Trinh Van Tuan: The man behind PC1’s rise and the unexpected turn at the end of his career

Trinh Van Tuan’s career reflects the rise of an engineer-turned-businessman who helped expand PC1 into one of Vietnam’s notable infrastructure and energy groups. But at the closing stage of his career, an unexpected legal turmoil is now casting uncertainty over the future not only of Tuan himself, but also of the company shaped by his influence for more than 20 years. The Investor's Duc Trong reports.

After more than two decades at PC1, Trinh Van Tuan was widely regarded as the architect behind the company’s transformation from a traditional power construction contractor into a diversified conglomerate spanning energy, real estate, industrial parks and mining.

Yet as the company’s expansion journey remained unfinished, an unexpected legal setback has become the biggest turning point in the career of the businessman born in 1958.

From electrical engineer to architect of PC1’s diversification

In Vietnam’s infrastructure and energy sector, Trinh Van Tuan’s name has long been associated with the rise of PC1 Group JSC, formerly known as Power Construction No.1.

Graduating as an electrical systems engineer, Tuan spent years working in the power industry before taking on corporate leadership roles. In 2005, when PC1 was equitized, he was appointed chairman and CEO, marking the beginning of a sweeping restructuring process at the company.

Previously focused mainly on building transmission lines and substations, PC1 gradually expanded into complementary sectors capable of generating more stable and long-term cash flows under Tuan’s leadership.

One of the company’s biggest strategic shifts was into energy development. PC1 invested in a series of hydropower and wind power projects in central Vietnam and the Central Highlands, creating recurring revenue streams from electricity generation instead of relying solely on the cyclical construction business.

At the same time, the company expanded into residential real estate projects in Hanoi before moving into industrial park development to capitalize on supply chain relocation trends and rising foreign direct investment into Vietnam.

Notably, PC1 also ventured into nickel and copper mining in Cao Bang province, seeking a foothold in the raw material supply chain for batteries and electric vehicles, a sector seen as having significant long-term growth potential.

In 2016, PC1 was listed on the Ho Chi Minh Stock Exchange (HoSE), marking a new phase of rapid expansion in both asset size and market position.

Before the latest developments, Trinh Van Tuan and related individuals collectively held around 24% of PC1’s charter capital, including more than 13% directly owned by Tuan himself, underscoring the close link between the company’s top leader and its long-term strategy.

People who worked with Tuan often described him as pragmatic, decisive and cautious. At shareholder meetings, he frequently presented business strategies himself and was known for his detailed grasp of the company’s finances and project progress.

He repeatedly stressed that a business “cannot stand on one leg,” reflecting his belief that PC1 needed diversified revenue streams to reduce dependence on any single sector. That philosophy became the foundation for the group’s multi-sector development model.

The combination of stable electricity generation income with growth drivers from construction, real estate and mining became a hallmark of Tuan’s management style.

Even at PC1’s annual shareholder meeting in April 2026, he reiterated plans to expand investment in major infrastructure projects, signaling ambitions to push the company into a new growth cycle.

Legal setback and leadership vacuum at PC1

What shocked the market was that the developments came just as PC1 had announced plans to accelerate investment activities.

Shortly after the company’s 2026 annual shareholder meeting, PC1 shares began falling sharply, with repeated sessions hitting the daily lower limit amid heavy selling pressure.

On May 16, PC1 disclosed extraordinary information regarding the launch of legal proceedings against chairman Trinh Van Tuan along with several executives and employees. According to the company, the individuals are being investigated for alleged “violations of accounting regulations causing serious consequences” and “embezzlement.”

Earlier, the HoSE had reminded PC1 over delays in publishing its Q1/2026 financial statements. The company attributed the delay to its accounting and finance department working with investigators.

The news of the legal proceedings came as a major surprise to investors, as Trinh Van Tuan was viewed not merely as an executive but as the driving force behind PC1’s diversification strategy for more than 20 years.

For the market, the biggest challenge may not only be short-term stock price volatility, but also maintaining continuity in management strategy, particularly in long-cycle investment sectors such as energy, mining and industrial parks — businesses closely associated with Tuan’s personal vision.

PC1 said it is cooperating with authorities and plans to hold an extraordinary shareholder meeting in July to consolidate its senior leadership structure.

However, investors believe the void left by Trinh Van Tuan will not be easily filled. After more than two decades leading the company, his role extended beyond that of chairman and became deeply intertwined with PC1’s overall direction.