PC1 appoints new Deputy CEO amid leadership overhaul

Overview

PC1 Group Joint Stock Company (HOSE: PC1) has appointed Hoang Manh Vu as Deputy General Director, effective August 10, 2026. This move follows a series of leadership changes, including the dismissal of several executives who are currently detained. The company also reported a 43% year-on-year increase in Q2 2026 net profit, despite a 31% decline in revenue.

Key Facts

• Hoang Manh Vu, born 1987, was appointed Deputy General Director effective August 10, 2026; he previously served as Director of the EPC Division.
• PC1 appointed Le Van Dung as General Director and legal representative on July 30, 2026, replacing Vu Anh Duong, who was dismissed due to detention.
• At an extraordinary shareholder meeting on July 24, 2026, shareholders approved the dismissal of eight leaders, including Chairman Trinh Van Tuan and General Director Vu Anh Duong, all detained.
• Four new board members were elected for the 2025-2030 term, including Trinh Khanh Linh, who was subsequently elected Chairwoman.
• Trinh Khanh Linh, born 1999, holds 4 million PC1 shares (0.97%) directly and represents 87.94 million shares (21.38%) by proxy.
• Q2 2026 net revenue was VND 2,038 billion, down 31% year-on-year; gross profit fell 8% to VND 468 billion.
• Q2 2026 net profit after tax reached VND 235 billion, up 43% year-on-year, driven by lower costs and a 35% rise in financial income.

What Happened

PC1 announced the appointment of Hoang Manh Vu as Deputy General Director, effective August 10, 2026. Vu, an electrical engineering graduate, previously led the EPC division. This appointment comes shortly after Le Van Dung was named General Director and legal representative on July 30, replacing Vu Anh Duong, who was dismissed due to detention.

At the extraordinary shareholder meeting on July 24, 2026, shareholders approved the dismissal of eight leaders, including Chairman Trinh Van Tuan and General Director Vu Anh Duong, all of whom are under investigation and detained. Additionally, Trinh Quang Thanh was removed as Deputy General Director at his own request. The meeting also elected four new board members: Trinh Khanh Linh, Trinh Tien Dung, Vu Thi Minh Nhat, and Le Thanh Luong. Trinh Khanh Linh, daughter of former Chairman Trinh Van Tuan, was subsequently elected Chairwoman.

Market Context

PC1 shares closed at VND 21,000 on August 5, 2026, on the HOSE. The leadership turmoil and ongoing legal issues have weighed on investor sentiment, but the company’s Q2 earnings showed resilience. Despite a 31% revenue decline, net profit rose 43% year-on-year, driven by cost controls and a 35% increase in financial income. The construction and energy sectors in Vietnam remain volatile, with regulatory and governance risks affecting investor confidence.

Strategic Significance

The leadership overhaul signals a transition to a new generation of management, with Trinh Khanh Linh, a 1999-born finance professional, taking the helm. This could bring fresh perspectives and potentially improve corporate governance, which is critical for restoring investor trust. The company’s ability to maintain profitability amid revenue decline suggests operational resilience, but the long-term impact of the leadership changes and legal proceedings remains uncertain. Investors will watch for stability in management and clarity on the legal situation.

What to Watch

• Further leadership appointments or changes in the coming months.
• Updates on the legal proceedings involving detained executives.
• Q3 2026 earnings release to see if profitability trends continue.
• Any strategic shifts under the new leadership, particularly in the EPC and energy segments.
• Regulatory or exchange inquiries regarding governance practices.