GTD Appoints Vinaconex Executive Vu Minh Tuan as CEO Amid VND 2,165B Placement
This Aveluro analysis covers GTD on UPCOM in the Personal & Household Goods 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 Tuổi Trẻ - Kinh doanh, 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.
Overview
Giay Thuong Dinh (GTD), the UPCOM-listed canvas footwear maker, has replaced its chief executive, naming Vu Minh Tuan of Vinaconex (VCG) as CEO effective September 17. The leadership change lands as the company awaits State Securities Commission clearance for a VND 2,165 billion private placement tied to a real estate project at 277 Nguyen Trai, Ha Noi.
Key Facts
- GTD’s board dismissed Nguyen Thanh Nhon as CEO and appointed Vu Minh Tuan to the role, effective September 17, per a disclosure to the Ha Noi Stock Exchange.
- Vu Minh Tuan, born 1977, was given a five-year CEO term and also replaces Nhon as GTD’s legal representative.
- Tuan is chairman and director of Vinaconex 27 JSC and deputy head of the investment division and deputy head of the Dong Bac project management board at Vinaconex (VCG).
- Nhon cited “changes in work plans and duties assigned by shareholders” in his resignation letter; he had been CEO since January 14, 2026.
- GTD plans to sell 216.5 million shares to domestic strategic investors at VND 10,000 each, raising VND 2,165 billion.
- The offering equals more than 23 times GTD’s current 9.3 million shares outstanding, which correspond to charter capital of VND 93 billion.
- Proceeds are earmarked for the Thuong Dinh mixed-use residential, office, commercial, service and inter-level school project at 277 Nguyen Trai, including relocation of production to Dong Van Industrial Park in Ninh Binh.
- GTD reported 2025 net revenue of VND 66.4 billion, down from VND 78.8 billion in 2024, and a net loss of VND 38.7 billion.
What Happened
The board of Giay Thuong Dinh issued two decisions effective September 17, removing Nguyen Thanh Nhon as CEO and legal representative and installing Vu Minh Tuan in both capacities, according to the company’s disclosure to the Ha Noi Stock Exchange. Nhon had taken the CEO role on January 14, 2026, added the legal-representative title on March 5, 2026, and stepped off the board for the 2026-2031 term at the annual general meeting on May 6 while remaining CEO. His resignation letter attributed the exit to changed work plans and shareholder assignments.
Tuan’s appointment carries a five-year term. His insider filing lists him as chairman and director of Vinaconex 27 JSC and as deputy head of the investment division and deputy head of the Dong Bac project management board at Vinaconex (VCG). In parallel, the State Securities Commission confirmed receipt of GTD’s registration dossier for a private placement of 216.5 million shares at VND 10,000 each, a plan approved by shareholders that would raise VND 2,165 billion for the 277 Nguyen Trai development and the relocation of manufacturing to Ninh Binh.
Market Context
GTD closed at VND 90,000 on September 13, 2026 on UPCOM, a level that reflects the small 9.3 million-share float and the pending dilution rather than the footwear business, which posted a VND 38.7 billion net loss in 2025. VCG, listed on HOSE, closed at VND 14,400 on September 17. The appointment of a Vinaconex-affiliated executive connects a loss-making consumer-discretionary manufacturer to a real estate and construction group at a time when Ha Noi land redevelopment and relocation projects remain a live theme in the Vietnamese market.
Strategic Significance
The CEO change is best read alongside the placement, not in isolation. GTD’s operating business is shrinking, with revenue falling to VND 66.4 billion in 2025, so the equity story rests on converting the 277 Nguyen Trai factory site into a mixed-use development and moving production to Ninh Binh. Installing an executive with Vinaconex project and investment responsibilities signals that the real estate execution, rather than footwear, is now the priority. The scale of the raise, over 23 times existing shares outstanding, means the placement price of VND 10,000 will dominate any assessment of value for current holders.
What to Watch
- State Securities Commission approval or rejection of the VND 2,165 billion private placement registration.
- Identity and ownership structure of the domestic strategic investors subscribing at VND 10,000 per share.
- Progress on the 277 Nguyen Trai project and the timeline for relocating production to Dong Van Industrial Park, Ninh Binh.
- Any further Vinaconex (VCG) personnel moves at GTD or related-party transactions between the two groups.
- GTD’s 2026 interim financial statements for signs of stabilization in the core footwear business.