QCG: Nguyen Thi Nhu Loan Returns as CEO, Stake Jumps VND 137B

Overview

Quoc Cuong Gia Lai (HOSE: QCG) appointed Nguyen Thi Nhu Loan back as CEO on 12 October 2026, replacing her son Nguyen Quoc Cuong, and the shares hit their ceiling for two consecutive sessions. The move restores the company’s largest shareholder, holder of about 37.05% of charter capital, to the executive seat after a two-year absence, and it follows a court ruling that she had completed her sentence in the 39-39B Ben Van Don land case.

Key Facts

• Board decision dated 12 October 2026 removed Nguyen Quoc Cuong as CEO and appointed Nguyen Thi Nhu Loan in his place.
• QCG closed at 11,000 VND on 15 October 2026, up 6.8% and at the ceiling, after a ceiling session at 10,300 VND on 14 October.
• The two-session gain of nearly 14% pushed market capitalization above VND 3,000 billion.
• Loan holds close to 102 million QCG shares, about 37.05% of charter capital; her stake rose VND 137 billion to VND 1,121 billion.
• On 9 October 2026 an appellate court reduced her sentence to 11 months and 18 days of non-custodial reform, with pre-trial detention credited.
• H1 2026 revenue was nearly VND 81 billion, down about 67% year on year, while after-tax profit reached nearly VND 182 billion, more than 18 times higher, mainly on hydropower plant transfers.
• About VND 1,471 billion of financial obligations remain to be arranged for the Bac Phuoc Kien project.

What Happened

Quoc Cuong Gia Lai announced the senior management change on 12 October 2026. The board dismissed Nguyen Quoc Cuong from the CEO role and appointed Nguyen Thi Nhu Loan, who took over duties the same day and assumed the title after the business registration authority approved the change of legal representative. During the handover period, Cuong continues to represent the company in related transactions, according to the announcement.

The timing is notable. The decision came days after authorities determined that Loan had served her sentence in the case concerning the 39-39B Ben Van Don land plot. On 9 October 2026, an appellate court cut her penalty to 11 months and 18 days of non-custodial reform and deducted time already spent in detention. She returns to the CEO seat more than two years after handing operational control to her son in July 2024. Before stepping down, Cuong had sent a letter to shareholders acknowledging that his two years of leadership had not fully met expectations.

Market Context

QCG trades on the HOSE. The stock closed at 10,300 VND on 14 October 2026 and reached 11,000 VND on 15 October, with the order book showing no sellers at the ceiling. Despite the two-session surge, the price remains more than 27% below its level at the start of 2026, reflecting the overhang from the Ben Van Don legal proceedings and stalled project resolution. The rebound is a single-name event rather than a sector-wide move; Vietnamese real estate equities more broadly remain sensitive to credit conditions and to the pace at which legacy legal and land-clearance issues are resolved.

Strategic Significance

The investment case for QCG now rests on whether the founder’s return accelerates two things: resolution of the Bac Phuoc Kien project, where roughly VND 1,471 billion of financial obligations still need to be arranged, and restoration of a revenue base that fell about 67% in H1 2026. The reported profit surge came from one-off hydropower plant disposals, not from the core property business, so the quality of earnings is the central question. Loan’s return also concentrates control: as the largest shareholder with about 37.05%, she can now set strategy directly rather than through a delegated CEO, which shortens decision chains but leaves governance dependent on a single figure whose legal history remains part of the market’s valuation discount.

What to Watch

• Q3 2026 earnings release, to show whether revenue recovers from the H1 decline and whether profit is recurring rather than disposal-driven.
• Disclosure of a financing plan or partner for the roughly VND 1,471 billion Bac Phuoc Kien obligations.
• Any further corporate governance filings, including board changes or related-party transactions involving Nguyen Quoc Cuong.
• Foreign-ownership and large-shareholder filings for QCG, given the concentrated 37.05% holding.
• Trading behavior after the ceiling streak, to see whether the rally holds once sell-side liquidity returns.