Hai Phong Thermal Power (HND) Appoints Acting CEO After Former CEO Prosecuted
This Aveluro analysis covers HND. The classified event type is leadership change, with negative sentiment and a deterministic market-impact score of 5.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. 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.
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Overview
Hai Phong Thermal Power Joint Stock Company (HND) announced the appointment of Mr. Tran Xuan Truong as acting CEO, following the prosecution of former CEO Duong Son Ba for document forgery in an environmental monitoring scandal. The company also changed its legal representative to Chairman Ta Cong Hoan. HND, with equity of nearly VND 6,000 billion, operates two major thermal power plants in northern Vietnam.
Key Facts
- HND appointed Mr. Tran Xuan Truong, previously Deputy General Director, as acting CEO effective May 21, 2025.
- Former CEO Duong Son Ba was prosecuted on May 21, 2025, for “Forgery of documents of agencies or organizations” under a broader environmental monitoring case.
- The criminal case involves 74 defendants across 59 enterprises, including state officials, related to environmental monitoring violations.
- HND changed its legal representative to Chairman Ta Cong Hoan, replacing Duong Son Ba, effective May 21, 2025.
- HND’s equity stood at nearly VND 6,000 billion as of end-2025, with total assets of approximately VND 7,400 billion.
- In 2025, HND reported revenue of VND 9,730 billion (down 12% YoY) but net profit of VND 342 billion (up 33% YoY).
- HND is the investor of Hai Phong Thermal Power Plant 1 and 2, with total investment over USD 1.2 billion.
What Happened
On June 2, 2025, Hai Phong Thermal Power (HND) notified the State Securities Commission of a leadership change. The Board of Directors appointed Mr. Tran Xuan Truong, previously Deputy General Director, as acting General Director. This follows the prosecution of Mr. Duong Son Ba, former General Director and legal representative, who was detained on May 21, 2025, for alleged document forgery related to environmental monitoring violations.
The company also issued a resolution to change its legal representative to Chairman Ta Cong Hoan, effective May 21, 2025. HND was implicated in a large-scale environmental monitoring scandal investigated by the Environmental Crime Prevention Police (C05) and the Investigative Police Agency (C01), involving 74 defendants from 59 enterprises and state agencies.
Market Context
HND shares closed at VND 10,300 on June 2, 2026, down 0.96% with low volume of 28,200 shares on HOSE. The stock has been under pressure amid the ongoing legal case. The thermal power sector faces regulatory scrutiny, but HND’s 2025 net profit rose 33% to VND 342 billion despite a 12% revenue decline, indicating operational resilience.
Strategic Significance
The leadership change introduces short-term governance uncertainty, but the appointment of an internal candidate (Tran Xuan Truong) and Chairman Ta Cong Hoan as legal representative suggests continuity. HND’s strong equity base (VND 6,000B) and strategic importance as a major northern power producer provide a buffer. However, the environmental case could lead to further legal liabilities or reputational damage, potentially affecting operations or financing.
What to Watch
- Further legal developments in the environmental monitoring case, including potential fines or operational restrictions.
- Q1 2026 earnings release to assess financial impact of leadership transition.
- Any changes in dividend policy or capital expenditure plans.
- Regulatory updates on environmental compliance for thermal power plants.
- Trading volume and foreign ownership changes on HOSE.