The journey of Mr. Duong Cong Minh 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 Economics and Planning (now the National Economics University).

From 1984 to 1993, Mr. Minh was an officer at the Import-Export Company of the Ministry of National Defense , and an employee at 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, which operates in the real estate sector. He owns up to 99% of Him Lam's capital.

In just seven years, from 2003 to 2010, Him Lam rapidly expanded its scale, increasing its charter capital from 300 million VND to 6,500 billion VND. Currently, the company's charter capital stands at 10,000 billion VND.

In 2008, Him Lam transformed its business structure from a Limited Liability Company to a Joint Stock Company to expand its business development opportunities. Him Lam's first mark on the real estate market was the Him Lam Tan Hung New Urban Area Project in District 7, Ho Chi Minh City, covering an area of ​​58.4 hectares.

Subsequently, the company's real estate projects took shape one after another, such as the Him Lam Riverside luxury apartment complex in Tan Hung Ward, District 7, Ho Chi Minh City, and Him Lam Green Park in Dai Phuc Ward, Bac Ninh City, Bac Ninh Province…

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

In 2020, Him Lam acted as the general contractor for the Duc Hoa III – Slico Industrial Park project, marking the company's entry into the field of industrial park development.

Introduction to Long Bien Investment JSC on the Long Bien Golf Course website.

In the resort sector, although the project details are not clearly stated, according to Him Lam's website, the Hanoi branch of the company is located at Long Bien Building, Long Bien Golf Course, Phuc Dong Ward, Long Bien District, Hanoi City.

In addition, Him Lam listed Long Bien Investment Joint Stock Company as the stock exchange, the owner of Long Bien Golf Course and Tan Son Nhat Golf Course. Established in 2006, the company operates in the fields of golf courses and restaurant, conference, and wedding services - Long Bien Palace.

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

An article about Mr. Minh on Him Lam's 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, in order to comply with the amended Law on Credit Institutions, which came into effect in January 2018, he will resign as 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, the Chairman of the Board of Members, and the General Director (Director) of a credit institution may not simultaneously hold the positions of 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 in other enterprises.

...to Sacombank

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

Prior to Sacombank, Mr. Minh served as Chairman of the Board of Directors of Lien Viet Post Commercial Bank (LPBank). Him Lam was a key shareholder in this bank, holding approximately 15% of the shares.

However, on June 5, 2017, LPBank's second extraordinary general 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 reasons. Him Lam's presence at the bank gradually faded away as a result.

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

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

After becoming Chairman of the Board of Directors of Sacombank, Mr. Minh continuously bought bank shares to increase his ownership stake.

Specifically, from September 28th to 29th, 2017, Mr. Minh successfully traded nearly 18 million Sacombank shares through negotiated and matched orders on the HoSE, increasing his holdings from over 41.2 million shares to over 59.3 million shares, corresponding to an increase in ownership percentage from 2.29% to 3.29% of the voting shares in the bank.

From October 26th to November 25th, 2017, Mr. Minh continued to register to purchase 1.2 million STB shares to increase his ownership stake to 3.36% of Sacombank's capital.

According to the 2023 Corporate Governance Report, Mr. Minh currently owns nearly 62.6 million STB shares, equivalent to 3.32% of the bank's capital, and his sister, Ms. Duong Thi Liem, owns over 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. Over more than 30 years, the bank's charter capital has increased significantly to 18,852 billion VND, placing it among the medium-sized banks in terms of capital.

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

Of that amount, loans to customers totaled VND 500,408 billion, an increase of 3.7% compared to the same period last year. Customer deposits increased by 4.4% compared to 2023, reaching VND 533,358 billion.

In addition, the bank's profits also escalated from VND 1,182 billion in 2017 to VND 7,719 billion at the end of 2023.

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

Over the past six years, the bank's net interest income has also risen from over 5,000 billion VND to over 11,000 billion VND in 2020. Subsequently, Sacombank consistently recorded net interest income above 11,000 billion VND, reaching 22,072 billion VND in 2023.

At the end of the first quarter of 2024, Sacombank recorded net interest income of nearly VND 5,951 billion, an increase of 2% compared to the same period last year, due to a decrease of VND 1,422.8 billion in interest income and similar income.

Regarding loan quality, Sacombank's total non-performing loans at the end of March 2024 amounted to VND 11,401 billion, an increase of 3.8% compared to the end of 2023. Sacombank's non-performing loan ratio remained unchanged compared to the previous year, at 2.28%.

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

At the same time, total assets are projected at VND 724,100 billion, an increase of 10%, of which outstanding loans will reach VND 535,800 billion, an increase of 11%, and will be adjusted in accordance with the allocated limit .

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