SeABank (SSB) Names Tran Thi Thanh Thuy Chairman, Cuts 2025 Profit Target 15%

Overview

SeABank (HOSE: SSB) has elected Tran Thi Thanh Thuy as Chairman of the Board of Directors, effective 22 October, following the resignation of Le Van Tan, who is set to become the bank’s Chief Executive Officer. In the same announcement, the bank lowered its 2025 pre-tax profit target by 15%, from VND 7,068bn to VND 6,008bn, citing the interest-rate environment and State Bank of Vietnam-directed debt-relief measures.

Key Facts

• Tran Thi Thanh Thuy, born 1965, was elected Chairman effective 22 October; she joined SeABank in 2015 and previously served as Deputy General Director before joining the board for the 2023-2028 term.
• Outgoing Chairman Le Van Tan resigned to take the CEO role, succeeding Le Quoc Long, whose three-year term ends in November; the appointment is pending State Bank of Vietnam approval.
• The 2025 pre-tax profit target was cut 15%, from VND 7,068bn to VND 6,008bn.
• SeABank left its other 2025 targets unchanged: total asset growth of 10%, deposit mobilisation growth of 23% and credit growth of 17%.
• The board has eight members, including two independent directors and three foreign nationals.
• Thuy holds a Master’s degree in Economics and has nearly 40 years in banking and finance, including 26 years at Vietcombank in foreign exchange, correspondent banking and priority client services.
• The announcement was made in a press release on the afternoon of 23 October.

What Happened

SeABank said its board elected Tran Thi Thanh Thuy as Chairman with effect from 22 October, after accepting the resignation of Le Van Tan. Tan is moving to the CEO position, replacing Le Quoc Long, whose three-year term concludes in November. The bank said it is completing procedures to obtain State Bank of Vietnam approval for Tan’s appointment as CEO. The disclosure was made in a company press release issued on the afternoon of 23 October.

In the same release, SeABank said it had voluntarily reduced its 2025 pre-tax profit plan by 15%, from VND 7,068bn to VND 6,008bn. Management described the cut as a proactive and prudent but necessary step, citing lower lending rates and efforts to ease difficulties for businesses and households in line with State Bank of Vietnam guidance. The bank did not change its targets for total asset growth of 10%, deposit mobilisation growth of 23% or credit growth of 17%. The release did not disclose the reason for the specific size of the profit revision beyond the rate and debt-relief context.

Market Context

SSB closed at VND 16,650 on 23 October, the same day the leadership and profit-target announcement was published. The stock trades on HOSE within the Vietnamese banking sector, which has been sensitive to the State Bank of Vietnam’s easing stance and to lenders’ willingness to absorb lower margins in support of credit growth. SeABank’s decision to hold its 17% credit growth target while cutting its profit plan implies a deliberate trade-off between volume expansion and near-term earnings, a posture increasingly common among Vietnamese banks navigating the current rate environment.

Strategic Significance

The board transition consolidates a management reshuffle that keeps Le Van Tan inside the bank’s leadership while separating the chairman and CEO roles, and installs a career banker with deep foreign exchange and correspondent banking experience at the top of the board. For long-term holders, the more consequential signal is the profit revision: SeABank is prioritising balance-sheet expansion and policy alignment over near-term earnings, which may pressure return metrics but supports asset growth and franchise positioning. The unchanged 17% credit growth target suggests management expects volume to offset margin compression, a thesis that will be tested over the coming quarters.

What to Watch

• State Bank of Vietnam approval of Le Van Tan’s appointment as CEO, expected around the November end of Le Quoc Long’s term.
• Third-quarter and full-year 2025 results, to gauge whether the VND 6,008bn pre-tax profit target is met and how net interest margin evolves.
• Credit growth data against the 17% target and deposit growth against the 23% target.
• Any further revision to the profit plan or to the unchanged asset, funding and credit targets.
• Disclosure of the final board composition and committee assignments under the new chairman.