Sacombank CEO receives Red Star Award

Thursday, Dec 19, 2019 16:00

Deputy Prime Minister Vuong Dinh Hue and Vo Van Thuong, head of Central Propaganda and Training Commission, present the 2019 Red Star Award to Nguyen Duc Thach Diem, a member of the board of directors and CEO of Sacombank, at a ceremony held in Ha Noi on Tuesday. — Photo courtesy of Sacombank

Nguyen Duc Thach Diem, a member of the board of directors and CEO of Sacombank, was one of the 10 outstanding entrepreneurs to be awarded the 2019 Red Star Awards at a ceremony in Ha Noi on December 18.

Given by the Central Viet Nam Youth Federation and the central committee of Vietnam Young Entrepreneurs Association, the Red Star Awards seek to honour entrepreneurs for excellence in corporate governance.

They are based on the assessment of all aspects of business operations and the leading role of leaders through their vision, executive style and contributions to the sustainable development of their business as well as the community.

With over 20 years of experience in banking and finance in various positions, Diem has made important contributions to Sacombank over the last 17 years and led the bank’s restructure in line with the direction of the Government and the State Bank of Vietnam through co-ordinated and drastic management and business actions.

Under her management, Sacombank has gradually strengthened and re-established its position in the marketplace and contributed to the community.

She started working at Sacombank in 2002, and was appointed CEO in July 2017 when the bank began the restructuring process in the face of numerous difficulties and challenges.

Her mission was on one hand to ensure the bank continued to carry on business efficiently and gradually return it to the growth path and on the other to quickly handle legacy issues after the merger, especially bad debts.

In the three years since restructuring, Sacombank has basically completed its key targets related to the restructuring, and its business is becoming increasingly stable.

Sacombank has ended 2019 by exceeding targets in main operating indicators.

Profit is expected to reach VND3.18 trillion (US$137.2 million), 20 per cent ​​higher than the target approved at its annual general meeting. It has total assets of VND457 trillion ($19.7 billion), deposits of VND413 trillion ($17.8 billion) and loans outstanding of more than VND296 trillion ($12.76 billion) and the non-performing loan ratio has now dropped to below 2 per cent.

Sacombank has nearly six million individuals and corporate customers, its network covers Việt Nam’s 52 provinces and cities and has expanded to Laos and Cambodia, and it has maintained steady growth in terms of revenues and market share.

Operational safety and risk management parameters are met in compliance with the roadmap set out under Circular 41 on the adoption of Basel II standards by January 1, 2020.

Considering technology the key to success in the new era, Diem has sought to enhance the use of new technologies to enhance the customer experience, optimise and digitise processes to increase productivity, standardise data towards intelligent data, and others.

She has always focused on organising activities to enhance the physical health and solidarity among the bank’s staff and instill a corporate culture.

Under her leadership, Sacombank has undertaken many community activities, including an annual of programme nation-wide called "Warm Spring" to enable thousands of disadvantaged children, abandoned seniors and poor households celebrate Tet, and granting thousands of "Nurturing dreams" scholarships to students around the country and calling on its employees and customers to donate blood. — VNS

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