Vietnam plastics heavyweight Tien Phong appoints CEO for 2025-2029

Board member Chu Van Phuong has been reappointed CEO of Hai Phong-based Tien Phong Plastic JSC for the 2025-2029 tenure.

Previously, Phuong had been selected to hold the position in January 2019.

At a ceremony to hand over the reappointment decision to Phuong on Saturday, chairman Dang Quoc Dung praised his significant contributions to the company, particularly in driving revenue and profit growth.

Phuong has also made remarkable contributions to strengthening the company's position in the domestic market and its expanding into the regional and global markets, he added.

Dung expressed his belief that Phuong would lead Tien Phong Plastic to new breakthroughs and significant achievements in the coming years.

In his speech, Phuong committed to further leveraging the company’s strengths, fostering international partnerships and promoting automation while ensuring stable jobs for employees.

In 2024, Tien Phong Plastic recorded its highest profit in recent years. It is focusing on digital transformation, green transition projects, and social welfare initiatives, according to Dung.

From producing children's toys, Tien Phong Plastic JSC, one of the long-standing and largest plastic manufacturers in Vietnam, shifted to manufaturing plastic pipes to meet the development needs of the country during its reform period, which started in 1986.

The firm, listed on the Hanoi Stock Exchange (HNX) as NTP, is famous for its plastic pipe products, with market share of up to 37%.

Tien Phong Plastic is looking for other growth drivers. Its current goal is not only to dominate the domestic market but also to reach out to the world by partnering with large domestic and foreign corporations.

Specifically, it plans to shake hands with Minh Phu Seafood Corp to approach the aquaculture industry and develop new products to serve this field; and cooperate with PC1 Group JSC on its projects.

The company will also team up with Japan’s Sekisu Chemical - a major shareholder - in technology to develop plastic products serving water supply and drainage in Vietnam in particular and Southeast Asia in general, while providing products for Japanese ODA-funded projects in the field of water infrastructure.

On the HCMC Stock Exchange, NTP closed Monday at VND63,900 ($2.51) per share.