HSBC Vietnam has first local CEO Pham Hong Hai has become the first Vietnamese to serve as chief executive officer (CEO) of HSBC Bank (Vietnam) Ltd. following the approval of the State Bank of Vietnam and the HSBC Group.  The 40-year-old Hai succeeds Sumit Dutta, who served from May 2011 to July 2014 and has moved to HSBC Indonesia. Hai said in a statement that it is a great honour to become the first Vietnamese CEO in the HSBC Group. “This is a proud moment, not only for me, but for all of the staff at HSBC Vietnam,” Hai said. Hai, a well-known figure in Vietnam’s banking and finance sector, first joined HSBC in 1995 before being appointed the first Vietnamese national to head Global Markets at HSBC Vietnam in 2004 and Global Banking and Market (GB&M) in 2012. HSBC Vietnam said under Hai’s leadership, GB&M developed into one of the largest and most highly-regarded franchises among foreign banks in Vietnam. He assisted in facilitating numerous major deals, such as closing the first cross-currency swap in Vietnam in 2004, advising a top-tier State-owned bank for the country’s first Tier 2 bond issue in 2006, advising another top State-owned bank to execute its first international bond issue in 2012, and most recently acting as the Joint Lead Manager and Joint Book Runner to issue US$1 billion Vietnam sovereign bonds in 2014. The holder of Bachelor's Degree in Business Administration (the HCMC University of Economics) was awarded a Certificate of Merit for excellence from Trade Union of the State Bank of Vietnam for his contribution to Vietnam’s banking industry between 2011 and 2013. He also holds a Professional Diploma in Financial Services from the Institute of Financial Services in the UK. Hai described Vietnam as a country with “great potential and innumerable opportunities”. With its international connectivity, Hai believed HSBC is well positioned to play a key role in the development of Vietnam’s banking industry and economy. HSBC has been in Vietnam since it first opened an office in Saigon (now HCMC) in 1870. HSBC was the first foreign bank to launch its locally incorporated entity in January 2009 known as HSBC Bank (Vietnam) Ltd. The bank’s current network includes one transaction centre, one branch and five transaction offices in HCMC; one branch, three transaction offices and one deposit office in Hanoi; and four full-service branches in Binh Duong, Can Tho, Danang and Dong Nai, and one representative office in each of Haiphong and Vung Tau cities. SGT