DCL Deputy CEO Nguyen Trong Duc Resigns as Profit Collapses 98.5%

Overview

Cuu Long Pharmaceutical JSC (HOSE: DCL) has dismissed Deputy General Director Nguyen Trong Duc, the executive responsible for production and supply chain, effective 16 September 2026, following his resignation letter. The change removes a member of the company’s internal management team at a time when DCL’s H1 2026 net profit has fallen nearly 98.5% year on year.

Key Facts

• Nguyen Trong Duc was removed from the Deputy General Director role overseeing production and Supply Chain effective 16 September 2026.
• The dismissal followed Duc’s own resignation letter, in which he cited an inability to arrange time to continue in the role.
• Duc joined DCL as Deputy General Director in charge of procurement in April 2023, later adding production and supply chain oversight.
• After the dismissal, Duc is no longer classified as an insider of DCL.
• H1 2026 net revenue reached VND 609B, down VND 54B, or about 8% year on year.
• Consolidated after-tax profit fell to just over VND 0.3B, against VND 22B in the same period last year, a decline of nearly 98.5%.
• DCL closed at VND 41,650 per share on 16 September 2026, hitting the ceiling price, with market capitalisation of roughly VND 3,042B (about USD 121.7M).

What Happened

In a company announcement, DCL said the board approved the removal of Nguyen Trong Duc from the position of Deputy General Director in charge of production and Supply Chain, effective 16 September 2026. The decision followed a resignation letter submitted earlier by Duc, who stated he could not arrange his schedule to continue performing his duties at DCL in that capacity. The company confirmed that, following the dismissal, Duc no longer qualifies as an internal person of Cuu Long Pharmaceutical.

Duc had held senior roles at DCL since April 2023, when he was appointed Deputy General Director responsible for the procurement division, before taking on the combined production and supply chain portfolio. DCL operates in pharmaceutical manufacturing and trading, medical equipment, and empty capsules. The empty-capsule segment is one of the company’s traditional businesses, supported by a capsule plant built in 2000. The filing does not name a replacement for Duc or disclose any severance terms.

Market Context

DCL trades on the HOSE. The stock rallied strongly from late 2025 into early 2026, setting a peak near VND 60,000 per share before entering a correction that at one point took it down to around VND 40,000, a decline of roughly 20% from the high. On 16 September 2026, the day the leadership change was announced, DCL closed at VND 41,650, up to the ceiling, lifting market capitalisation to about VND 3,042B. That price action contrasts with the weak H1 2026 earnings picture, which showed revenue down 8% and net profit down nearly 98.5% year on year.

Strategic Significance

The departure of the executive overseeing production and supply chain matters because DCL’s capsule and pharmaceutical manufacturing operations depend on procurement discipline and input-cost control, both of which sit directly under Duc’s former remit. With H1 2026 net profit reduced to just over VND 0.3B, the company has little margin to absorb supply disruptions, raw-material price swings, or production inefficiencies. For long-term holders, the key question is whether the vacancy signals a broader management or operational reset, or a routine personnel exit at a company whose earnings have already been compressed by sector-wide pricing pressure and softer demand.

What to Watch

• Disclosure of a replacement Deputy General Director for production and supply chain, and whether the role is split or restructured.
• Q3 2026 earnings release, to test whether the 98.5% profit decline marks a trough or continues.
• Gross margin and input-cost commentary tied to the capsule and pharmaceutical segments.
• Any further insider or board-level changes, and related HOSE disclosure filings.
• Foreign-ownership and liquidity data for DCL, given the sharp swing between the VND 60,000 peak and the VND 40,000 correction zone.