Mr. Duong Cong Minh's journey from real estate to banking

From Him Lam…

Mr. Duong Cong Minh was born in 1960 in Que Vo, Bac Ninh. In 1984, Mr. Minh graduated with a bachelor's degree in Pricing from the University of Planning Economics (now the National Economics University).

From 1984 to 1993, Mr. Minh was an officer of the Import-Export Company - Ministry of National Defense, an officer of the Coffee Import-Export Company under the Ministry of Agriculture and Food Industry. From 1994 to 1997, he was the Director of the Construction Enterprise - Thanh Binh Company - Ministry of National Defense.

In 1994, Mr. Minh founded Him Lam Trading Company Limited, the predecessor of Him Lam Joint Stock Company, operating in the real estate sector. He owns up to 99% of Him Lam's capital.

In just 7 years from 2003 to 2010, Him Lam has expanded its scale, increasing its charter capital from 300 million VND to 6,500 billion VND. Up to now, the company's charter capital is 10,000 billion VND.

In 2008, Him Lam converted its business form from a limited liability company to a joint stock company to expand its business development conditions. Him Lam's first mark on the real estate market was the Him Lam Tan Hung New Urban Area Project, District 7, Ho Chi Minh City with a scale of 58.4 hectares.

After that, the company's real estate projects were continuously formed such as Him Lam Riverside Luxury Apartment in Tan Hung Ward, District 7, Ho Chi Minh City, Him Lam Green Park in Dai Phuc Ward, Bac Ninh City, Bac Ninh Province...

Besides real estate, according to the website, Him Lam also operates in other fields such as golf - hotel services, financial investment, educational development, agricultural and forestry development, and industrial park development.

In 2020, Him Lam became the general contractor of Duc Hoa III Industrial Park - Slico project, marking the company's participation in the field of developing Industrial Parks.

Introduction about Long Bien Investment JSC on Long Bien golf course website.

In the resort sector, although there is no clear information about the project, on Him Lam's website, the Hanoi branch of this company is Long Bien Building, Long Bien Golf Course, Phuc Dong Ward, Long Bien District, Hanoi City.

In addition, Him Lam to the Exchange is Long Bien Investment Joint Stock Company, the owner of Long Bien Golf Course and Tan Son Nhat Golf Course. The company was established in 2006, operating in the fields of golf courses and restaurant services, conferences, wedding parties - Long Bien Palace.

The founding shareholders of this company are Truong An Company (Ministry of National Defense), Construction Trade Corporation, Thanh Nam Investment Corporation and Him Lam Corporation.

Article about Mr. Minh on Him Lam website.

In 2022, an article titled “Mr. Duong Cong Minh: I will resign as Chairman of Him Lam Company” appeared on Him Lam's website and has remained unchanged to this day.

Accordingly, to comply with the amended provisions of the Law on Credit Institutions applied from January 2018, he will resign from the position of Chairman of the Board of Directors at Him Lam Company to focus on the restructuring process at Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

The Law on Credit Institutions, Amended and Supplemented in 2017, stipulates that the Chairman of the Board of Directors, Chairman of the Board of Members, General Director (Director) of a credit institution cannot concurrently be the Chairman of the Board of Directors, member of the Board of Directors, Chairman of the Board of Members, member of the Board of Members, Chairman of the company, General Director (Director), Deputy General Director (Deputy Director) or equivalent positions of another enterprise.

... to Sacombank

Mr. Minh officially became Chairman of the Board of Directors of Sacombank from June 30, 2017, replacing the previous Chairman of the Board of Directors, Mr. Kieu Huu Dung.

Before Sacombank, Mr. Minh held the position of Chairman of the Board of Directors of Lien Viet Post Joint Stock Commercial Bank (LPBank). Him Lam was a key shareholder of this bank with an ownership ratio of approximately 15%.

However, on June 5, 2017, LPBank's 2nd extraordinary shareholders' meeting approved the election of Mr. Nguyen Duc Huong as Chairman of the Board of Directors, replacing Mr. Duong Cong Minh who resigned due to personal needs. Him Lam's presence also gradually disappeared at this bank.

Mr. Duong Cong Minh was the Chairman of LPBank's Board of Directors, representing Him Lam's capital contribution at this bank.

According to LPBank's public offering prospectus, as of September 30, 2017, the only shareholder holding 5% or more of the bank's capital is Vietnam Post Corporation (VNPost).

After becoming Chairman of Sacombank's Board of Directors, Mr. Minh continuously bought bank shares to increase his ownership ratio.

Specifically, from September 28 to September 29, 2017, Mr. Minh successfully traded nearly 18 million shares of Sacombank by negotiation and order matching on HoSE, increasing the number of shares held from more than 41.2 million shares to more than 59.3 million shares, corresponding to an increase in ownership ratio from 2.29% to 3.29% of voting shares at the bank.

From October 26 to November 25, 2017, Mr. Minh continued to register to buy 1.2 million STB shares to increase his ownership ratio to 3.36% of Sacombank's equity.

According to the 2023 Management Report, Mr. Minh currently owns nearly 62.6 million STB shares, equivalent to 3.32%, and Mr. Minh's sister, Ms. Duong Thi Liem, owns more than 11.8 million shares, equivalent to 0.62% of the bank's capital.

Sacombank was established in 1991 with an initial charter capital of 3 billion VND. After more than 30 years, the bank's charter capital has increased sharply to 18,852 billion VND. It is in the group of banks with medium capital scale.

Regarding business situation, under Mr. Duong Cong Minh, from 2017 to present, Sacombank's total assets have increased sharply from more than 368,000 billion VND to 693,535 billion VND in the first 3 months of 2024 .

Of which, customer loans were VND500,408 billion, up 3.7% over the same period. Customer deposits increased by 4.4% compared to 2023 to VND533,358 billion.

Besides, the bank's profit also increased from VND 1,182 billion in 2017 to VND 7,719 billion by the end of 2023.

As of March 31, 2024, thanks to a 32.3% reduction in credit risk provisioning costs to nearly VND 678 billion, Sacombank reported pre-tax profit of VND 2,654 billion, up 11.4%; after-tax profit increased by 11.1% over the same period last year to VND 2,111.4 billion.

In the past 6 years, the bank's net interest income has also increased from over VND 5,000 billion to over VND 11,000 billion in 2020. After that, Sacombank always recorded a net interest income of over VND 11,000 billion and in 2023 it will be VND 22,072 billion.

At the end of the first quarter of 2024, Sacombank recorded net interest income of nearly VND 5,951 billion, up 2% year-on-year due to interest income and similar income decreasing by VND 1,422.8 billion.

Regarding loan quality, Sacombank's total bad debt at the end of March 2024 was VND 11,401 billion, an increase of 3.8% compared to the end of 2023. Sacombank's bad debt/loan balance ratio remained the same compared to the previous year, remaining at 2.28%.

In 2024, Sacombank sets a business plan with expected pre-tax profit at VND 10,600 billion, an increase of 10% compared to 2023.

At the same time, total assets are expected to reach VND 724,100 billion, up 10%, of which outstanding credit will reach VND 535,800 billion, up 11% and will be adjusted in accordance with the allocation limit .

Source: https://www.nguoiduatin.vn/hanh-trinh-tu-bat-dong-san-den-ngan-hang-cua-ong-duong-cong-minh-a670491.html