Nguyen Thanh Phuong denies Ecopark, acquisition rumors

Nguyen Thanh Phuong denies Ecopark, acquisition rumors

Nguyen Thanh Phuong, a 32-year-old chairwoman of Viet Capital Bank, has accused reactionary blogs of fabricating rumors that she exploited her family connections to co-develop a controversial project in northern Vietnam and stage a bank acquisition in May.

She made her denial during an interview published Friday on the Dau Tu Chung Khoan website, an online newspaper managed by the Vietnamese Ministry of Planning and Investment.

Tuoitrenews provides the English translation of her Vietnamese interview with the newspaper as follows:

You were successful at an early age so it is said that you have intertwined your own advantages with your business career?

I have never thought that I have already succeeded in my career. In my opinion, when people come from a prominent political family they would never be seen as a normal person, even though it [politics] is associated with a particular period of time and office term, not lasting for good. Getting noticed by the multitude always entails strict, and even perfectionist, viewpoints and public opinions. This not only creates high pressure but it also negates all the efforts of an individual.

I have got used to the pressure that comes from my family background since I was at school. Whenever I got good grades, people would then implicitly attribute my good grades to the privilege of being the daughter of a senior official. Whenever I was given bad grades, they would talk behind my back that I neglected academic studies because I relied on my connections. I do not deny that I have certain advantages but those who do business in this country will surely know whether it is easier for officials’ children. I have met with many difficulties, and even disadvantages, and tried very hard to be patient enough to continue my career path. A person who often comes under the spotlight will certainly be careful not to create a negative representation of herself and her family. Recently, I felt extremely tired from a myriad of vicious rumors and slanders that stemmed from things not related to me in any way.

What do you say about rumors that you are involved in the Ecopark project and the acquisition of Sacombank [in late May]?

Ecopark is a project in Van Giang District (Hung Yen Province [in the north]) which is undertaken by a northern developer. It is Viet Hung Urban Development and Investment Joint Stock Company (Vihajico) which registered its business in Hung Yen in 2003. However, several reactionary blogs have cooked up stories to allege my involvement in the project after seeing me represent Viet Capital Fund to found Viet Hung Real Estate Development Joint Stock Company in cooperation with Refico, a property firm, in Ho Chi Minh City in 2009 in order to participate in a project there. A lot of online forums then intentionally turned me into a scapegoat for what had happened in Van Giang just because of two identical names “Viet Hung.” The distribution of these made-up stories was incredibly fast and after a while people started rumoring and inflating it even though I had confirmed that Viet Capital Fund and I had nothing to do with Ecopark, be it direct investment or finance arrangements. The developer Vihajico even issued a press release to assert that the two firms are different and I am not related to that project. But it was a pity that few newspapers published this piece of information.

What about allegations that you stood behind the acquisition of Sacombank?

As you all may know, Sacombank is a major lender with a big registered capital, a large number of shareholders, and a wide network. So people would assume that only socially-influential and financially-powerful groups can control or acquire it. Based on that assumption which is supported by their knowledge that I am working in the finance – banking sector and have wide-ranging connections, they [reactionary blogs] concocted a story of me staging the acquisition. But I insist that Viet Capital Bank and I neither partake in this takeover nor hold any Sacombank share in any form, direct or indirect. We did not provide help in the form of relationships either. I believe it is not difficult to verify all of this. Le Hung Dung, board chairman of Eximbank [the acquirer], more than once confirmed as an insider that Viet Capital Bank and I are completely not involved in the dealings in any form.

I think people will soon know of many things about Sacombank. But to tell the truth, the preconception that a grand transaction must be clinched or backed by an impressive name has unknowingly tarnished many people’s reputation. It has evolved into prejudice and my case is no exception. But I believe that time will clear me of all the allegations and the truth will tell it all in the end.

Can you talk about your stakes at Viet Capital Bank?

I am its largest individual shareholder, who owns 4.9 percent of its stake. The information on ownership and banking operations is regularly reported to the State Bank of Vietnam as required. I was appointed to the board of directors, and named board chairwoman under the approval of the central bank in late 2011. Currently, Viet Capital Bank is a publicly owned lending institution with nearly 2,000 stakeholders.

How did you feel when you faced those accusations? And how did your family share the pressure with you?

I think no matter what I follow, even if it is not business, pressure is inevitable on account of social strictness and supervision. Imagine that if I followed a political path, would anybody think that people would take less notice of me? So I have been prepared to be confronted with these problems since I decided to do business. A normal person would feel tired and afflicted by groundless rumors but allegations aimed at statesmen’s families will be even more devastating. I have done nothing against the law or my conscience, which acts as a base for me to stand firm before ugly rumors. I am gradually getting used to those pressures. As for my families, from nuclear to extended ones, they are filled with love and trust.

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