GTD Appoints New CEO Ahead of VND 2,165B Private Placement

Overview

Giay Thuong Dinh (GTD), listed on UPCOM, has appointed Vu Minh Tuan as its new CEO for a five-year term effective September 17, 2026, succeeding Nguyen Thanh Nhon. The leadership change coincides with the company’s filing for a private placement of 216.5 million shares at VND 10,000 each, targeting roughly VND 2,165 billion (USD 86.6 million) to fund a mixed-use project at 277 Nguyen Trai, Ha Noi.

Key Facts

• Vu Minh Tuan, born 1977, appointed CEO of Giay Thuong Dinh for a five-year term effective September 17, 2026, and becomes the company’s new legal representative.
• Outgoing CEO Nguyen Thanh Nhon cited personal reasons, referencing changed work plans and shareholder-assigned duties; he had held the CEO role only since January 14, 2026.
• Tuan concurrently chairs and directs Vinaconex 27 and serves as Deputy Head of the Investment Board and Deputy Head of the Dong Bac Investment Project Management Board at Vinaconex (VCG).
• GTD plans to issue 216.5 million shares to domestic strategic investors at VND 10,000 per share, raising about VND 2,165 billion.
• The issuance equals more than 23 times GTD’s current 9.3 million shares outstanding, which correspond to charter capital of roughly VND 93 billion.
• The State Securities Commission has confirmed receipt of GTD’s private placement registration dossier.
• Proceeds are earmarked for the Thuong Dinh residential, office, commercial, service and inter-level school project at 277 Nguyen Trai, Khương Đình ward, Ha Noi, including costs to relocate the existing footwear plant.

What Happened

GTD’s board appointed Vu Minh Tuan as CEO with a five-year term, effective September 17, 2026, according to the company’s disclosure. Tuan also becomes GTD’s legal representative. He replaces Nguyen Thanh Nhon, who submitted a personal resignation letter citing changes in work plans and duties assigned by shareholders. Nhon had been appointed CEO only on January 14, 2026, became legal representative on March 5, and stepped off the 2026-2031 board at the annual general meeting on May 6 while remaining CEO until mid-September.

The incoming CEO sits across the Vinaconex ecosystem: he is Chairman and Director of Vinaconex 27, and Deputy Director of both the Investment Board and the Dong Bac Investment Project Management Board at Vinaconex (VCG). The appointment comes as GTD prepares its largest-ever capital raise, with the State Securities Commission confirming receipt of the private placement dossier. The plan, approved by shareholders, would issue 216.5 million shares at VND 10,000 each to domestic strategic investors, raising approximately VND 2,165 billion for the 277 Nguyen Trai project and relocation of the existing factory.

Market Context

GTD closed at VND 90,000 on September 13, 2026, on UPCOM, a level far above the VND 10,000 placement price, implying a substantial discount for incoming strategic investors if the deal completes. VCG, the Vinaconex parent whose personnel now lead GTD, closed at VND 14,400 on September 18, 2026. The transaction would transform GTD from a small-cap footwear manufacturer with VND 93 billion in charter capital into a real-estate developer, a shift that places it alongside Ha Noi property names competing for residential and mixed-use land near the city center.

Strategic Significance

The appointment of a Vinaconex-linked executive signals that GTD’s strategic direction is now tied to the Vinaconex ecosystem and to the 277 Nguyen Trai redevelopment rather than to its legacy footwear business. For long-term investors, the core question is execution: converting a 9.3 million-share shell into a developer capable of absorbing VND 2,165 billion and delivering a mixed-use project requires permitting, relocation of the existing factory, and construction capacity. The VND 10,000 placement price against a VND 90,000 market close also raises dilution and pricing questions that existing shareholders will weigh against the value of the land bank.

What to Watch

• State Securities Commission approval or follow-up comments on the private placement dossier.
• Disclosure of the domestic strategic investors subscribing to the 216.5 million shares and any lock-up terms.
• Progress on relocating the existing footwear production from 277 Nguyen Trai to the industrial zone, including timing and cost.
• GTD shareholder meeting or filings detailing project licensing, land-use rights and construction milestones at 277 Nguyen Trai.
• Any further management changes or Vinaconex (VCG) related-party transactions disclosed by GTD.