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Mr. Duong Van Bac
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NVL introduces Mr. Bac, a graduate of the Master of Finance and Banking (MEBF) program at CFVG. With over 17 years of experience in finance and real estate, his expertise lies in valuation, capital raising, and investment. He has held several senior management positions in finance, M&A, and real estate development.
According to NVL, Mr. Bac played a pivotal role in successfully restructuring most of the company’s existing debts, including foreign, domestic, and bond debts. Concurrently, he optimized new capital sources to restart projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, and several projects in Ho Chi Minh City.
Prior to taking on the additional role of Deputy General Director, Mr. Bac served as NVL‘s Chief Financial Officer since August 2023. From May to August 2023, he acted as the Director of the Finance and Accounting Department at NVL. During his 8-month tenure with NVL in 2023, Mr. Bac earned a salary of over VND 1.6 billion. Currently, Mr. Bac does not hold any shares in NVL.
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“The time is ripe for high-speed rail investment, given Vietnam’s current standing and potential,” asserted Nguyen Danh Huy, Deputy Minister of Transport.
Rearing in Revenue: The Ministry’s Mandate?
The Vietnamese government has made significant strides in reforming state capital investment management. One notable change is the decision to no longer manage second-tier enterprises and reduce the number of enterprises requiring the Prime Minister’s approval for leadership appointments. These moves signify a shift towards greater autonomy for businesses and a streamlined decision-making process. However, a point of contention remains: how should state-owned enterprises distribute profits when the state does not hold a substantial amount of capital in these businesses? This question sparks an important debate, highlighting the need to balance state involvement and enterprise independence.
