Giầy Thượng Đình (GTD) Names Vu Minh Tuan CEO as VND 2,165B Placement Filed

Overview

Giầy Thượng Đình (ticker GTD, UPCOM) has appointed Vu Minh Tuan as CEO and legal representative from 17 September 2026, replacing Nguyen Thanh Nhon, according to a personnel notice sent to the State Securities Commission (UBCKNN) and the Hà Nội Stock Exchange (HNX). The change coincides with the company’s filing for a private placement of 216.5 million shares at VND 10,000 each, a transaction that would multiply its charter capital roughly 24-fold and shift the shoemaker deeper into Hà Nội real estate.

Key Facts

• Vu Minh Tuan, born 1977, becomes CEO and legal representative of GTD effective 17 September 2026; Nguyen Thanh Nhon steps down the same date after submitting a resignation letter citing changed work plans and shareholder-assigned duties.
• Tuan concurrently serves as Chairman and Director of Vinaconex 27, Deputy Director of Vinaconex’s Investment Board, and Deputy Director of the Vinaconex Northeast Investment Project Management Board, all within Vinaconex (VCG, HOSE).
• GTD filed to privately place 216.5 million shares at VND 10,000 per share with five strategic investors, targeting VND 2,165 billion.
• Placed shares carry a three-year transfer restriction from the closing date; the offering was approved at the annual general meeting in May 2026 and is expected to run from Q2 2026, subject to written UBCKNN approval.
• Charter capital would rise from VND 93 billion to VND 2,258 billion if the placement completes.
• Proceeds are earmarked: VND 2,000 billion for the Thượng Đình mixed-use housing, office, commercial, service and inter-level school project at 277 Nguyễn Trãi, Khương Đình ward, Hà Nội, and VND 165 billion to relocate production from that site to Đồng Văn Industrial Park, Ninh Bình, with disbursement from 2026 to 2030.
• The 277 Nguyễn Trãi project carries estimated total investment of about VND 9,907 billion, excluding loan interest, land-use fees and land rent.

What Happened

In a document addressed to the State Securities Commission and HNX, Giầy Thượng Đình said it removed Nguyen Thanh Nhon from the CEO role effective 17 September 2026. Nhon had submitted a resignation letter, attributing the decision to changes in his work plans and duties assigned by shareholders in the coming period. The board simultaneously appointed Vu Minh Tuan, born 1977, as CEO and the company’s legal representative on the same effective date.

Tuan arrives from the Vinaconex group, where he holds several senior positions: Chairman of the board and Director of Vinaconex 27, Deputy Director of Vinaconex’s Investment Board, and Deputy Director of the Vinaconex Northeast Investment Project Management Board. Separately, the UBCKNN confirmed receipt of GTD’s private placement registration in Document No. 8900/UBCK-QLCB. The placement plan, approved by shareholders at the May 2026 annual general meeting, covers 216.5 million shares at VND 10,000 each for five strategic investors, with a three-year lock-up and an expected window starting in Q2 2026 pending written regulatory approval.

Market Context

GTD last closed at VND 90,000 on 13 September 2026 on the UPCOM market, a level far above the VND 10,000 placement price, implying a substantial discount for incoming strategic investors. Vinaconex (VCG, HOSE) closed at VND 14,400 on 18 September 2026. The news sits at the intersection of two themes in the Vietnamese market: corporate governance turnover at small-cap UPCOM industrials, and the migration of legacy manufacturers into residential real estate development on prime inner-Hà Nội land. The scale of the proposed capital raise relative to GTD’s existing VND 93 billion charter capital makes execution, rather than the CEO change itself, the dominant variable for the equity story.

Strategic Significance

The appointment of a Vinaconex-linked executive is best read alongside the placement, not in isolation. GTD is converting a footwear manufacturer into a property developer on its 277 Nguyễn Trãi landholding, a project budgeted at roughly VND 9,907 billion against a company whose current charter capital is VND 93 billion. Tuan’s background in Vinaconex project management and investment boards speaks directly to the execution capability that transformation requires, and the presence of five strategic investors at VND 10,000 suggests a negotiated, relationship-driven capital structure rather than a broad public offering. For long-term holders, the thesis now rests on whether the placement closes, whether the land-use and construction approvals for the Nguyễn Trãi project advance, and whether the Ninh Bình relocation preserves any of the legacy manufacturing cash flow during the multi-year development window.

What to Watch

• Written UBCKNN approval of the private placement registration, and disclosure of the identities of the five strategic investors.
• Completion and settlement of the 216.5 million-share offering, plus the resulting charter capital update from VND 93 billion to VND 2,258 billion.
• Hà Nội municipal approvals, land-use fee determinations and construction permits for the 277 Nguyễn Trãi mixed-use project.
• Progress on the production relocation to Đồng Văn Industrial Park, Ninh Bình, and any disclosure of the VND 165 billion disbursement schedule.
• GTD’s next periodic financial statements and any further board or senior-management changes following the CEO transition.