PVC-MS (PXS) Dismisses Chief Accountant After 8 Months, Temporary Replacement Named

Overview

PVC-MS (PXS), a subsidiary of Petrocons under state-owned Petrovietnam (PVN), announced the dismissal of its Chief Accountant and Head of Finance & Accounting, Le Minh Phong, effective May 25, 2026, after only 8 months in the role. The company has temporarily assigned the duties to Deputy Head Vo Thanh Toan while searching for a permanent replacement. The move follows Q1 2026 results showing revenue growth but a decline in net profit.

Key Facts

• PXS dismissed Chief Accountant Le Minh Phong on May 25, 2026, effective immediately.
• Le Minh Phong was appointed to the role on September 12, 2025, serving just over 8 months.
• Vo Thanh Toan, Deputy Head of Finance & Accounting, has been temporarily assigned to oversee finance and accounting until a permanent replacement is found.
• Le Minh Phong holds a Bachelor’s degree in Banking and Finance Economics and an engineering degree in hydraulic engineering.
• PXS reported Q1 2026 net revenue of VND 255 billion, up 27% year-on-year.
• Q1 2026 net profit after tax was VND 3.4 billion, down 8% year-on-year.
• PXS is a member of Petrocons, which is under Petrovietnam (PVN).

What Happened

On May 25, 2026, the Board of Directors of PVC-MS (PXS) issued a decision to dismiss Mr. Le Minh Phong from his positions as Chief Accountant and Head of Finance & Accounting, effective the same day. Mr. Phong had been appointed to these roles on September 12, 2025, meaning his tenure lasted just over eight months. The company did not provide a reason for the dismissal in the announcement.

Simultaneously, the Board appointed Mr. Vo Thanh Toan, currently Deputy Head of Finance & Accounting, to temporarily take charge of the company’s finance and accounting functions while the search for a permanent Chief Accountant and Head of Finance & Accounting is underway. The announcement was made via a regulatory filing.

Market Context

PXS shares closed at VND 2,700 on June 7, 2026, unchanged from the previous session, with low trading volume of 36,500 shares. The stock trades on the HOSE exchange. The leadership change comes as the company reported mixed Q1 2026 results: revenue grew 27% to VND 255 billion, but net profit fell 8% to VND 3.4 billion. The energy sector in Vietnam has faced headwinds from volatile oil prices and project delays, though PXS’s revenue growth suggests some operational momentum.

Strategic Significance

The abrupt dismissal of a key financial officer after a short tenure raises governance questions, especially for a state-linked entity. While the company has not disclosed the reason, such changes can signal internal control issues or strategic disagreements. For investors, the stability of financial reporting and internal controls is critical, particularly given the decline in net profit. The temporary appointment of an internal candidate may provide continuity, but the lack of a permanent replacement could lead to uncertainty. PXS’s role as a fabricator for oil and gas projects ties its performance to PVN’s capex cycle, and any disruption in financial management could affect project execution.

What to Watch

• Announcement of a permanent Chief Accountant and Head of Finance & Accounting, and the timeline for the appointment.
• Q2 2026 earnings release to assess whether the profit decline continues or reverses.
• Any further management changes or board resolutions that may indicate broader governance shifts.
• Updates on major project wins or delays from PVN that could impact PXS’s revenue pipeline.
• Trading volume and price action for PXS shares, which may react to the leadership change.