PC1 Board Nominees Include Former Chairman's Brother and Daughter After Detention

Overview

PC1 Group (PC1) has announced four candidates for election to its board of directors following the detention of former chairman Trinh Van Tuan and three other board members in May. The nominees include Trinh Tien Dung, brother of the former chairman and chairman of Dai Dung Group, and Trinh Khanh Linh, Tuan’s daughter who currently serves as PC1’s deputy finance director. An extraordinary general meeting is scheduled for July 24 in Hanoi.

Key Facts

• PC1 announced four board candidates: Trinh Tien Dung, Le Thanh Luong, Trinh Khanh Linh, and Vu Thi Minh Nhat.
• Trinh Tien Dung, born 1969, is chairman and general director of Co khi Xay dung Thuong mai Dai Dung JSC (Dai Dung Group), a steel structure contractor.
• Dai Dung Group recently signed a contract worth over USD 60 million to export high-tech mechanical equipment to the United States.
• Trinh Khanh Linh, born 1999, holds 4 million PC1 shares and represents over 87.94 million shares (22.35% of charter capital) by proxy.
• Four incumbent board members, including former chairman Trinh Van Tuan, were detained on May 16 by the Ministry of Public Security and will be dismissed at the EGM.
• The EGM will elect four new board members to complete the 2025-2030 term.
• PC1 shares closed at VND 21,000 on July 23, 2026, on HOSE.

What Happened

PC1 Group published the list of qualified candidates for its board election on July 23, 2026, ahead of an extraordinary general meeting scheduled for the next day. The nominations come after former chairman Trinh Van Tuan and three other board members were arrested on May 16 by the Ministry of Public Security’s investigative police agency. The company stated that the board reshuffle is necessary to ensure compliance with the Law on Enterprises and maintain proper governance.

Among the four nominees, Trinh Tien Dung is the brother of the detained former chairman and currently leads Dai Dung Group, a steel structure and EPC contractor. Trinh Khanh Linh, the former chairman’s daughter, is a finance professional with prior experience at KPMG Vietnam and Vietcap Securities. She currently serves as PC1’s deputy finance director and holds significant share ownership and proxy rights.

Market Context

PC1 shares closed at VND 21,000 on July 23, 2026, on HOSE. The stock has been under pressure since the arrest of key leadership in May, reflecting investor uncertainty about governance stability. The construction and materials sector in Vietnam has faced headwinds from a slowing property market and tighter credit conditions. The board election is a critical event for restoring investor confidence and ensuring operational continuity.

Strategic Significance

The nomination of Trinh Tien Dung, chairman of Dai Dung Group, signals a potential strategic partnership between PC1 and Dai Dung, which has a strong track record in large-scale steel structures and export contracts, including a recent USD 60 million deal with the US. This could open new revenue streams for PC1 in high-tech manufacturing and international markets. The inclusion of Trinh Khanh Linh, who controls a substantial voting block, suggests the founding family aims to retain influence despite the legal troubles. The new board will need to address governance reforms and reassure minority shareholders.

What to Watch

• Outcome of the EGM on July 24 and the final composition of the board.
• Any further legal developments involving the detained former chairman and board members.
• PC1’s Q2 2026 earnings report and guidance for the remainder of the year.
• Potential related-party transactions between PC1 and Dai Dung Group.
• Foreign investor reaction and any changes in foreign ownership limits.