Vietnam’s major affordable housing developer Hoang Quan appoints new CEO

Hoang Quan Real Estate Consulting-Trading-Services JSC (HoSE: HQC), a leading affordable housing developer in Vietnam, has appointed Nguyen Long Trieu as its new general director, effective from Monday.

Trieu, born in 1984, replaces Nguyen Thanh Phong, who had served as CEO since 2020.

Prior to this appointment, Trieu was deputy general director from mid-2018, with direct oversight of the company’s business operations.

He also holds the position of general director at Hoang Quan Can Tho Real Estate Investment Company, an affiliated unit in which Hoang Quan owns a 39% stake.

Hoang Quan primarily focuses on real estate development, with a strong emphasis on social housing projects.

For 2024, the company is targeting revenue of VND1,000 billion ($38.4 million), with 80% expected to come from its 1,642-unit social housing project in the southern province of Tay Ninh.

It aims to achieve an after-tax profit of VND70 billion ($2.68 million), its highest in the past decade.

The company’s management board has set a goal to complete at least 5,000 social housing units this year. In addition to social housing, Hoang Quan plans to expand into commercial real estate, industrial parks, resorts, and niche markets such as cemetery parks.

To streamline project approvals, the company is prioritizing acquisitions of projects that already have full legal documentation. It also plans to identify and renovate aging apartment buildings in Ho Chi Minh City and nearby provinces.

On the Ho Chi Minh Stock Exchange, HQC shares closed Tuesday at VND3,220 ($0.12) apiece.