According to a document sent to the Hanoi Stock Exchange (HNX) on September 10, VNG clarified that Le Hong Minh continues to serve as the company's CEO. Wong Kelly has not been appointed to replace Minh but is instead supporting operations and safeguarding shareholder interests.

VNG confirmed that Le Hong Minh has not submitted a resignation letter, maintaining his position as the legal representative of the company. VNG's management and operations remain uninterrupted.

In a press release on the evening of September 6, VNG stated that Wong Kelly, Vice President of the company, would assume the role of Acting CEO to ensure stability and operational efficiency.

The dual leadership structure - where both an Acting CEO (Wong Kelly) and a CEO (Le Hong Minh) are in place - has raised investor concerns about who legally represents the company and whether this arrangement complies with regulations.

Nguyen The Truyen, Director of Thien Thanh Law Firm, explained that under Vietnam’s 2015 Enterprise Law, a company is permitted to have multiple legal representatives. Therefore, having two leaders does not breach any legal requirements.

Wong Kelly, who also serves as Vice President of VNG’s Online Games division, manages the company’s gaming operations and contributes to business strategy development. He has 17 years of experience across multiple sectors in Vietnam, having held senior roles such as Vice President of KIDO Group, Chairman of Red Wok Investment, and CEO of Ho Chi Minh City Securities (HSC).

Originally from Hong Kong and holding Canadian citizenship, Wong Kelly studied at the University of British Columbia and McRae Management Academy at Capilano University in Canada.

Le Hong Minh, the founder of VNG, is credited with turning the company into a tech unicorn, leading the development of products like Zalo and ZaloPay, along with popular games such as Vo Lam Truyen Ky. He remains VNG’s largest individual shareholder.

Before selling 3.4% of his shares to BigV in August 2023, Minh held nearly 12.3% of the company’s shares.

Founded in 2004 as VinaGame with an initial capital of 15 billion VND, VNG has grown to become one of Vietnam’s leading tech firms, valued at over 2 billion USD at its peak. The company was listed on Upcom in early 2023, with shares reaching over 1.56 million VND per share in February of the same year, though they are currently valued at 409,600 VND per share. VNG’s peak market capitalization was 2.3 billion USD, while it currently sits at around 12 trillion VND.

Manh Ha