Vietnam firms see wave of leadership reshuffles ahead of AGMs

A wave of senior management reshuffles has swept across many Vietnamese companies including brokerages, ahead of the 2026 AGM season, with changes ranging from board chairs to executive leadership.

From brokerages such as MB Securities, FPT Securities and KAFI Securities to corporates including Airports Corporation of Vietnam (ACV), Duc Giang Chemical Group (DGC), and Vinaconex, leadership changes have been widespread.

At some firms, key executives stepped down voluntarily, while others have undertaken near-complete board overhauls ahead of AGMs.

Brokerages reshuffle leadership

At MB Securities or MMS (HNX: MBS), shareholders approved business plans at its AGM on March 26, after which the board appointed vice chairman and CEO Phan Phuong Anh as chairman, replacing Le Viet Hai, who will take on the roles of chairman and CEO at MB Ageas Life Insurance.

At FPT Securities or FPTS (HoSE: FTS), chairman Nguyen Van Dung submitted his resignation earlier this year "for personal reasons", with shareholders set to vote on his dismissal and the appointment of a replacement.

Similarly, KAFI Securities (KAFI) on March 18 said chairman Le Quang Trung had stepped down, with the matter to be presented at its AGM on April 9 in Ho Chi Minh City.

An Binh Securities replaced its entire board, appointing new members including Vu Khanh Linh, Nguyen Quang Dat, Vu Thi Hai Nga, and Tran Viet Dung in a sweeping governance overhaul. Vu Khanh Linh, born in 1993, is the daughter of Vu Van Tien, chairman of An Binh Bank or ABBank (UPCoM: ABB).

At DNSE Securities, shareholders approved the resignation of a board member and elected Dau Ha Lam, a technology executive at Capella Group.

This personnel change occurred in the context of Capella's ownership restructuring, which resulted in it becoming a direct shareholder of DNSE with a 9.8% stake.

Specifically, EnCapital Holding acquired all of Capella's stake in Encapital Financial Technology Company. Subsequently, Capella purchased the rights to become a direct shareholder.

Meanwhile, LPBank Securities added four board members, including Nguyen Xuan Thai, as it prepares for a planned IPO of a maximum 142 million shares and Ho Chi Minh Stock Exchange (HoSE) listing. Thai is the son of Nguyen Duc Thuy, former chairman of LPBank.

Corporate leadership changes amid investigations

Several major companies have been forced to reshuffle leadership due to legal investigations involving senior executives.

At Duc Giang Chemical Group (HoSE: DGC), authorities detained chairman Dao Huu Huyen and other board members, leaving the company with fewer directors than legally required. The firm has called an extraordinary shareholders’ meeting on May 8 to appoint new board members.

At Vinaconex, the company replaced its chairman in February, appointing Tran Dinh Tuan to ensure operational continuity after its former chairman was later detained by authorities.

Airports Corporation of Vietnam (ACV) also moved to stabilize governance, appointing a new legal representative after its chairman and another senior executive were detained as part of an investigation into alleged bidding violations.

The leadership reshuffles come as Vietnam’s corporate sector navigates heightened regulatory scrutiny and prepares for AGMs that will set strategic direction for the year ahead.