HCMC-based Thuduc House appoints new CEO

Thu Duc Housing Development JSC has appointed Tran Thi Lien as general director, replacing Nguyen Hai Long who becomes its senior advisor.

Under the board of directors' decision, effective from last Friday, Lien will hold the position until the end of the term in 2025.

Long previously resigned "per his wish". He will become a senior advisor to the board of directors, the board chairman, and the general director.

Lien, with a bachelor’s degree in economics, is a newcomer at the company (also called Thu Duc House, HoSE:TDH).

Thu Duc House's senior personnel has been in constant turmoil since 2022. The company’s apparatus gradually became more stable after Nguyen Quang Nghia became chairman.

However, the first two CEOs after Thu Duc House had a new board of directors resigned after holding the position for less than a year.

Thuduc House is regularly subject to tax enforcement by the Ho Chi Minh City Tax Department due to violations in electronic component export activities during 2017-2019.

Its performance has since declined. In 2020 and 2021, the company suffered consecutive losses of nearly VND310 billion and VND890 billion ($35.11 million), respectively.

In 2022, the company earned a profit of only VND8 billion ($315,630). However, in 2023, it reported losses again.

In the first nine months of this year, it posted revenue of nearly VND36.7 billion ($1.45 million), down about half over the same period last year.

Thu Duc House recorded about VND755 billion ($29.79 million) in accumulated loss by the end of the third quarter.

On the Ho Chi Minh Stock Exchange (HoSE), TDH closed Friday at VND2,250 (8.9 U.S. cents).