Vietnamese steel magnate Le Phuoc Vu, chairman of Hoa Sen Group, will postpone plans to become a monk in 2026-2027 over many “unrealized plans” and spend time training his youngest daughter, his heir apparent.
At the annual general meeting of shareholders (AGM) in Ho Chi Minh City on Monday, Vu declared his intention to leave his assets and duties to his youngest daughter, born in 2001. Hoa Sen Group is listed on the HCMC Stock Exchange (HoSE) as HSG.
At last year's AGM, Vu had disclosed his intention to become a monk in 2026-2027 and prepare his successor. However, due to the group's many unimplemented plans and succession difficulties, the renunciation had to postponed, he said.
Vu and his colleagues (members of the group's board of directors) met with a tycoon to whom he intended to sell his shares and delegate responsibility for the group's future development. However, following discussions, members of the group's board of directors deemed it unsuitable.
After debating other solutions, the board of directors felt that Vu should delegate power to one of his children.
Vu has three children, namely Le Hoang Vu Tri, Le Hoang Dieu Tam, and Le Hoang Dieu Thien. After “careful contemplation,” Vu chose his youngest daughter, currently studying abroad.
He said she was an honest person, a good student praised by her teachers and had acquired two university degrees. The choice of Thien was also approved by the board of directors.
"After finishing school, she will return to the corporation and start small, as an accountant or office worker with a 10-year practice period. If she does not wish to inherit after 10 years, we will look at other options," Vu said.
Vu, a Binh Dinh native, was born in 1963. He established Hoa Sen in 2001 with an initial charter capital of VND30 billion ($1.21 million), 22 workers, and three branches. The group currently has a capital of VND6,160 billion ($249.2 million), and Vu personally owns 104.8 million HSG shares, accounting for 17.02% of the total.