Deputy PM Vuong Dinh Hue (left) grants a decision to appoint BIDV official Pham Quang Tung to the new position during a working session with VDB on Monday. — Photo enternews.vn

HA NOI (Biz Hub) — An official from the Bank for Investment and Development of Viet Nam (BIDV) has assumed office as chairman of the Viet Nam Development Bank (VDB).

Deputy Prime Minister Vuong Dinh Hue granted the decision to appoint BIDV Deputy General Director Pham Quang Tung to the new position on Monday.

The decision was signed by Prime Minister Nguyen Xuan Phucc on May 30.

Tùng replaces Nguyen Quang Dung, the retired acting chairman of VDB.

VDB, with VND30 trillion (US$1.33 billion) in equity, focuses on lending in areas such as socio-economic infrastructure, support industries, agriculture and rural areas, as well as education, healthcare, environmental protection and green technology, along with clean and recycled energy.

It also finances important exports, distributes official development assistance (ODA) capital to specific projects, and guarantees loans borrowed by small and medium-sized enterprises.

BIDV was among the three domestic banks listed in Forbes Global 2000, an annual ranking of the world's largest public companies, this year.

It ranked 1691 with US$2.6 billion in revenue, $287 million in profits, $34.7 billion in assets and $2.8 billion in market value. — VNS