QCG removes 'Cuong do la' from Da Nang marina project rep role

Overview

Quoc Cuong Gia Lai (QCG) has removed Nguyen Quoc Cuong, also known as “Cuong do la,” from his role as the company’s capital representative at Da Nang Marina JSC, the developer of the Marina Complex project in Son Tra ward, Da Nang. The replacement is Lai The Ha, QCG’s Chairman of the Board. The move comes as QCG reports a sharp revenue drop but a large net profit boost from hydropower plant sales.

Key Facts

• Nguyen Quoc Cuong was removed as QCG’s capital representative at Da Nang Marina JSC, replaced by Chairman Lai The Ha.
• The represented capital is valued at over VND 506 billion, equivalent to more than 50.6 million shares, representing 65.48% of Da Nang Marina’s charter capital.
• Da Nang Marina JSC, established in early 2011, has a charter capital of VND 773 billion and is the developer of the Marina Complex project, covering nearly 12 hectares in Son Tra ward, adjacent to the Han River.
• QCG’s ownership in Da Nang Marina has fluctuated: 33.6% in 2015, 90% in 2016, 65% in 2019, and 65.48% as of 2024.
• In Q2 2024, QCG’s net revenue was just over VND 11 billion, down more than 90% year-on-year, with almost all revenue from electricity sales and no real estate revenue.
• QCG posted a net profit of over VND 165 billion in Q2, 25 times higher than the same period last year, thanks to nearly VND 920 billion in other income, including over VND 900 billion from transferring hydropower plants.
• In H1 2024, QCG’s revenue was over VND 80 billion, down 67% year-on-year, while pre-tax profit reached nearly VND 230 billion, up more than 11 times.

What Happened

Quoc Cuong Gia Lai (QCG) has officially removed Nguyen Quoc Cuong from his position as the company’s capital representative at Da Nang Marina JSC, according to a company decision. Nguyen Quoc Cuong, a member of the Board of Directors and General Director of QCG, was replaced by Lai The Ha, Chairman of the Board. The decision was disclosed in a company announcement, though the exact date of the resolution was not specified in the source.

The change affects QCG’s 65.48% stake in Da Nang Marina JSC, the developer of the Marina Complex project, which has been under regulatory scrutiny since 2019. The project faced controversy over land reclamation that allegedly affected the flow of the Han River, leading the Da Nang People’s Committee to request a temporary halt for legal review. The project remains stalled as of the latest information.

Market Context

QCG shares closed at VND 9,970 on August 15, 2026, on the HOSE exchange. The company’s recent financial results show a significant decline in revenue, with Q2 2024 net revenue down over 90% year-on-year, reflecting weak real estate deliveries. However, the sale of hydropower plants provided a substantial one-time boost to net profit. The leadership change at Da Nang Marina comes amid ongoing legal and regulatory challenges for the project, which has been a key asset for QCG but has faced delays.

Strategic Significance

This leadership change signals a shift in QCG’s management approach to its key Da Nang project. By appointing Chairman Lai The Ha as the capital representative, QCG may be aiming to strengthen oversight and potentially resolve the legal hurdles facing Marina Complex. The project’s prime location along the Han River makes it strategically important, but its stalled status has weighed on QCG’s real estate revenue. The move could be a precursor to renewed development efforts or a potential divestment, as QCG focuses on other business areas like hydropower.

What to Watch

• Any official announcement from QCG or Da Nang Marina JSC regarding the resumption of the Marina Complex project.
• QCG’s Q3 2024 earnings report to see if the hydropower plant sale proceeds are fully reflected and whether real estate revenue picks up.
• Regulatory updates from the Da Nang People’s Committee on the legal status of the Marina Complex project.
• Any further changes in QCG’s ownership stake in Da Nang Marina JSC, which could signal a strategic shift.
• QCG’s annual shareholder meeting resolutions or board decisions that might clarify the company’s long-term strategy for its real estate portfolio.