HANOI – A prominent Vietnamese businessman and sports leader, Mr. Luu Tu Bao, Chairman of the Vietnam Boxing Federation (VBF), has reportedly been "out of contact" for several days while traveling in the United States, causing significant turmoil and uncertainty for the numerous enterprises connected to him.
Concerns mounted after both Mr. Bao's family and colleagues in Vietnam were unable to reach him through any means of communication. He was believed to be in the U.S. for a series of private business meetings. The sudden lack of contact has sparked widespread speculation and has had an immediate and tangible impact on the market value and operations of his companies.
Mr. Bao is a well-known figure in Vietnam, not only for his leadership in national sports but also as the chairman of a major diversified holding company with interests in real estate, logistics, and technology. His primary enterprise, the "Bao Invest Group," saw its stock price plummet in trading on the Ho Chi Minh Stock Exchange (HOSE) following the news. Investors reacted nervously to the leadership vacuum, prompting a sell-off driven by fears of operational instability.
In a statement, the board of Bao Invest Group sought to reassure stakeholders. "The daily operations of the company continue to be managed by our experienced executive team. We are actively monitoring the situation and are in close contact with Mr. Luu Tu Bao's family. We hope for his swift and safe return."
Despite these assurances, several high-value projects linked to the group are now under a cloud of uncertainty. Partners and creditors are reportedly seeking clarification on the company's short-term leadership and strategic direction in Mr. Bao's absence.
The Vietnam Boxing Federation has also been left grappling with the unexpected situation. In an emergency meeting, the VBF's Vice Chairman was appointed as the acting head to handle daily affairs and ensure that preparations for upcoming national and international tournaments are not disrupted.
"We are deeply concerned by the news regarding Chairman Luu Tu Bao," a VBF spokesperson said. "He has been a pivotal force in the development of boxing in our country. For now, our priority is to maintain stability within the federation and continue our work for our athletes. We are all praying for his safety."
The circumstances surrounding Mr. Bao's loss of contact remain unclear. His family has reportedly sought assistance from diplomatic channels, and relevant authorities in both Vietnam and the United States have been notified. However, no official details regarding an investigation have been released to the public.
The incident highlights the significant risks associated with "key man" dependency in business, where a company's stability and market perception are heavily tied to a single individual. As the business community and the sports world await further information, the dual concerns for Mr. Bao's personal well-being and the future of his extensive business and sporting interests continue to grow.
