Starting in Binh Duong Province

Quoc Cuong Gia Lai JSC has announced an update to its 2024 Annual General Meeting agenda, appointing Nguyen Quoc Cuong as the new General Director, succeeding his mother, Nguyen Thi Nhu Loan, who has been detained for investigation.

This leadership change follows a recent indictment and detention of Loan as part of an expanding investigation into the management and use of land at 39-39B Ben Van Don, District 4, Ho Chi Minh City. To date, 17 individuals have been indicted in this case.

Nguyen Quoc Cuong, 42, initially known for his role in Quoc Cuong Gia Lai JSC, had previously served as a board member, Deputy General Director, and spokesperson for the company. Before his departure, Loan and her children held over VND 1,100 billion ($46.2 million) in Quoc Cuong Gia Lai shares, with Loan owning VND 800 billion, daughter Nguyen Ngoc Huyen My holding nearly VND 400 billion, and son Nguyen Quoc Cuong possessing VND 4.2 billion.

Building a new career

Since leaving Quoc Cuong Gia Lai JSC, Cuong has embarked on a new business path, starting with Chanh Nghia Quoc Cuong Joint Stock Company, now known as C-Holdings, in September 2018. Initially, the company specialized in real estate in Binh Duong with a registered capital of VND 1,169 billion ($49 million). Quoc Cuong Gia Lai JSC owned 74.68% of the company’s shares, with the remainder held by two private individuals.

Within four months, Quoc Cuong Gia Lai JSC’s stake in C-Holdings was reduced to 30.84%, and the company’s capital was adjusted to VND 428 billion. By February 2019, Cuong had become the legal representative and General Director of C-Holdings, with his wife, Dam Thu Trang, joining the board.

C-Holdings primarily focuses on real estate in Binh Duong province and has developed two residential projects in Thu Dau Mot City: C-Sky View and The Maison (formerly C-River View). While C-Sky View has been completed and handed over, The Maison remains on the market. However, C-River View faced construction suspension and penalties due to unauthorized building practices in late 2021 and early 2022.

Financial records indicate that C-Holdings experienced a loss of nearly VND 9 million in 2018 and over VND 10 billion in 2019. Despite these losses, the company’s total assets grew significantly to VND 1,160 billion by the end of 2019.

In addition to real estate, Cuong and his wife have ventured into the food and hospitality industry with the C.TAO Chinese Restaurant chain, which operates four locations in Ho Chi Minh City, Da Nang, and Vung Tau. Cuong also launched "Aerowash - Proper Car Wash" in Thu Duc City in 2019, catering to high-end and luxury vehicles.

Furthermore, Nguyen Quoc Cuong founded C-Travel Gia Lai in 2019, a tour operator where he holds a 45% stake, expanding his business footprint into travel and tourism.

Anh Phuong