Nguyen Duc Thuy appointed executive vice chairman of Sacombank

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Some 135 shareholders and representatives attended Sacombank’s annual general meeting (AGM), held for the first time in Phu Tho. The meeting approved the bank’s name change and the appointment of Mr. Nguyen Duc Thuy to the Board of Directors.

AGM in Phu Tho and leadership changes

On April 22, Sacombank held its 2026 AGM in Phu Tho for the first time after more than two decades of holding meetings in Ho Chi Minh City. This was also the first AGM since Mr. Nguyen Duc Thuy joined the bank and became CEO at the beginning of March.

After the meeting, the Board of Directors unanimously designated Mr. Nguyen Duc Thuy as Executive Vice Chairman, responsible for strategic direction, executive governance, and long-term development orientation. The Board appointed Mr. Loic Faussier as Acting CEO to oversee day-to-day operations.

Board composition and shareholder questions

The AGM approved electing Nguyen Duc Thuy as a member of the Board of Directors, replacing Ms. Nguyen Duc Thach Diem. The bank’s board currently has seven members: Dương Công Minh as chairman; vice chairman Pham Van Phong; two members Phan Dinh Tue and Nguyen Xuan Vu; and two independent members Vuong Cong Duc and Pham Thi Thu Hang.

At the AGM, shareholder questions were answered by board member Phan Dinh Tue. He said that handling shares related to Truong Be is a key task to complete the restructuring, but progress depends on approval by the State Bank. Sacombank submitted a plan to handle the shares last year, but policy changes delayed approval. The bank hopes to complete the process within the year, while noting delays remain possible.

Credit quality and 2025 performance

In 2025, Sacombank’s bad debt ratio rose to more than 5%. Tue attributed the increase to global economic difficulties and tax policy impacts on businesses, particularly small and medium-sized enterprises. He also said that stopping the debt restructuring mechanism caused loans to move into higher-risk categories, increasing provisioning.

On results, Sacombank reported net operating income exceeding 32,000 trillion dong in 2025, with operating expenses of about 13,000 trillion dong. This helped reduce the cost-to-income ratio (CIR) to 40.7%. Representatives noted, however, that the level remains high compared with the industry average.

The bank aims to bring the CIR below 30% in 2026 and toward 28% in subsequent years.

Q1 update and profit progress

In the first quarter, market volatility reduced deposits and total assets, while lending reached about 627,000 billion dong, up slightly from the start of the year. Profit was 3,572 billion dong, about 40% of the annual plan.

Name change and strategic direction

Shareholders approved renaming the bank to Saigon Tai Loc Bank, replacing the old Saigon Thuong Tin Bank (Sacombank). The abbreviation Sacombank will become SACOMBANK.

Management said the headquarters at 266-268 Nam Ky Khoi Nghia, Ward Vo Thi Sau, District 3, Ho Chi Minh City is not within the core area of Ho Chi Minh City’s International Financial Center, so relocation is necessary to align with development.

2025 profit decline and 2026 targets

Sacombank reported a 40% decline in profit in 2025 after years of growth, citing higher provisioning for credit risk in Q4 2025. The bank said the approach reflects cautious risk management to improve resilience in a rising risk environment and to ensure proactive handling of non-performing assets.

For 2026, Sacombank targets: a 6% increase in pretax profit to 8.1 trillion dong; an NPL ratio below 4.5%; total assets above 1 quadrillion dong (up 10%); credit outstanding at 699.4 trillion dong (up 12%, not exceeding the central bank-approved growth cap); and total deposits at 921.3 trillion dong (up 10%). The bank said deposit and credit management will be flexible and aligned with actual credit growth.

The profit plan is described as conservative, designed to strengthen provisioning buffers and raise the loan coverage ratio to improve resilience.