Vinhomes chairman appointed CEO of VinSpeed

Pham Thieu Hoa, chairman of Vinhomes, has been appointed CEO of VinSpeed, a newly established company specializing in railway construction.

Hoa officially assumed the CEO position at VinSpeed on October 15. He concurrently continues serving as chairman of Vinhomes, according to the national business registration portal.

Vinhomes is a leading property developer in Vietnam and a subsidiary of Vingroup.

Born in 1963 in Ha Nam province, Hoa holds a master’s degree in business administration. From 2003-2005, he was deputy director of sales at Technocom Group, the instant noodle manufacturer founded by billionaire Pham Nhat Vuong in Ukraine - the predecessor of Vingroup. He later held several senior management roles across Vingroup’s subsidiaries.

In February 2018, Hoa became deputy CEO for project development at Vinhomes, before being appointed CEO in 2019 and later chairman in May 2022.

VinSpeed, founded by billionaire Pham Nhat Vuong in May 2025, focuses on railway infrastructure construction and production of locomotives and carriages.

Vuong holds 51% of the company’s shares, while his two sons - Pham Nhat Quan Anh and Pham Nhat Minh Hoang - each own 1%.

The remaining stakes belong to Vietnam Investment Group (VIG) with 35% and Vingroup with 10%. The company’s charter capital currently stands at VND15 trillion ($569.52 million).

In addition to appointing its new CEO, VinSpeed is set to acquire 243.4 million VIC shares of Vingroup from Hung Long Real Estate Management and Investment JSC following a merger between the two entities. After the transaction, VinSpeed will hold 378.1 million VIC shares, equivalent to 9.77% of Vingroup’s outstanding shares.

Hung Long Real Estate was formerly known as VMI Real Estate Management and Investment JSC, a company founded by Vuong in October 2022. The firm pioneered a fractional real estate investment model, primarily involving properties within the Vingroup ecosystem.

In May 2025, VinSpeed submitted a proposal to invest in Vietnam’s North-South high-speed railway project. The behemonth project will have an estimated investment of VND1,562 trillion ($60.24 billion), excluding costs related to compensation, relocation support, and resettlement for land clearance. It is scheduled for completion by 2030.

VinSpeed commits to mobilizing 20% of the total investment capital, equivalent to $12.27 billion. For the remaining 80%, excluding costs related to compensation, relocation support, and resettlement for land clearance, the company proposed borrowing from the state budget, through zero-interest loans, repayable over a 35-year period from the disbursement date.