Vietnam agri major HAGL appoints new CEO
Agricultural giant Hoang Anh Gia Lai (HAGL) appointed Nguyen Xuan Thang as its new CEO and legal representative Wednesday, replacing Vo Truong Son, who had occupied the position since 2015.
Nguyen Xuan Thang, new CEO and legal representative of Hoang Anh Gia Lai Group. Photo courtesy of the company.
The company said in a statement that Son had resigned for personal reasons.
Thang, 47, who has worked for HAGL since 2007, holds a bachelor's degree in economics.
The personnel change was taking place in the context of the company restructuring its business and financial operations, it added.
Since September 2023, HAGL, listed on the Ho Chi Minh Stock Exchange (HoSE) as HAG, has been selling its assets to pay off debt.
At an investor meeting at the end of 2023 in Ho Chi Minh City, HAGL chairman Doan Nguyen Duc revealed that the company had sold the Hoang Anh Gia Lai Hotel last year for VND180 billion ($7.37 million) and transferred shares of the Hoang Anh Gia Lai - University Medical Center in the fourth quarter of 2023.
During the year, it also paid off debts of VND750 billion ($30.7 million) to Eximbank and received a total interest reduction of VND1 trillion ($41 million).
In 2023, HAGL recorded net revenues of nearly VND7 trillion ($286.6 million), up 36% year-on-year, and net profit of more than VND1.8 trillion ($73.7 million), the highest level in the last 13 years.
Regarding a plan to issue 130 million shares via private placement, Duc said all procedures have been completed and the company was waiting for a response from authorities.
He also said the company will raise its durian cultivation area to 2,000 hectares this year, with crops ready for harvest in over 300-400 hectares in Vietnam and Laos.
As of December 31, 2023, HAGL’s liabilities stood at VND14.8 trillion ($605.9 million), with long-term debt decreasing by more than VND1 trillion to VND4.2 trillion.
Duc expressed hope that with an effective business strategy, the company will clear accumulated losses this year and be clear of debt by 2026.
The company’s HAG ticker closed Wednesday at VND13,150 ($0.54) per share.
- Related News
- Read More
Making home ownership accessible again: Nam Long ADC chairman
Following the success of delivering over 10,000 affordable homes (EHome) and social housing units (EHomeS) in southern Vietnam, Nam Long ADC – a member of Nam Long Group – is strategically expanding this pioneering model to the northern market. Steven Chu, chairman of Nam Long ADC, provides an insight into this strategic move.
Executive Talk - Wed, June 11, 2025 | 2:00 pm GMT+7
Vietnam, France sign energy, mineral cooperation deals
Vietnamese and French agencies signed two cooperation documents in energy and minerals in Paris on Tuesday (local time).
Economy - Wed, June 11, 2025 | 12:19 pm GMT+7
Spain willing to cooperate with Vietnam in high-speed railway development: Spanish PM
Spain, which boasts the world's second-longest high-speed railway system, is ready to cooperate and share expertise with Vietnam in this field, said Spanish Prime Minister Pedro Sanchez.
Infrastructure - Wed, June 11, 2025 | 11:02 am GMT+7
Vietnam's leading construction materials maker Viglacera projects 21% revenue hike in 2025
Viglacera, Vietnam's leading producer of building materials, targets VND14.44 trillion ($555.12 million) in revenue for 2025, up 21% from last year.
Companies - Wed, June 11, 2025 | 10:38 am GMT+7
Vietnam’s first LNG power plants to begin commercial operation this year
Nhon Trach 3 and 4, Vietnam’s first LNG-fired power plants, are expected to begin commercial operations this year, according to a new ministerial decision.
Energy - Wed, June 11, 2025 | 10:00 am GMT+7
Europe-Asia Industry Cooperation Forum to take place in Hanoi today
The Vietnam's Association of Foreign Invested Enterprises (VAFIE), in association with F&H International Industry, will organize the Europe-Asia Industry Cooperation Forum in Hanoi today.
Economy - Wed, June 11, 2025 | 7:30 am GMT+7
Thailand's SCG Packaging becomes sole owner of Vietnam's leading plastics firm Duy Tan
SCG Packaging Public Company Limited (SCGP), a subsidiary of Thailand's multi-sector giant SCG, has acquired an additional 30% stake at Duy Tan JSC, becoming the sole owner of the leading producer of rigid plastic packaging products in Vietnam.
Companies - Tue, June 10, 2025 | 10:53 pm GMT+7
VinaCapital fully divests from Vietnam’s private hospital chain Tam Tri
The Vietnam Opportunity Fund (VOF), managed by VinaCapital, has announced its full divestment from local hospital chain Tam Tri Medical, according to a filing with the London Stock Exchange.
Finance - Tue, June 10, 2025 | 4:43 pm GMT+7
CapitaLand breaks ground on its first luxury low-rise project in northern Vietnam
Singapore's CapitaLand Development (CLD) has broken ground on The Fullton, a luxury low-rise residential development with a gross development value of approximately $800 million.
Real Estate - Tue, June 10, 2025 | 4:26 pm GMT+7
Vietnam’s major affordable housing developer Hoang Quan appoints new CEO
Hoang Quan Real Estate Consulting-Trading-Services JSC (HoSE: HQC), a major affordable housing developer in Vietnam, has appointed Nguyen Long Trieu as its new general director, effective from Monday.
Real Estate - Tue, June 10, 2025 | 4:00 pm GMT+7
US Cargill announces exit from aquafeed business in Vietnam
Cargill, one of the leading animal feed producers in the U.S., has withdrawn from the aquafeed business in Vietnam, said Maxime Hilbert, interim general manager for aqua nutrition at Cargill Thailand & Vietnam.
Industries - Tue, June 10, 2025 | 3:26 pm GMT+7
USD price likely to hit record high of VND26,300 in Q3, drop to VND26,100 in Q4: UOB
Singaporean bank UOB on Monday said its updated forecasts on the USD/VND exchange rate are VND26,300 per USD in Q3/2025; 26,100 in Q4/2025; 25,900 in Q1/2026; and 25,700 in Q2/2026.
Economy - Tue, June 10, 2025 | 2:38 pm GMT+7
Four pillars set stage for Vietnam private sector breakthrough: expert
The four resolutions recently issued by the Politburo, Vietnam's highest decision-making body, mark a critical turning point, opening up major opportunities for Vietnam’s private sector to thrive, said Tran Du Lich, former director of the Ho Chi Minh City Institute of Economics.
Economy - Tue, June 10, 2025 | 12:37 pm GMT+7
How Vietnam’s functional food market evolves
With the presence of major domestic and international brands, along with strong government efforts to dismantle counterfeit product rings, Vietnam's functional food market is expected to continue its upward trajectory in the coming time.
Economy - Tue, June 10, 2025 | 12:18 pm GMT+7
Visa introduces Click to Pay in Vietnam for online shopping experience 'transformation'
Visa has introduced Click to Pay with leading banks and payment facilitators in Vietnam - the first market in Southeast Asia to see the solution that aims to transform online shopping experience.
Finance - Tue, June 10, 2025 | 8:48 am GMT+7
Vietnamese banks leverage national data integration to reach customers
Banks in Vietnam are developing fully digital lending services, enabling customers to apply for and receive loans entirely through online platforms.
Banking - Mon, June 9, 2025 | 11:28 pm GMT+7
