One of Vietnam's leading retail banks, Asia Commercial Bank (ACB), recently denied allegations of misconduct against its executives.
It is reported that rumors on social media claimed that a leader of the bank was involved in gambling and had transferred a large amount of funds abroad. In response, ACB firmly refuted these accusations, stating they are baseless and defamatory.
Source of Allegations and Bank's Response
The allegations were initially spread through a social media live stream, where an internet celebrity accused the ACB chairman of illegal activities. The bank immediately issued a statement, indicating that this misinformation severely damaged its reputation and the image of its leadership, and strongly denied the related accusations.
Potential Impact on Banking Stability and Public Confidence
The Central Bank of Vietnam issued a statement regarding the incident, noting that such false accusations could affect public trust in the banking sector and pose a threat to financial stability. ACB stated that the spread of rumors could trigger unnecessary panic, hence it has reported the matter to the relevant authorities and has begun gathering evidence to pursue legal responsibilities of those involved.
ACB Reaffirms Commitment to Transparent Operations
As one of Vietnam's top ten most profitable banks, ACB emphasizes its ongoing commitment to transparent and responsible management, adhering to its core mission of protecting the interests of customers, shareholders, and partners. The bank stated that these false statements are completely contrary to its core values and reassured stakeholders that it will continue to maintain its trust and credibility in the financial sector.
Background of the Gambling Industry in Vietnam
Gambling has historically been illegal in Vietnam, with few exceptions such as the national lottery. However, in recent years, the gambling industry has gradually been legalized and is under strict regulation.
In 2011, Vietnam introduced the national lottery, marking the beginning of legal gambling locally. With economic growth and increasing entertainment demands, the scope of legal gambling has gradually expanded.
In 2017, Vietnam issued a decree allowing locals to gamble in designated casinos and provided policy support for legal sports betting. By 2023, Vietnam's lottery was permitted to trial international football sports betting, reflecting the society's growing acceptance of the gambling industry.
Despite this, illegal gambling platforms and cross-border gambling still prevail, reflecting that local demand has not been fully met.
Conclusion
This incident with ACB highlights that in the rapidly developing financial and entertainment industries in Vietnam, the impact of rumors and false accusations cannot be ignored. ACB reaffirmed its commitment to maintaining financial stability and public trust, and stated it will fully cooperate with investigations to protect its reputation.
