PDC CEO Thai Hong Nha Resigns After Nearly 10 Years at Phuong Dong Petroleum Tourism

Overview

Phuong Dong Petroleum Tourism JSC (PDC) has received a resignation letter from Thai Hong Nha, who has served as the company’s CEO, legal representative and a board member for nearly a decade. The departure lands alongside a soft H1 2026 result, with net profit down more than 10% year-on-year. PDC is a listed hospitality and tourism vehicle tied to Muong Thanh Group founder Le Thanh Than, who holds 20% of its equity.

Key Facts

• Thai Hong Nha submitted his resignation as board member for the 2023-2028 term, CEO and legal representative, according to a company disclosure.
• Nha was appointed CEO of PDC on 17 October 2016, giving him a tenure of nearly 10 years.
• His stated reason is that his personal and career development direction no longer fits the assigned titles and duties.
• The resignation takes effect only after the board issues a resolution removing him as CEO and changing the legal representative, and after a shareholder meeting removes him from the board.
• H1 2026 revenue reached VND 23 billion, up slightly from VND 22.9 billion a year earlier, while net profit was about VND 2 billion, down more than 10% year-on-year.
• At 30 June 2026, Le Thanh Than contributed VND 30 billion, equal to 20% of PDC’s owners’ equity; other major holders include Le Kim Giang at 20.33%, Do Trung Kien at 19% and Le Thi Hoang Yen at 9.37%.
• Total assets stood at VND 242.3 billion, liabilities at VND 95.8 billion and accumulated undistributed losses at VND 26.4 billion.

What Happened

In a disclosure, PDC said it had received a letter from Thai Hong Nha requesting release from his positions as a member of the board of directors for the 2023-2028 term, as CEO and as the company’s legal representative. The company said it will carry out the necessary procedures, with the effective date tied to a board resolution dismissing him as CEO and changing the legal representative, followed by a general meeting of shareholders removing him from the board.

In the letter, Nha cited a mismatch between his personal and career development direction and the roles and duties assigned to him. He was appointed CEO on 17 October 2016. PDC traces its origins to a state-owned enterprise founded in 1994 as Phuong Hoang Hotel, later renamed Phuong Dong Tourism Hotel in 1996; PetroVietnam took it in as a member unit in 2007 and renamed it Phuong Dong Petroleum Tourism. The PDC ticker has traded on the Hanoi exchange since 2009.

Market Context

PDC last closed at 6,300 on 27 August 2026. The company operates in tourism and hospitality, a sector still rebuilding demand while carrying fixed asset and receivable-heavy balance sheets. At 30 June 2026, short-term receivables were VND 105.8 billion and fixed assets about VND 80.6 billion against total assets of VND 242.3 billion, while short-term payables to suppliers reached VND 91.5 billion. The stock’s low absolute price and thin liquidity are typical of smaller UPCOM-listed hospitality names, where governance events rather than index flows tend to drive re-rating.

Strategic Significance

The resignation matters less as a single management exit than as a governance signal for a company whose ownership is concentrated around the family of Muong Thanh founder Le Thanh Than. With Le Thanh Than at 20%, Le Thi Hoang Yen at 9.37% and other large holders near 20% each, the appointment of a successor CEO will indicate whether the controlling group intends to consolidate operational control or bring in outside management. PDC’s accumulated undistributed loss of VND 26.4 billion and its VND 91.5 billion short-term supplier payable also mean any new CEO inherits a balance sheet that needs working-capital discipline before growth.

What to Watch

• The board resolution formally dismissing Nha as CEO and changing the legal representative, and the date it takes effect.
• The general meeting of shareholders that must remove him from the board for the 2023-2028 term.
• The identity and background of any interim or permanent CEO, and whether the appointee is connected to the Le Thanh Than family group.
• H2 2026 and full-year 2026 results, particularly whether net profit reverses the more than 10% year-on-year decline.
• Any change in the 20% stake held by Le Thanh Than or in the holdings of Le Kim Giang, Do Trung Kien and Le Thi Hoang Yen.