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Vietnam's entrepreneurial 'bosses': how are they doing?

There are several famous entrepreneurs in Vietnam who are called “boss”, including Vo Quoc Thang, Tran Dinh Long, Doan Nguyen Duc and Nguyen Duc Thuy.
Hoa Phat President Tran Dinh Long

Boss Vo Quoc Thang

Dong Tam JSC of Chairman Vo Quoc Thang has reported VND1.938 trillion revenue, 2.55 percent growth rate, total assets of VND6.948 trillion for 2021, up by 5.5 percent and profit of VND110.8 billion, up 26.5 percent year on year.

The company plans to earn VND2.3 trillion net revenue, post-tax profit of VND225 billion and to pay a dividend of 12 percent in 2022.

At present, major shareholders hold 61,325,052 shares, or 90.279 percent of voting shares, while more than 100 other investors own 9.721 percent of voting shares. Dong Tam no longer satisfies the requirement to be a public company.

Dong Tam will have to report to the State Securities Commission (SSC) and submit documents canceling the status of a public company to ensure compliance with the law.

Boss Doan Nguyen Duc

Hoang Anh Gia Lai Group (HAG) of Chairman Doan Nguyen Duc has reported a 150.6 percent growth in revenue in H1/2022, reaching VND2.03 trillion, and post-tax profit of VND522.84 billion, up VND514.53 billion year on year.

However, HAG still incurred a high accumulated loss of VND3.938 trillion, equal to 42.5 percent of its charter capital.

HAG was among the largest groups in Vietnam in 2008-2016 and boss Duc was the richest businessman in Vietnam’s stock market.

However, the company’s performance has not been good in recent years. It is facing the risk of being delisted on the HCM City Stock Exchange (HOSE). Financial reports show that HAG took a loss for four years, in 2017-2020. It made a profit of VND126.5 billion in 2021, but the accumulated loss was still at VND4.432 trillion.

This May the State Securities Commission (SSC) decided to suspend HAG share transactions for five months and paid a VND3 billion fine for not informing authorities about its sale of 20 million HNG shares. 

The 2021 financial report showed that HAG is lending hundreds of billions of dong to individuals who are related parties of the company. Duc is borrowing VND100 billion.

Boss Nguyen Duc Thuy

Boss Thuy, the founder of Thaiholdings, is known as a "big guy" in football and the owner of Xuan Thanh Group.

Thaiholdings used to be a subsidiary of Thaigroup, but then acquired 204 million Thaigroup shares (81.6 percent of charter capital) to become the parent company.

Thaiholdings has made remarkable moves in business. Thaigroup has invested VND300 billion together with Xuan Thien ThanhHoa 2, and VND300 billion together with Xuan Thien Thanh Hoa 3 to run pig farming.

In Q2, Thaiholdings transferred the capital contributed by Bai Thom – Phu Quoc Investment Trade and Service (it was previously Thaispace). 

In May 2022, Boss Thuy registered to sell 87 million THD shares of Thaiholdings (24.97 percent of shares), worth VND4.8 trillion on June 1-30, 2022.

Boss Tran Dinh Long

In Q/ 2022, Hoa Phat Group earned VND37.714 trillion revenue and VND4.023 trillion post-tax profit, a decrease of 60 percent year on year. In H1, it obtained VND82.118 trillion revenue and VND12.229 trillion profit, down by 27 percent year on year.

It plans to obtain consolidated revenue of VND160 trillion this year, and profit of VND25-30 trillion, or 30 percent lower than 2021.

Long said that the conditions of the steel industry are unfavorable. Meanwhile, steel remains the major business field of Hoa Phat, making up 95 percent of revenue and 98 percent of profits.

As the profits dropped sharply in the first half of the year, HPG share price fell from VND36,000 to VND22,000.

Duy Anh


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