Nguyen Bao Hoang (left) at a ceremony on Sept. 27. Photo: SGGP

Seven vice chairs were also selected, including Nguyen Quoc Quan, Ngu Duy Anh, Vu Quang Vinh, Huynh Trong Khai, Tran Van Hung, Nguyen Van Trang and Le Hoang Anh. VBF's general secretary is Dang Ha Viet.

"The key task of VBF in the next five years is very tough. We must exert our best effort together. We must turn basketball into the second-number Olympic sports in Vietnam and develop the basketball movement among the young people in Vietnam," said the new chair Bao Hoang.

Businessman Nguyen Bao Hoang, CEO of IDG Ventures Vietnam, has been a familiar face with Vietnam basketball for years. In 2011, he established the Saigon Heat - the first professional basketball team in Vietnam. The club has competed at the Southeast Asian basketball championships and brought fame to Vietnam.

In America, Hoang is known as an investor in sports. In October 2014 he and a group of investors spent about $100 million to acquire MLS - Chivas USA football club. 

In early November, the Vietnamese-born businessman became president of the Los Angeles FC (new name of Chivas USA) and plans to bring this club back to the MLS tournament in 2017.

Nam Nguyen