Portrait of Mr. Tran Mong Hung: Economics Lecturer, Bank Founder, and the Philosophies That Made ACB the Leading Private Bank in Vietnam

Trần Mộng Hùng was a lecturer at the Ho Chi Minh City University of Economics before becoming a well-known entrepreneur in the financial sector. He founded and developed ACB into Vietnam's leading private bank, and also acted as an advisor to help the bank recover from difficulties in 2012.

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Renowned banker Mr. Tran Mong Hung, the former Chairman of Asia Commercial Joint Stock Bank (ACB), passed away on April 25 at the age of 72—a loss deeply felt by the financial community. Throughout his illustrious career, Mr. Hung held numerous positions, but in each role, he consistently demonstrated his extensive knowledge and a people-centric work ethic.

During his over three decades at ACB, founder Tran Mong Hung was known as a visionary with a strong business philosophy that emphasized integrity, prudence, and effectiveness. He managed with caution, placing utmost importance on transparency, which became a hallmark of the bank’s operations and contributed to its resilience and success in diverse market conditions.

His leadership seamlessly combined corporate governance, organizational culture, and human capital development, guiding the bank through challenging times.

From Educator to Founder of a Billion-Dollar Bank

Before founding ACB, Mr. Tran Mong Hung earned a degree in Banking from Ho Chi Minh City University of Economics. Subsequently, from 1978 to 1980, he served as a lecturer at the university’s Advanced Banking Institute.

Mr. Tran Mong Hung was a highly respected figure in the banking sector.

Armed with his knowledge of financial operations, Mr. Hung decided to shift his focus to business, becoming the Deputy Director of Ho Chi Minh City Plastic Company. Eight years later, he moved to Saigon Gold and Jewelry Company as Head of Business Development. However, this would be his last salaried position before establishing ACB.

In 1993, Mr. Hung embarked on building his own financial empire by founding Asia Commercial Joint Stock Bank (ACB) with a charter capital of 20 billion VND. He served as the bank’s CEO and later as Chairman of the Board of Directors.

Under Mr. Hung’s leadership, ACB became the largest among joint-stock commercial banks. By 2005, the bank’s total assets amounted to 24,272 billion VND, far surpassing its closest competitor, Sacombank, with 11,369 billion VND. ACB’s market share in terms of capital mobilization and lending reached 3.5% and 1.72% of the industry, respectively, and 19.28% and 12.11% within the joint-stock commercial banking system.

The founder and his team led ACB to achieve significant milestones, including being the first joint-stock commercial bank to issue MasterCard credit cards (1996), the first bank to mobilize and lend gold (1998), and the first bank to conduct gold trading abroad…

The bank’s growth under Mr. Hung’s leadership attracted Standard Chartered Bank, which became a strategic shareholder of ACB in 2005. According to the 2007 prospectus, the bank’s charter capital had increased to over 1,100 billion VND by February 2006, a remarkable surge from its initial 20 billion.

Experienced Advisor after Son’s Success

Fifteen years after becoming ACB’s “captain,” Mr. Hung stepped down from the Board of Directors in 2008, assuming the role of management advisor. Before taking on this new position, he had witnessed ACB’s charter capital grow by over 1,100 billion VND during his 15 years with the bank.

However, a major turning point occurred in 2012 when a high-profile case involving ACB and businessman Bui Quang Kien came to light.

At that time, ACB was one of the most prominent joint-stock commercial banks in Vietnam, with total assets of approximately 256,000 billion VND on June 30, 2012. Yet, just a year later, this figure had plummeted to around 169,000 billion VND, and the bank was facing challenges such as bad debt and staff turnover.

In the midst of these difficulties, a swift restructuring of the bank’s leadership took place. ACB’s management underwent major changes, and Mr. Tran Mong Hung was asked by major shareholders to directly participate in managing and reviving the bank. However, Mr. Hung cautiously responded, “Whether or not I can provide support remains to be seen.”

The ACB founder believed, “Transparency and integrity are the paths we have chosen. ACB’s current difficulties are temporary. The bank has recently faced challenges. The task at hand is to find solutions to past issues and to enhance the bank’s professionalism to keep pace with economic growth.”

To assist in the bank’s recovery, Mr. Hung returned to the business world, not as the bank’s leader, but as an independent member of the Board of Directors. His son, Tran Hung Huy, was appointed as the bank’s Chairman of the Board of Directors—a position typically held by individuals older than 35. At the time, Huy was only 34, making him the youngest chairman of a bank in Vietnam.

Mr. Tran Mong Hung with his son, Tran Hung Huy.

With his father’s support, Huy swiftly revitalized ACB. Looking back over the past 12 years, under the guidance of the young chairman, ACB has risen from near collapse and maintained its position as one of Vietnam’s leading private banks.

From 2013 to 2016, the bank recorded steady profit growth following the incident. In 2017, ACB achieved a pre-tax profit of 2,656 billion VND, an increase of nearly 60% compared to 2016.

In 2018, ACB’s consolidated pre-tax profit surged by 140%, reaching 6,389 billion VND. By the end of 2022, the bank’s total assets had reached 607,875 billion VND, representing an almost 3.5-fold increase during the 10 years under Mr. Tran Hung Huy’s leadership.

Prior to his passing on April 25, the founder of ACB held the position of Deputy Head of the Risk Management Committee and did not own any shares in the bank. His son, Chairman Tran Hung Huy, owned over 133 million shares, equivalent to over 3.43% of the shares. Meanwhile, Ms. Dang Thi Thu Thuy, Mr. Hung’s wife, held over 46.39 million ACB shares, representing 1.19% of the bank’s capital.

On the day of Mr. Tran Mong Hung’s passing—a father, mentor, and colleague at ACB—Chairman Tran Hung Huy wrote:

“Farewell, my Father.

In life, I am incredibly fortunate to be your son—a great role model, my hero, and my lifelong teacher.

Throughout your life, you tirelessly dedicated yourself to your work, but your family knew that they always came first. You were strict, but you also loved, respected, and encouraged me to be independent and make my own choices. You empathized and understood every setback I faced. With patience, you taught me about life, human nature, business principles, and interpersonal relationships. You instilled in me the integrity to live, think, make decisions, and collaborate and partner in business.

But perhaps most simply, you were my Father!

I will continue on the path you set for me. Your legacy will be carried on by your children and grandchildren.”

Thao Van