Construction major Vinaconex chairman resigns
Dao Ngoc Thanh has stepped down as chairman of Vietnam’s leading construction firm Vinaconex for the 2022-2027 term due to "old age and long-term medical treatment".
The resignation was approved by the company’s board of directors on Friday.
Instead, Thanh will be chairman of Vinaconex's newly established strategy council, which is in charge of comprehensively researching and evaluating business activities, as well as proposing issues related to the strategy and development orientation of the corporation.
Vinaconex chairman Dao Ngoc Thanh. Photo courtesy of Vinaconex.
Thanh, 78, started working as a lecturer at the University of Civil Engineering in 1971. In 2003, he became more deeply involved in business affairs after the request of Vihajico Group chairman Luong Xuan Ha.
Since then, the name of Dao Ngoc Thanh has been associated with a series of large projects, most prominently the Ecopark Urban Area in the northern province of Hung Yen. Thanh used to be CEO of Viet Hung Investment and Development Joint Stock Company - the developer of Ecopark.
He was elected chairman of Vinaconex in 2019, representing the group of shareholders An Quy Hung which holds more than 57% of shares in this construction firm.
At that time, Thanh also played an important role in many other companies such as chairman of Contana Group (CSC) and vice chairman of Asia-Pacific Investment JSC (API).
Thanh's successor as chairman of Vinaconex is Nguyen Huu Toi. Toi is currently a board member and deputy CEO of Vinaconex. Previously, he was assigned by the board of directors to directly direct the implementation of construction projects using public investment capital that Vinaconex participated in.
This year, Vinaconex, listed on the Ho Chi Minh Stock Exchange as VCG, is gunning for VND15 trillion ($590 million) in consolidated revenue and VND950 billion ($37.3 million) in net profit, up 15% and 140% year-on-year, respectively.
The firm plans to hike its charter capital to VND7.18 trillion ($282.6 million) from the current VND5.34 trillion ($210.27 million). To implement the plan, it will issue 64.1 million shares, or 12% of its stake, for a 2023 dividend payout.
Last year, VCG reaped VND396 billion ($15.5 million) in net profit, down 57% year-on-year and equivalent to 46% of the year’s target. It earned VND12.96 trillion ($510.03 million) in revenue, up 35% year-on-year and reaching 79% of the plan.
At Friday’s close, VCG stood at VND18,300 ($0.72) per share.
- Related News
- Read More
Vietnam’s Top 10 fund managers control 95% of industry assets
Vietnam’s fund management industry remains highly concentrated despite steady growth over the past decade, with the country’s 10 largest asset managers controlling 95% of total assets under management, according to Viet Wisdom Fund Management.
Finance - Fri, June 19, 2026 | 9:51 am GMT+7
Two converging trends continue to drive FDI into Vietnam
Asian partners continue to dominate foreign direct investment (FDI) into Vietnam in the first five months of 2026, as both the wave of production diversification away from China and the ongoing restructuring of capital flows within ASEAN jointly generate additional momentum for investment inflows.
Investing - Fri, June 19, 2026 | 7:57 am GMT+7
Vingroup stocks surge as Vinhomes, Vincom Retail unveil 2025 dividend plans
Shares of companies affiliated with Vingroup rallied sharply on Thursday after Vinhomes and Vincom Retail announced plans to pay 2025 dividends, lifting the benchmark VN-Index despite broad weakness across the market.
Finance - Thu, June 18, 2026 | 9:09 pm GMT+7
SLP, J&T Express to develop automated logistics hub in southern Vietnam
Logistics infrastructure developer SLP Vietnam and courier company J&T Express have signed a strategic cooperation deal to jointly develop a large-scale automated sorting center in southern Vietnam, underscoring growing investment in logistics infrastructure as e-commerce demand accelerates.
Companies - Thu, June 18, 2026 | 4:54 pm GMT+7
Nearly 60 funds subscribe to Dien May Xanh IPO amid foreign investors' prolonged net selling
Nearly 60 domestic and foreign investment funds have registered to buy 166 million shares in the initial public offering (IPO) of Dien May Xanh, the electronics retail chain of Mobile World Group (HoSE: MWG).
Companies - Thu, June 18, 2026 | 4:40 pm GMT+7
Half of Swedish businesses operating in Vietnam plan investment expansion
The fact that 50% of surveyed Swedish businesses plan to increase investment in Vietnam in 2026 demonstrates their firm long-term confidence in the Vietnamese market.
