Mr. Nguyen Hoang Hai, Acting CEO of Eximbank
On November 28, the Vietnam Export Import Bank (Eximbank) held an extraordinary General Meeting of Shareholders (GMOS) in Hanoi. One of the agenda items that attracted the most attention from shareholders was the proposal to relocate the bank’s head office to Hanoi.
As per the plan submitted by Eximbank’s Board of Directors, the bank will relocate its head office from the 8th floor, Office No. L8-01-11+16, Vincom Center, 72 Le Thanh Ton, Ben Nghe Ward, District 1, Ho Chi Minh City to a new address at 27-29 Ly Thai To Street, Ly Thai To Ward, Hoan Kiem District, Hanoi.
It is understood that the address at 27-29 Ly Thai To Street is a complex of hotels, commercial services, and leased offices invested by the Gelex Group. This project is commercially known as Fairmont Hanoi. In April 2024, Central Construction Joint Stock Company coordinated with Gelex to hold a roof-sealing ceremony for this project, which is one of Gelex’s key projects with a prime location.
Addressing shareholders’ concerns about the impact of the head office relocation on the interests of employees in the Southern region, Mr. Nguyen Hoang Hai, Acting CEO of Eximbank, said: “This year marks Eximbank’s 35th year of operation, mainly in Ho Chi Minh City and the Southern region. Eximbank has a customer base of 2.4 million, which has not grown over the past decade. Meanwhile, our competitors, who started from a lower position than Eximbank, have far surpassed us.”
Mr. Hai also emphasized: “Eximbank is the Joint Stock Commercial Bank for Foreign Trade of Vietnam, not just Ho Chi Minh City or the Southern region. Therefore, we want to expand our brand presence nationwide.”
According to the Acting CEO of Eximbank, in addition to expanding the brand’s reach to the North, the bank also aims to focus on sectors that will experience strong growth in this region in the near future, including not only finance but also logistics, transportation, infrastructure, and industrial park services.
Mr. Hai believes that the development in the Southern market over the past 35 years has reached a saturation point. In contrast, the Northern market, along with the bank’s strategy to expand its branches and business locations, presents an opportunity for Eximbank to catch up with its peers within 3-5 years through new business strategies “instead of remaining stagnant with 2.4 million customers and a false sense of pride in our strength.”
Mr. Nguyen Hoang Hai also shared that Eximbank currently employs 6,300 people, of whom 1,890 work at the Ho Chi Minh City head office.
“Relocating the head office to Hanoi will double Eximbank’s ability to seize opportunities and develop its market presence in the Northern region. We will not make any decisions that negatively impact the interests of our dedicated employees. However, those with malicious intentions, acting against the organization’s interests, or causing harm or suspected harm to Eximbank will be automatically removed from the bank,” Mr. Hai emphasized.
“Additionally, there have been numerous unfounded rumors circulating in the market, creating a negative psychological impact on Eximbank’s staff and resulting in tangible losses. The bank is currently working with authorized agencies to assess the damages and identify the responsible individuals,” the Acting CEO further informed.
Regarding the project at No. 7 Le Thi Hong Gam, Mr. Hai stated that the total investment for this project was VND 3,000-4,000 billion. “The Eximbank management has chosen a better option, which is to focus on business operations before considering the construction of a new head office,” he said.
Vice Chairman Tran Tan Loc addressed shareholders’ concerns about the costs already incurred for the construction of the head office at Le Thi Hong Gam. He explained that the costs related to the construction of No. 7 Le Thi Hong Gam in previous terms were incurred by the previous Boards of Directors.
According to Mr. Loc, if the head office relocation proceeds and the construction of the head office at No. 7 Le Thi Hong Gam is discontinued, the Board of Directors will review the files with the partner and negotiate reasonable costs to avoid losses for the bank. In case of any damages, they will be calculated and handled according to legal regulations, whether due to subjective or objective factors.
“Anyone who causes losses due to subjective factors will be handled according to legal regulations,” Mr. Loc emphasized.
Following the vote, the Eximbank GMOS approved the proposal to change the location of the head office with 1,016 million shares, representing 58.73% of the shareholders in favor and 713 million shares or 41.23% against.
However, the two proposals to amend and supplement the Articles of Association to align with the change of the head office location and to terminate the investment in the Eximbank head office project at No. 07 Le Thi Hong Gam were not approved. Both proposals received 58.73% approval and 41.23% disapproval.
As these are crucial issues, the approval of more than 65% of the shareholders representing the total number of shares entitled to vote is required for these proposals to be passed. The remaining proposals only need the approval of more than 51% of the total number of shares entitled to vote.
