Vinaconex, Vietjet have new CEOs

Vietnamese construction heavyweight Vinaconex has appointed deputy CEO Pham Thai Duong as CEO, while private carrier Vietjet appointed Nguyen Thanh Son, a board member, as CEO.

Duong replaced Nguyen Xuan Dong who resigned from Vinaconex's CEO position effective from Tuesday. He had served as CEO since the end of 2018. Duong was also appointed as legal representative.

Previously, An Quy Hung - a company where Dong served as chairman and CEO, spent VND7.4 trillion ($280.77 million) to acquire nearly 58% of Vinaconex’s shares from the State Capital Investment Corporation (SCIC).

The newly appointed CEO Pham Thai Duong holds a degree in civil engineering and an MBA. He was appointed as deputy CEO of Vinaconex in late February.

Recently, Vinaconex (HoSE: VCG) has experienced several changes in senior personnel. In mid-February, the corporation elected Tran Dinh Tuan as chairman of the board, replacing Nguyen Huu Toi. In early March, the company announced that former chairman Toi and deputy CEO Duong Van Mau had been detained on allegations of bidding violations.

To replace the two detained board members, Vinaconex elected Nguyen Hai Dang and Le Phung Hoa. These candidates were nominated by Pacific Holdings, a shareholder owning more than 45.1% of Vinaconex.

Established in 1988 under the Ministry of Construction, Vinaconex is one of Vietnam’s long-standing construction and real estate enterprises. The firm has participated in many large-scale infrastructure, industrial, and civil projects nationwide before its equitization. It began restructuring after state divestment six years ago.

For 2026, Vinaconex targets revenue of VND15.42 trillion ($585.07 million), down 22% compared to 2025. The company expects after-tax profit to decrease by 73% to VND1.04 trillion ($39.46 million).

Despite the projected sharp decline in profit, Vinaconex has proposed maintaining a 16% dividend for 2025, including 8% in cash (VND800 or $0.03 per share) and 8% in shares. This policy is expected to continue in 2026.

Under the stock dividend plan, the corporation plans to issue approximately 51.7 million shares from undistributed after-tax profits, increasing charter capital from nearly VND6.47 trillion ($245.49 million) to about VND6.98 trillion.

In Q1/2026, Vinaconex recorded net revenue of over VND3.42 trillion ($129.76 million), up 32% year-on-year. Of which, construction revenue rose 18% to nearly VND2.35 trillion, while real estate revenue reached nearly VND437 billion, 5.6 times higher than the same period last year.

Financial income also surged 400% to over VND234 billion ($8.88 million). Total financial, selling, and administrative expenses increased 49% to more than VND246 billion.

As a result, after-tax profit reached over VND353 billion ($13.39 million), up 176% year-on-year. After the first three months, the company has completed 24% and 36% of its respective revenue and profit targets.

Vietjet leadership changes

The board of directors of Vietnam’s first private carrier Vietjet (HoSE: VJC) has approved the appointment of Dinh Viet Phuong, a board member, as first vice chairman for the 2022-2027 term.

The board has also appointed Nguyen Thanh Son, another board member, as CEO of Vietjet, replacing Phuong, effective April 29, 2026.

This senior leadership restructuring aims to implement the company’s 2025-2030 development strategy, with the goal of becoming a modern multinational aviation group with sustainable growth in the international market.

Established in 2007, Vietjet has grown into a multinational aviation group, operating across Vietnam, Thailand and Kazakhstan, with a fleet of more than 130 aircraft and orders for 576 next-generation planes.

In 2025, Vietjet carried 28.2 million passengers and reported revenue of VND82 trillion ($3.11 billion). The carrier contributed more than VND10 trillion ($379.4 million) to the state budget through direct and indirect payments.