Industries - Thu, June 18, 2026 | 1:53 pm GMT+7
Vietnam seeks deeper nuclear cooperation with Russia's Rosatom
Vietnamese Prime Minister Le Minh Hung called for expanded cooperation in nuclear energy with Russia's Rosatom, including support for Vietnam's planned Ninh Thuan 1 nuclear power plant, at a meeting with CEO Alexey Likhachev on Wednesday.
Energy - Thu, June 18, 2026 | 1:38 pm GMT+7
Vietnam PM backs expanded energy cooperation with Russia's Zarubezhneft
Vietnamese Prime Minister Le Minh Hung met with Sergei Kudryashov, CEO of Russian state oil company Zarubezhneft, on Wednesday and expressed support for expanding bilateral cooperation in oil and gas, offshore wind power and other energy projects.
Energy - Thu, June 18, 2026 | 12:26 pm GMT+7
Vietnam central bank proposes easing limit on short-term funds for long-term lending
The State Bank of Vietnam has proposed raising the maximum ratio of short-term funding that commercial banks can use for medium- and long-term lending from 30% to 40%, marking a reversal of years of tightening aimed at reducing maturity mismatch risks.
Banking - Thu, June 18, 2026 | 11:16 am GMT+7
EVNGENCO3 completes over 50% of year's profit target, accelerates investment in new power projects
Vietnam's Power Generation Corporation 3 (EVNGENCO3) has completed nearly 55% of its full-year profit target after the first five months of 2026, supported by resilient electricity demand and stable system operations, while stepping up investments in LNG-fired power, battery energy storage systems (BESS) and renewable energy projects.
Investing - Thu, June 18, 2026 | 8:17 am GMT+7
Vietnam Rubber Group plans capital hikes for listed subsidiaries as earnings climb
Vietnam Rubber Group (HoSE: GVR) plans to raise capital at several of its listed subsidiaries, starting with Phuoc Hoa Rubber, as the state-controlled giant seeks to strengthen its subsidiaries while benefiting from high rubber prices and expanding industrial park operations.
Companies - Wed, June 17, 2026 | 8:14 pm GMT+7
Vinhomes to cease land bank expansion in Vietnam, focus on capitalizing on existing projects
Vietnam’s largest listed property developer Vinhomes, a subsidiary of Vingroup (HoSE: VIC), will stop acquiring new land in the domestic market, shifting its focus toward developing its existing portfolio and extracting greater value from projects already under its control, chairman Pham Thieu Hoa said.
Companies - Wed, June 17, 2026 | 5:19 pm GMT+7
State-controlled machinery firm VEAM announces highest dividend payout in 4 years, stock listing still on hold
Vietnam Engine and Agricultural Machinery Corporation (VEAM) plans to pay more than VND6.96 trillion ($264.46 million) in dividends for 2025 at a payout ratio of 52.4%, its record high in four years, while its long-delayed stock exchange listing remains on hold due to unresolved legacy issues.
Companies - Wed, June 17, 2026 | 3:30 pm GMT+7
Aeon Mall Vietnam achieves double-digit growth in 2025, accelerates network expansion
Japan’s retail giant Aeon Mall continued to record strong growth in Vietnam last year while accelerating the expansion of its network in Danang, Thanh Hoa, Quang Ninh, and several other localities across the country.
Economy - Wed, June 17, 2026 | 2:53 pm GMT+7
Palm City project enters new development phase as Palm River subdivision launched
Nam Rach Chiec Company Limited, together with Huong Viet Properties, recently held the Palm City Urban Area kick-off ceremony and officially launched the Palm River subdivision, marking the beginning of a new development phase for the 30.2-hectare urban township in Ho Chi Minh City.
Real Estate - Wed, June 17, 2026 | 11:27 am GMT+7
Petrovietnam's assets top $44.8 bln in 2025, profit jumps 39%
Petrovietnam ended 2025 with total assets exceeding VND1,178 trillion ($44.8 billion), up nearly VND100 trillion ($3.8 billion) from a year earlier, while reporting a 39% increase in net profit and maintaining one of the country's largest cash positions.
Companies - Wed, June 17, 2026 | 8:00 am GMT+7
