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Banking & Finance

HSBC Vietnam appoints first-ever Vietnamese CEO

Released at: 15:41, 04/12/2014

HSBC Vietnam appoints first-ever Vietnamese CEO

Bank announces Mr. Pham Hong Hai as new leader.

by Ha Anh

Mr. Pham Hong Hai has been officially unveiled as the new CEO of HSBC Bank (Vietnam) following approval from the State Bank of Vietnam, the bank announced today in a statement. Mr. Hai is the first Vietnamese national to head operations at HSBC in Vietnam.

He succeeds Mr. Sumit Dutta, who served as CEO from May 2011 through to July 2014 before moving to HSBC Indonesia. “It is a great honor to become the first Vietnamese CEO in the HSBC Group,” said Mr. Hai, who will assume the new position with immediate effect. “This is a proud moment not only for me but for all of the staff at HSBC Vietnam. I’m immensely grateful for the trust that our clients, my colleagues and the HSBC Group have placed in me.”

Mr. Hai, a well-known and respected figure in the country’s banking and finance sector, joined HSBC in 1995 before becoming the first Vietnamese national to be appointed Head of Global Markets at HSBC Vietnam in 2004 and then Head of Global Banking and Markets (GB&M) in 2012.

Mr. Pham Hong Hai, new CEO, HSBC (Vietnam)

Under his leadership GB&M developed into one of the largest and most highly-regarded businesses among foreign banks in Vietnam, assisting in facilitating numerous major deals such as the country’s first cross-currency swap in 2004, advising a leading State-owned bank in the country’s first Tier 2 bond issuance in 2006, and advising another top State-owned bank in executing its first international bond issuance in 2012, while most recently acting as the Joint Lead Manager and Joint Book Runner in issuing $1 billion worth of Vietnam sovereign bonds in 2014.

Mr. Hai received a personal Certificate of Merit for excellence from the Trade Union of the State Bank of Vietnam for his contribution to the country’s banking industry between 2011 and 2013, the bank noted in its statement. His local insight and international banking expertise makes him perfectly suited to not only promoting Vietnam in global markets and providing foreign investors with invaluable support but also in assisting Vietnamese corporations who have ambitions to expand internationally.

Regarding his short to long-term vision, Mr. Hai stressed the importance of HSBC’s unique position when assisting both Vietnamese and foreign clients in a globalized market. “Operating 6,200 offices across a global network of 74 countries and territories, HSBC offers expertise in both emerging markets and developed markets,” Mr. Hai said. “Vietnam is a country with great potential and innumerable opportunities and many Vietnamese companies are trying to forge international links. With our international connectivity, HSBC is ideally positioned to play a key role in the development of the country’s banking industry and economy.”

Mr. Hai holds a Bachelors Degree in Business Administration from the University of Economics in Ho Chi Minh City and a Professional Diploma in Financial Services from the Institute of Financial Services in the UK. “I am looking forward to working closely with our clients to apply HSBC’s international best practices and expertise to Vietnam and, ultimately, to help our customers achieve their financial objectives,” he said. “I greatly appreciate having such an excellent, hard-working and highly motivated team behind me. Together we are building a comprehensive platform for the sustainable growth of HSBC Vietnam, so we can deliver on HSBC Vietnam’s promise of being the best international bank in Vietnam.”

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