Savico shakes up management, appoints new board members with top credentials

Major auto dealership Savico has revamped its board of directors, appointing four new members with proven track records to take the corporation forward during its next development phase.

At an extraordinary general meeting of the Saigon General Service Corporation (Savico, HoSE: SVC) held on December 15, four incumbent directors appointed for the 2020-2025 term - Le Tuan, Nguyen Hoang Giang, Nguyen Huy Tuan, and Tran Van Hieu - announced their retirement with immediate effect.

Their replacements will enhance corporate governance, strengthen the company’s commitment to excellence, and set the next stage of sustainable growth, the corporation said in a release.

The newly appointed directors are Tran Thi Hong Bich, Tran Duc Huy, Do Quoc Tuyen, and Ho Viet Ha.

Tran Thi Hong Bich, 50, has more than 25 years of work experience at the forefront of automotive distribution, transportation, security, satellite communications, and data transformation. She established her credentials in the automotive industry by developing Toyota Lang Ha into the top dealership for Toyota Vietnam and Toyota Tsusho in the world. In doing so, she implemented the first enterprise resource planning (ERP) management system for car dealerships.

She has also served as business development director of Thales Group and president of KFC Vietnam. Before becoming the CEO of SVC Holdings, she was CEO of VinFast Europe and deputy CEO of VinFast. She has an MBA from the Henley Business School in the UK.

Tran Duc Huy, 48, has held important positions in both domestic and international corporations. He was general director of Saint-Gobain Vietnam, which specializes in manufacturing and distributing building materials solutions. Earlier, Huy was CEO of Vinh Tuong Industrial Corporation, a subsidiary of Saint-Gobain Vietnam.

Huy’s extensive management experience, knowledge, and skills have been honed at leading training organizations including the GMP Senior Leadership Program of Harvard Business School, the Senior Leadership training program of the Anderson Business School (UCLA), and the MIT Sloan School of Business.

He is a certified Business Administration Trainer (Corporate Governance Trainer) for the World Bank’s financial arm IFC. Huy has been recognized for making significant contributions to improving corporate governance for several companies using modern, practical management tools. A lifetime alumnus of the Harvard Business School, he has an MBA from the Maastricht School of Management (MSM Netherland).

Huy is currently the chairman of CMC JSC and vice chairman of Tasco JSC.

Ho Viet Ha, 46, appointed as an independent member to the Savico board of directors, has over 20 years of experience in senior executive positions at many leading national and international organizations.

Ha is currently CEO of Tasco JSC, chairman of Bac Au Automotive Corporation, a distributor for the Volvo luxury car brand. In addition, he has served as director of audit for KPMG Vietnam, CEO and board member in the field of high-end tourism development services, and chairman of the board of directors in the field of water infrastructure.

Do Quoc Tuyen, 40, has extensive experience in the automotive industry. Tuyen is currently chairman of SVC Holdings JSC, board member and general director of Savico Danang JSC, board member of Dana JSC (Dana Ford), board member of Son Tra Automotive Limited Company, and board member of Gia Lai Automotive One Member Company Limited.

Ho Viet Ha and Tran Duc Huy are independent board members.

With the leadership changes, the board of directors of Savico is composed of nine members with Mai Viet Ha serving as chairman.

The corporation achieved positive business results in 2022, thanks to the strong growth of the automotive market in Vietnam and the implementation of sound business strategies, Savico said in a release. Specifically, car sales are expected to reach 42,572 vehicles, up by 39% year-on-year.

Consolidated revenue is expected to exceed the annual target by 21% and reach VND20,998 billion ($889.56 million), up 48% year-on-year. In addition, the combined revenue of all subsidiaries and associates is expected to reach VND34,000 billion ($1.44 billion). Consolidated pre-tax profit is estimated at VND633 billion ($26.82 million), exceeding the annual plan by 147% and that of the same period last year by 152%.

Savico plans to set ambitious targets for breakthrough development in 2023 and the next five years. It plans to establish and implement a comprehensive automotive ecosystem, continue expanding its dealership network, invest in the used car and electric car market, bring in new car brands and focus on training and developing human resources to maintain the company’s position as the leading automotive distributor and premium service provider in Vietnam.

"The incumbent members of the board of directors with extensive experience in the automotive industry have guided Savico to achieve a pole position in the Vietnamese automotive market," the firm said.

The new members, armed with corporate governance expertise, extensive automotive industry experience, and international exposure are expected to provide the corporation with competitive advantages in achieving growth targets for the coming development period.

"The leadership appointments were part of a rigorous and comprehensive nomination and ratification process that occurs every four years," Savico added.