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Sons, daughters of famous businesspeople leave top posts

Some young sons and daughters from famous business families have unexpectedly resigned from their posts after gaining achievements.
Le Viet Hai (left) and Le Viet Hieu

Hoa Binh Construction Group (HBC) has released a resolution of the board of directors, approving the resignation of Le Viet Hieu, the son of president Le Viet Hai, from the post of CEO of the company. Since July 23, Hieu has been permanent deputy CEO.

Hieu piloted the leading construction corporation in the stock market for two years. The businessman born in 1992 was appointed to the post of CEO of HBC for a two-year tenure on July 23.

With the latest decision, Hieu is one of six deputy CEOs and a member of the board of directors of HBC. The listed company still has not announced the personnel for the post of CEO who will replace Hieu.

Over the last two years, under the management of Hieu, HBC did not have much prosperity in the context of a gloomy real estate market because of Covid-19. The profits of the company hovered around VND90-100 billion in 2020 and 2021, which was 15-20 percent of the years before.

The construction market also did not see positive signs in the first months of 2022 with the corporate bond market decreasing. Meanwhile, the State Bank of Vietnam (SBV) recently began tightening lending to the real estate sector. 

However, under the management of Hieu, HBC share prices at one time jumped from below VND10,000 per share to VND35,000. 

Meanwhile, Coteccons (CTD), the No1 rival of HBC, saw a worse share price performance. 

Cotocons was the No1 company in the construction industry. However, the internal battle of the company has forced share prices down. This allowed HBC to make a breakthrough and become the construction company with the highest capitalization value in the stock market.

HBC’s president Le Viet Hai recently stated that HBC will expand its operation beyond Vietnamese territory and it strives for revenue of $20 billion in the next two years (current revenue is $500 million a year).

Prior to that, Le Viet Hieu was expected to become the successor of Hoa Binh. Le Viet Hai, 64, conceded the post of CEO to his son in order to strictly observe the business administration principle that the chair of the board of directors must not concurrently hold the post of CEO of a public company.

Hieu studied abroad and has worked at HBC in different positions.

In mid-July 2022, Le Thu Thuy, the daughter of the well-known businesswoman Nguyen Thi Nga, president of BRG, resigned from the post of SeABank after five years in the post. However, she is still vice chair of the bank’s board of directors.

At present, deputy CEO Faussier Loic Michel Marc is managing SeABank while waiting for the official decision of the State Bank of Vietnam to appoint him to the post of CEO.

SeABank, under Thuy, made many positive changes. In March 2021, SeABank listed more than 1.2 million SSB shares at the HCM City Stock Exchange (HSX) with the reference price of VND16,800 per share. SeABank shares are now priced at VND32,000 per share and the bank has capitalization value of VND63 trillion.

SeABank is one of the medium-size banks with the strongest growth rates in recent years. The profit of the bank has increased many times, reaching the VND1 trillion threshold. Its charter capital also increased sharply from VND5.465 trillion in late 2018 to VND20 trillion.

In April 2022, Vo Quoc Loi, 34, the son of the boss Thang, resigned from the post of deputy CEO of Kien Long Bank though he is still a major individual shareholder of the bank, holding 4.7 percent of shares of the bank.

Loi has a master’s degree in business administration from London Business School and more than 10 years of experience in finance.

In recent years, many famous businesspeople have transferred their power and assets to the next generations. However, not all of them have succeeded. Both the father and son of the business family running the Tan Hoang Minh Group are in prison.

In early 2021, PNJ chair Cao Thi Ngoc Dung transferred 9.2 million PNJ shares (3.8 percent) to her daughter Tran Phuong Ngoc Ha. Another daughter, Tran Phuong Ngoc Thao, is a member of the board of directors.

Despite difficulties, private corporations still continue to make breakthroughs. Some of them are valued at billions of dollars and are driven by young emerging businesspeople.

Do Quang Vinh, the son of boss Hien, now holds 2.74 percent of SHB and is a member of the board of directors of the bank.

The extraordinary shareholders’ meeting of Kinh Bac Urban Development Corporation (KBC) in February appointed Dang Thanh Tam’s daughter to be a member of the board of directors. She concurrently holds the post of chair of Vinatex-Tan Tao Investment JSC.

Manh Ha

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