Quoc Cuong Gia Lai replaces Marina Complex capital rep, Q2 profit surges

Overview

Quoc Cuong Gia Lai (QCG) has replaced its capital representative at Ben Du Thuyen Da Nang, the developer of the Marina Complex project in Da Nang. The company appointed Lai The Ha to replace Nguyen Quoc Cường, covering a 65.48% stake worth over VND 506 billion. This leadership change comes alongside Q2/2026 financial results showing a sharp revenue drop but a significant profit surge.

Key Facts

• QCG’s board resolved to replace Nguyen Quoc Cuong with Lai The Ha as capital representative at Ben Du Thuyen Da Nang.
• The represented capital is valued at over VND 506 billion, equivalent to 50.6 million shares, a 65.48% stake.
• Ben Du Thuyen Da Nang is the developer of Marina Complex, a nearly 12-hectare project in Son Tra, Da Nang.
• As of June 12, 2026, Nguyen Ngoc Huyen My, sister of Nguyen Quoc Cuong, became General Director and legal representative of Ben Du Thuyen Da Nang.
• QCG’s Q2/2026 net revenue was just over VND 11 billion, down 90% year-on-year.
• A one-off gain of VND 242 billion helped QCG post after-tax profit of VND 167 billion in Q2/2026, versus VND 1.7 billion a year earlier.
• In H1/2026, QCG reported revenue of VND 80.8 billion (down 67%) and after-tax profit of nearly VND 183 billion (up from VND 10 billion).

What Happened

Quoc Cuong Gia Lai announced a board resolution to change its capital representative at Ben Du Thuyen Da Nang, the entity behind the Marina Complex project. The company dismissed Nguyen Quoc Cuong from the role and appointed Lai The Ha. The change covers a stake of 65.48%, valued at over VND 506 billion.

Ben Du Thuyen Da Nang was established in 2011 and has undergone several capital changes. As of September 24, 2024, its charter capital was VND 773 billion. The latest update on June 12, 2026, shows Nguyen Ngoc Huyen My as General Director and legal representative, replacing her brother.

Separately, QCG released its consolidated Q2/2026 financial statements, showing net revenue of just over VND 11 billion, down 90% year-on-year, with nearly all revenue from hydropower and none from real estate. However, a one-off gain of VND 242 billion lifted after-tax profit to VND 167 billion, compared to VND 1.7 billion in the same period last year.

Market Context

QCG shares closed at VND 9,970 on August 15, 2026, on the HOSE. The company’s real estate segment has been quiet, with no revenue recognized in Q2/2026. The broader Vietnamese real estate sector remains under pressure, but QCG’s profit surge, driven by non-operating gains, may attract attention. The leadership change at the Marina Complex developer could signal strategic shifts in project management.

Strategic Significance

This leadership change at Ben Du Thuyen Da Nang may indicate a restructuring of management responsibilities within QCG’s key real estate asset. The appointment of Lai The Ha, along with the earlier transfer of the General Director role to Nguyen Ngoc Huyen My, suggests a family-led governance adjustment. For long-term investors, the Marina Complex project remains a significant asset, but its development timeline and revenue contribution are uncertain. The Q2 profit spike, while notable, is largely non-recurring, so sustainability of earnings is a key question.

What to Watch

• Q3/2026 financial results to see if the one-off gain is repeated or if real estate revenue resumes.
• Any further corporate actions at Ben Du Thuyen Da Nang, such as capital increases or project milestones.
• Updates on the Marina Complex project’s construction and sales progress.
• QCG’s debt reduction trend, as total liabilities fell by over VND 900 billion in H1/2026.
• Regulatory filings or announcements regarding the new capital representative’s authority and plans.