Top news in Vietnam’s business world

Here are among the most notable business events reported recently.

The wife of billionaire Tran Dinh Long entered the list of the top 10 richest people on the stock market of Vietnam. Ms. Luong Thi Cam Tu was appointed Eximbank chair, and Doan Nguyen Duc's business may be delisted. These were among the most notable business events last week.

Chồng tỷ phú thép số một, vợ vào top 10 giàu nhất Việt Nam

Billionaire Tran Dinh Long, Chairman of Hoa Phat Group.

Ms. Vu Thi Hien, wife of billionaire Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat Group, has replaced Ms. Pham Thu Huong, wife of billionaire Pham Nhat Vuong, in the top 10 richest people on the Vietnamese stock exchange.

Ranked 10th on the Vietnamese stock exchange, Hien is the second richest woman on the Vietnamese stock exchange, just behind billionaire Nguyen Thi Phuong Thao, CEO of Vietjet, who is ranked No. 6 with assets of VND 34,328 billion.

Like other wives of Vietnamese USD billionaires, Hien's personal information is kept strictly confidential. She holds a fortune of up to VND 15,471 billion and more than 328 million shares of Hoa Phat group (HPG), equivalent to 7.3% of the group's charter capital.

Mr. Tran Dinh Long holds 26.08% of HPG's charter capital. The Dai Phong Trading and Investment Company Limited, where Long’s son Tran Vu Minh is the director, also has 2.1 million HPG shares.

Thus, the assets owned by Long's family at Hoa Phat Group are now over 1,500 billion shares, equivalent to 35% of the capital of this group.

Long and Hien are both major shareholders of Hoa Phat Group and hold the second and 10th positions respectively in the list of the richest people on the Vietnam stock exchange today. The total value of assets of the couple in HPG shares amounts to VND 70,500 billion.

Do Quang Hien's son in the top 100 richest in Vietnam

In the trading session on February 14, SHB shares of the Saigon - Hanoi Commercial Joint Stock Bank of Mr. Do Quang Hien fell nearly 6.8% to VND22,000/share, compared with VND23,600 /share in the previous session. The bank's capitalization decreased by nearly VND4,300 billion. The price drop caused the assets of Hien and his son Do Vinh Quang to plummet.

Hien's T&T Group currently holds 10% of SHB's shares, while his son Do Vinh Quang owns 2.74%, and Hien directly holds 2.54% of SHB's shares.

Although his assets decreased by nearly VND 120 billion in just one trading session, Hien's son - Do Vinh Quang – is still one of the top 100 richest people on the stock market with more than VND 1.6 trillion.

Quang became famous on the Vietnamese stock market in 2020 after suddenly buying a large amount of SHB shares at a bank owned by his father.

Previously, Quang had been known as Chairman of the Hanoi FC at the age of 25 and then the Chairman of the Trang Thi Trading and Service Joint Stock Company.

In early 2020, Hien’s youngest son spent several hundred billion VND to buy 35.9 million SHB shares by the order matching method.

Eximbank has new chair

Eximbank Chairwoman Luong Thi Cam Tu.

Eximbank has announced a new Chair of the Board of Directors. Ms. Luong Thi Cam Tu - a member of the Board of Directors - was elected to this position in the period of 2020-2025, replacing Mr. Yasuhiro Saitoh.

Previously, Tu was elected as a member of the Board of Directors in the second Annual General Meeting of Shareholders 2021 on February 15, with a rate of 62.2% of the votes.

Tu was born in 1980, holds a bachelor's degree in business administration from the HCM City-based Van Lang University, and a master's degree in business administration from Griggs University. Before joining Eximbank's board of directors in April 2018, Tu was the general director of Nam A Bank.

She was elected Chairwoman of the Board of Directors of Eximbank for the sixth term (2015-2020) replacing Mr. Le Minh Quoc, an independent member of the Board of Directors on March 22, 2019.

Doan Nguyen Duc’s company faces delisting

According to regulations, HAG shares are subject to mandatory delisting and transfer to the UPCoM because the company has suffered losses for three consecutive years. Recently, Duc's company has sent a petition to the State Securities Commission, the Vietnam Stock Exchange and the Ho Chi Minh City Stock Exchange to allow Hoang Anh Gia Lai to apply the challenging condition that if the semi-annual and full-year business results in 2022 are unprofitable, then the share will be delisted.

The company explained that Hoang Anh Gia Lai Group's production, business and restructuring situation has improved, with many outstanding loans and bonds have been paid off. Last year the group earned profits of more than VND 120 billion and this year's profit is expected to exceed VND 1,100 billion.

Currently, the securities agencies have not made an official announcement about Hoang Anh Gia Lai's proposal. However, this proposal is not consistent with the current legal provisions on the stock market.

Bao Anh