New Vinamilk chairwoman welcomes fresh challenge

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New Vinamilk chairwoman welcomes fresh challenge

Vietnam News - 7/30/2015 9:43:19 AM

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Le Thi Bang Tam, an independent director of the Viet Nam Dairy Products Joint Stock Company (Vinamilk), is its new chairperson after Mai Kieu Lien, who was named by Forbes as being among the top 50 powerful business-women in Asia in March, resigned on July 25.

Tam, 68, became a director in April 2013.

Tam spoke to the media about her new position.

How do you feel to be in the highest position at two businesses in such disparate sectors as dairy and banking?

Yes, I work for two different sectors, but I think there will be no problems because the basic thing is my working method. In my new position, I will try to complete the missions that shareholders and management of Vinamilk assign to me.

n As soon as you took over as chairwoman of Vinamilk at 68, there were comparisons in the market between your age and the former chairwoman's age of 63. What is your opinion?

Vinamilk is a shareholding company and not a State-owned enterprise, and so there are no regulations stipulating old people cannot become chairperson. The most important things are capability and health. The second most important is what the shareholders think. They carefully consider the ability of candidates before choosing their chairperson.

Mai Kieu Lien's resignation as chairwoman was not due to her age as market rumours claimed. The main reason is that regulations do not allow the chairperson of the board of directors to also hold the post of CEO.

After resigning as chairwoman of Vinamilk, Lien will continue to be the company's CEO. I think she will be the best CEO for Vinamilk.

You represent the State's stake in Vinamilk through the State Capital Investment Corporation (SCIC). Do you, a former chairwoman of SCIC, still represent SCIC's interests?

I am an independent member and so I must perform the correct role. The final goal is good production and business results at Vinamilk. If any shareholder creates difficulties in achieving that goal I will not support that shareholder.

I am determined to do everything in the interests of Vinamilk. If the company does better, all shareholders will benefit, including SCIC as the State's shareholder at Vinamilk.

How will changes in personnel in the board affect the price of Vinamilk's shares?

I think there will be no problems unless shareholders do not have trust in my performance as chairwoman.

Regarding the share price, as you have seen since July 26 the changes have not had much effect on the price of Vinamilk shares.

In fact, I am still a member of the board of directors and Mai Kieu Lien is still Vinamilk CEO.

All Vinamilk targets, strategies and plans will be implemented as the leaders of the company promised shareholders at the annual general meeting.

My responsibility is to work together with the CEO to implement those targets, strategies, and plans.

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