Vu Bach Yen and Dam Minh Duc on Wednesday were elected as the new chairperson of the board of directors and new general manager of Vietnam Construction Bank (VNCB), respectively, after being nominated for the posts two days earlier.

The nomination and election came after the bank's former leaders were detained on Tuesday.

Vu Bach Yen is a board member of the Construction Bank from February 2012, and is a major shareholder of the bank. Dam Minh Duc was previously deputy director of the Hanoi office of VNCB.

On July 28, the bank’s board of directors decided to dismiss Pham Cong Danh and Phan Thanh Mai from the positions of the chairman and general director of the bank.

Nguyen Phuoc Thanh, deputy governor of the State Bank of Vietnam (SBV), told Tuoi Tre that SBV has prepared a plan to support the bank financially if necessary after the three leaders of the VNCB were arrest.

SBV is also committed to support in liquidity for VNCB and ensure the safety of people's deposits in banks, Thanh said, adding that SBV also wants the bank’s depositors to keep calm and not to withdraw the money before maturity.

On Tuesday, Vietnamese police have detained three top executives of Ho Chi Minh City-based Thien Thanh Group Co., Ltd, including Pham Cong Danh, an ex-leader of the VNCB – for committing economic offences at the group.

Danh, 49, chairman of the board of members of Thien Thanh Group, a large construction and real estate group in Vietnam, and also the former chairman of the management board of VNCB.

 Police also arrested Phan Thanh Mai, 43, an ex-member of the board of members and general director of Thien Thanh, and Mai Huu Khuong, 31, an ex-member of the same board of members who was in charge of the financial activities of the group.

Police said they have commenced legal proceedings against the three men on charges of “deliberately acting against the State’s regulations on economic management, causing serious consequences,” pursuant to Article 165 of the Penal Code.