking sector - where personalities, policies, and brand identities continue to reshape the landscape of corporate finance and governance.

Tuan Nguyen