Former Coteccons Deputy CEO Pham Quan Luc Elected Chairman of Ricons
This Aveluro analysis covers CTD (Xây dựng Coteccons) in the Construction & Materials sector. The classified event type is leadership change, with neutral sentiment and a deterministic market-impact score of 5.0/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Follow this event and trade Vietnam stocks
Use the broker guide to compare Vietnam market access before acting on this news.
Aveluro may earn a commission from broker partners. Market data and broker availability can change; confirm access before opening an account.
Overview
Pham Quan Luc, former Deputy CEO of Coteccons (CTD), has been elected Chairman of the Board of Directors at Ricons, a construction company within the ecosystem of Nguyen Ba Duong. The leadership change at Ricons, announced in late May 2026, brings a seasoned executive from CTD’s former management team to a key role in a rival group, potentially reshaping competitive dynamics in Vietnam’s construction sector.
Key Facts
- Pham Quan Luc, born 1974, was elected Chairman of the Board of Directors at Ricons for the new term.
- Tran Quang Quan was appointed Chairman of the Strategic Council, and Nguyen Hieu was named General Director of Ricons.
- Luc previously served as Deputy CEO of Coteccons from October 2020 until October 2024, when he was reassigned to lead Coteccons Business Unit 01.
- He left Coteccons in September 2025 after nearly 20 years with the company.
- Luc had earlier served as Deputy CEO of Ricons from 2014 to 2018.
- Ricons is part of the Newtecons ecosystem, which also includes SOL E&C, all linked to former Coteccons Chairman Nguyen Ba Duong.
- CTD shares closed at 73,800 VND on May 27, 2026, down 0.40% on volume of 1,092,500 shares.
What Happened
Ricons announced its new senior leadership team for the upcoming term, with Pham Quan Luc elected as Chairman of the Board of Directors. Tran Quang Quan takes the role of Chairman of the Strategic Council, and Nguyen Hieu becomes General Director. The company stated that the new leaders are experienced personnel with long tenure in the system and deep operational knowledge.
Luc’s appointment has drawn attention in the construction industry. He was a key figure at Coteccons under Nguyen Ba Duong, rising through roles from site commander to Deputy CEO. After the 2019 leadership upheaval at Coteccons, when many senior executives left to build the Newtecons ecosystem, Luc remained. He was appointed Deputy CEO in October 2020, shortly after Duong’s departure as Chairman. In October 2024, he was moved to head Coteccons Business Unit 01, focusing on infrastructure and public investment. He left Coteccons in September 2025.
Market Context
CTD shares traded at 73,800 VND on May 27, 2026, with a slight decline of 0.40% on moderate volume. The stock has been influenced by the broader construction sector’s performance and company-specific developments. Ricons, as a private company not yet listed, does not have a direct market price, but its management changes are closely watched due to its ties to the Newtecons group, which competes with CTD in the construction market.
Strategic Significance
The appointment of a former high-ranking Coteccons executive to lead Ricons underscores the ongoing realignment of talent within Vietnam’s construction industry. Luc’s deep experience in infrastructure and public investment projects could strengthen Ricons’ capabilities in these segments, potentially intensifying competition for CTD. The move also signals that the Newtecons ecosystem is consolidating its leadership to pursue growth, possibly ahead of a future listing for Ricons. For CTD, the departure of a veteran to a rival group may affect its own strategic execution, particularly in infrastructure.
What to Watch
- Any announcements from Ricons regarding new project wins or capital raising plans.
- CTD’s next quarterly earnings report to assess impact on revenue and market share.
- Potential listing timeline for Ricons, which has previously faced delays.
- Further leadership changes at CTD or within the Newtecons ecosystem.
- Updates on CTD’s infrastructure and public investment projects under Business Unit 01.