Le Hong Minh takes over chair at Vietnam’s first unicorn
Le Hong Minh, founder of VNG Corp – the first tech unicorn in Vietnam, has returned to the chair post of the company after undergoing turbulence.
Minh replaced Vo Sy Nhan as VNG’s chairman and legal representative on November 22, the company said in a Monday announcement, adding that Minh will step down as its CEO to meet legal requirements.
Le Hong Minh, chairman of VNG. Photo courtesy of the company.
Minh founded Vinagame, VNG’s predecessor, in 2004 and was honored as one of the 10 most influential internet leaders in Vietnam in 2007-2017, according to the announcement.
Minh, one of the largest shareholders of VNG, was chairman and CEO of the company from 2004 to 2022.
Vo Sy Nhan became VNG’s chairman in December 2022. He is now COO of Empire City, co-founder and CEO of GAWN NP Capital fund.
VNG said it earned revenue of VND6,982 billion ($274.64 million) and operating income of VND202 billion in the first nine months of this year.
VNG became the first tech unicorn in Vietnam in 2014 and was valued at $2.2 billion in 2019 by Temasek, an investment fund of the Singaporean government.
On September 6 this year, Ho Chi Minh City police searched VNG’s headquarters in District 7. Shares of VNG, traded on the UPCoM as VNZ, fell 13% to VND450,000 ($17.7) apiece before bouncing to VND470,000 in the afternoon trade.
In a release the same day, VNG said “the abrupt inspection was going on” and that VNG was cooperating with the police. “Operations at the company’s headquarters go on as usual,” it affirmed.
The next day, VNG announced the appointment of deputy CEO Kelly Wong as acting CEO.
Shares of VNG, traded on the UPCoM as VNZ, were up 0.5% at VND366,000 ($14.4) at 9:30 a.m. on Tuesday.
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