Asia Commercial Bank (ACB), one of Vietnam’s leading retail banks, has issued a statement denying allegations of misconduct involving a senior executive. According to local reports, rumours circulating on social media claimed that an ACB leader was involved in gambling and transferring substantial sums of money abroad. The bank categorically refuted these claims, describing them as baseless and defamatory.
The allegations surfaced through a social media livestream, where an influencer accused the bank’s chairman of illegal activities. ACB responded swiftly with a statement addressing the misinformation, asserting that it harms the dignity and reputation of the bank and its leadership.
Impact on banking stability and public confidence
On its official statement, ACB highlighted the broader implications of these false allegations, warning of their potential to disrupt public confidence in Vietnam’s banking sector. Such rumours, the bank noted, could create unnecessary concern and even affect financial stability.
To mitigate these effects, the bank said it has reported the matter to relevant authorities for investigation. It has also begun collecting evidence to ensure that those responsible for spreading the rumours are held accountable under Vietnamese law.
Commitment to transparency and responsible management
ACB also reaffirmed its commitment to transparent and accountable operations. The Southeast Asian bank emphasised its focus on protecting the rights and interests of its customers, shareholders, and business partners. As one of Vietnam’s top ten most profitable banks, ACB said its reputation for stability and reliability is a cornerstone of its operations.
The bank assured stakeholders it remains dedicated to maintaining trust and credibility within the financial community. The leadership also reiterated that the false claims do not reflect the organisation’s core values or practices.
Gambling in Vietnam
For much of its modern history, gambling in Vietnam was illegal, with limited exceptions like the state lottery. However, recent years have seen shifts, allowing for a more structured and legalised gambling sector.
The state lottery, operated since 2011, marked the beginning of legal gambling for Vietnamese citizens. Initially, this was a modest enterprise, but it coincided with Vietnam’s economic growth, spurring increased disposable incomes and a burgeoning demand for entertainment, including gambling.
Despite these changes, Vietnamese citizens seeking larger thrills often had to cross borders or engage with illegal online gambling platforms. Casinos within Vietnam, such as those catering exclusively to foreigners, were insufficient to meet local demand.
A turning point came in 2017 with Decrees No. 03/2017/ND-CP and No. 06/2017/ND-CP, which allowed locals to gamble in select casinos and laid the groundwork for legal sports betting. In 2023, Vietnam Lottery was licensed to pilot sports betting for international football, reflecting the growing acceptance of gambling as a legitimate industry.
Subscribe to SiGMA’s Top 10 News countdown and SiGMA’s weekly newsletter to stay up to date with all the latest iGaming News from the biggest iGaming community in the world and benefit from subscriber-only offers.
