Saigon Thuong Tin Commercial Bank, widely known as Sacombank, appointed Nguyen Duc Thuy as its Acting Chief Executive Officer on 23 December 2025, installing new leadership at one of Vietnam's largest listed commercial banks as the institution continues to navigate a multi-year financial restructuring. The appointment brings a change at the top of the management structure that market observers and depositors will be watching closely given Sacombank's significance within the Vietnamese banking sector and its ongoing recovery process under the oversight of the State Bank of Vietnam.
Thuy succeeds Nguyen Thanh Nhung, who had served as Acting CEO since May 2025. Nhung's approximately seven-month tenure in the acting capacity followed her own installation in an acting role rather than as a confirmed chief executive, reflecting the regulatory framework under which Vietnam's central bank retains formal approval authority over senior appointments at commercial banks subject to specific supervisory arrangements. The transition to Thuy continues the pattern of acting-basis leadership at Sacombank as the bank works through the conditions attached to its restructuring programme.
LEADERSHIP CHANGE AT A CRITICAL JUNCTURE
Sacombank has been in a prolonged restructuring process that originated in difficulties accumulated during the mid-2010s, when the bank absorbed a large volume of non-performing assets that significantly impaired its balance sheet. The State Bank of Vietnam has maintained close supervisory involvement in the institution's recovery, and successive leadership teams have faced the challenge of reducing the legacy bad-asset burden while maintaining normal banking services for Sacombank's extensive retail and corporate customer base. Progress on asset resolution has been gradual, and the institution has required careful management of its capital position and provisioning levels throughout the restructuring period.
The appointment of Thuy on an acting basis rather than as a confirmed permanent chief executive is consistent with Vietnamese banking regulatory practice during transitions at institutions under enhanced oversight. The State Bank of Vietnam's approval process for senior bank executives involves a formal assessment of the proposed appointee's qualifications, experience and suitability before a permanent confirmation can be issued. An acting designation allows the bank to establish new management and begin directing the organisation while that regulatory assessment is completed, providing operational continuity without pre-empting the regulator's final determination.
SACOMBANK AMONG VIETNAM'S LARGEST LISTED LENDERS
Sacombank is one of the largest commercial banks in Vietnam by total assets and operates one of the country's most extensive branch and ATM networks, with particular strength in the southern region anchored by Ho Chi Minh City. Its retail banking franchise serves millions of individual customers alongside a sizeable base of small and medium-sized business clients, and its securities listed on the Ho Chi Minh Stock Exchange are among the more actively traded financial sector names in the domestic market. The bank's performance is therefore widely tracked by Vietnamese institutional investors and regional emerging-market fund managers as a significant indicator of conditions within the domestic banking sector.
Vietnamese state media and financial news services reported the leadership change on the day of the appointment, confirming Thuy's new role. The bank has not announced a specific timeline for the conclusion of the acting arrangement or provided detailed public guidance on the strategic priorities that the incoming leadership team intends to pursue. Investors and analysts will be looking for further communication from Sacombank in early 2026 regarding the status of its restructuring progress and the management team's plans for accelerating the resolution of remaining problem assets on the balance sheet.