HND Chairman Ta Cong Hoan Dies; Hai Phong Thermal Power Seeks Successor

Overview

Hai Phong Thermal Power JSC (HND) announced the passing of its Chairman and legal representative, Ta Cong Hoan, on 27/8/2026. The company is completing legal procedures to fill the vacancy and maintain stable operations. HND operates two thermal power plants with a combined capacity of about 1,200 MW, supplying electricity to northern Vietnam.

Key Facts

• Ta Cong Hoan, Chairman of the Board and legal representative of HND, passed away on 27/8/2026.
• Hoan was born on 3/11/1969 in Tu Son, Bac Ninh, and graduated from Hanoi University of Science and Technology in business administration.
• He joined Hai Phong Thermal Power in 2002 and held various roles, including Head of Planning and Materials, Plant Manager of Fuel Workshop, and Deputy General Director.
• Hoan was elected Chairman on 28/12/2018, serving for over 7 years.
• Since June 2026, Hoan had delegated his duties to board member Doan Duc Toan via a power of attorney.
• HND operates Hai Phong Thermal Power Plants 1 and 2, with a total capacity of approximately 1,200 MW.
• HND shares closed at 9,500 VND on 3/9/2026 on the UPCOM exchange.

What Happened

Hai Phong Thermal Power JSC (HND) disclosed unusual information on the passing of its Chairman and legal representative, Ta Cong Hoan, on 27/8/2026. The company stated it is carrying out procedures under legal regulations, its charter, and internal governance rules to complete the role of legal representative. It also assured that operations will be maintained continuously and stably during this period.

Hoan had a long career in the power sector, starting in 1993 as an electrical repair technician at Construction Enterprise No. 17. He moved to the Pha Lai 2 Thermal Power Plant Project Management Board in 1996, then worked at Pha Lai Power Plant. In 2002, he joined Hai Phong Thermal Power, where he spent over two decades in various roles, including as a staff member in technical, planning, and materials departments, Secretary of the Board, Head of Planning and Materials, and Plant Manager of the Fuel Workshop. He later became Deputy General Director and Director of the Project Management Board for Hai Phong Thermal Power Plants 1 and 2. He was elected Chairman on 28/12/2018.

Since June 2026, Hoan had signed a power of attorney authorizing board member Doan Duc Toan to temporarily exercise the duties and powers of the Chairman. The company has not yet announced a permanent replacement.

Market Context

HND trades on the UPCOM exchange, with shares closing at 9,500 VND on 3/9/2026. The stock is in the utilities sector, and the company is a key electricity supplier in northern Vietnam. Leadership transitions can create short-term uncertainty, but HND’s operational assets and role in the power grid may provide stability. The broader Vietnamese market has seen mixed sentiment in the energy sector, with policy shifts toward renewables and coal phase-down discussions affecting thermal power valuations.

Strategic Significance

The passing of Chairman Ta Cong Hoan removes a long-tenured leader who had been with the company for over two decades. His successor will need to navigate the company’s strategic direction amid Vietnam’s energy transition. HND’s thermal plants are critical for grid stability, but long-term, coal-fired power faces regulatory and environmental pressures. Investors should monitor how the board handles the leadership transition and whether any strategic shifts occur under new management.

What to Watch

• Official appointment of a new Chairman and legal representative, and the timing of the announcement.
• Any changes in corporate governance or management structure following the transition.
• HND’s operational performance in the coming quarters, including electricity output and revenue.
• Regulatory updates on Vietnam’s power development plan and its impact on coal-fired plants.
• HND’s dividend policy and any potential impact on shareholder returns.