Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) stated that this appointment is a strategic move. The bank views Thuy as a manager with extensive experience in restructuring and digital transformation, capable of assisting Sacombank, which is currently facing numerous challenges in its restructuring process.

Nguyen Duc Thuy, often known as "Bau" Thuy, was born in 1976 and graduated with a degree in business administration from Colorado State University (CSU) in Colorado, US.

Thuy previously served as chairman of Thai Group, Thaiholdings Joint Stock Company, Kim Lien Tourism Joint Stock Company, Enclave Phu Quoc Joint Stock Company, and vice chairman of Xuan Thien Ninh Thuan Solar Power Company and Xuan Thien Dak Lak Solar Power Company.

In 4/2021, he entered the banking sector as vice chairman of Lien Viet Post Joint Stock Commercial Bank (LPBank), which was later renamed Loc Phat Viet Nam Bank. During Thuy's three-year tenure, the bank underwent restructuring, rebranded, streamlined its operations, and achieved its strongest business growth in many years.

Nguyen Duc Thuy, acting chief executive officer of Saigon Thuong Tin Commercial Joint Stock Bank. *Photo: Sacombank*

Sacombank considers his practical experience suitable for the bank's operational requirements as it completes the final phase of its restructuring plan. During this phase, Sacombank focuses on reducing its non-performing loan (NPL) ratio, enhancing operational capacity and net interest margin (NIM), thoroughly addressing outstanding issues, and increasing provision coverage for remaining portfolios according to its roadmap.

Currently, Sacombank's most significant obstacle in its restructuring process is resolving its substantial non-performing loans. This "bottleneck" must be addressed for Sacombank to be deemed to have completed its restructuring, thereby establishing the foundation for the bank to distribute dividends to shareholders.

At the 2025 shareholder meeting, Sacombank leadership stated that the plan to handle shares belonging to Tram Be and related parties presents an unprecedented challenge. The bank submitted this proposal to the State Bank many years ago, but it has not yet been approved.

In the first 9 months of this year, Sacombank reported a pre-tax profit of nearly 11,000 billion dong, marking a 36% increase year-on-year and achieving 75% of its annual plan. By the end of QIII, the bank's total assets reached nearly 849,000 billion dong, up 13.5% from the beginning of the year. Customer loans grew by over 16%, with outstanding balances exceeding 606,000 billion dong. The non-performing loan ratio increased from 2.4% at the start of the year to 2.75% by the end of QIII.

Quynh Trang