QTP Board Member Le Viet Cuong Prosecuted; Quang Ninh Thermal Power Appoints Two Deputy CEOs

Overview

Công ty Cổ phần Nhiệt điện Quảng Ninh (QTP), the HOSE-listed operator of the 1,200 MW Quang Ninh thermal power plant, disclosed that Deputy General Director and board member Le Viet Cuong was prosecuted and detained over alleged falsification of organizational documents. The company confirmed he no longer holds a board seat and has appointed two new Deputy General Directors. The disclosure lands alongside strong H1 2026 results, with after-tax profit up 44% year on year.

Key Facts

• Le Viet Cuong, Deputy General Director and board member, was prosecuted and detained on allegations of “falsifying documents of agencies and organizations,” per a notice QTP received on 23 February 2026.
• QTP announced on 24 February 2026 that Cuong ceased to be a board member from the time of prosecution, citing the company’s charter.
• Cuong, born 1979, had served as Deputy General Director since 25 March 2019.
• Duong Thanh Cong was appointed Deputy General Director effective 16 October, on a five-year term; he previously served as Deputy Head of Technical and Safety at EVNGENCO1.
• Nguyen Cong Kien was appointed Deputy General Director effective 12 August 2026.
• H1 2026 revenue reached VND 6,359 billion (+10% year on year) and after-tax profit VND 524 billion (+44%).
• The results equal 54% of the full-year 2026 revenue forecast and 76% of the after-tax profit forecast.
• Major shareholders: EVNGENCO1 42%, Pha Lai Thermal Power (PPC) 16%, SCIC 11.4%, and TKV Power 10.6%, on charter capital of VND 4,500 billion.

What Happened

QTP said it received notice from competent authorities on 23 February 2026 that Le Viet Cuong, then Deputy General Director and a board member, had been prosecuted and taken into custody for investigation of the alleged act of falsifying documents of agencies and organizations. The company stated that authorities have not issued a final conclusion in the case. On 24 February 2026, invoking its charter, QTP announced that Cuong no longer held the board position from the moment of prosecution.

Separately, QTP moved to fill senior management roles. The company appointed Nguyen Cong Kien as Deputy General Director effective 12 August 2026, and Duong Thanh Cong as Deputy General Director effective 16 October on a five-year term. Cong previously served as Deputy Head of the Technical and Safety Department at Tổng công ty Phát điện 1 (EVNGENCO1), QTP’s largest shareholder. The announcements were made through company disclosures.

Market Context

QTP trades on HOSE and closed at VND 10,800 on 14 October 2026. The stock sits in the Vietnamese power generation sector, where listed thermal generators have drawn investor attention for stable, regulated cash flows and dividend records rather than high growth. QTP’s H1 2026 profit growth of 44% stands out against a sector where fuel-cost and hydrology swings often compress margins. PPC, which holds 16% of QTP and closed at VND 8,700 on 14 October 2026, is the other listed ticker referenced in the disclosure. The governance event is company-specific rather than sector-wide, but it arrives while QTP is running well ahead of its annual profit plan.

Strategic Significance

The investment case for QTP rests on the 1,200 MW Quang Ninh plant, its 500 kV and 220 kV grid connections, and roughly 7.2 billion kWh of designed annual output, backed by state-linked shareholders EVNGENCO1, SCIC and TKV Power. A board-level prosecution introduces governance and key-person risk at a state-origin utility, where board seats are typically tied to shareholder nomination rights. The rapid appointment of two deputy general directors, one drawn from EVNGENCO1, suggests the controlling shareholder is moving to stabilize operations. For long-term holders, the question is whether the case remains confined to one individual or expands into contract, procurement or reporting matters that could affect the plant’s operations or its relationship with EVN.

What to Watch

• Any follow-up disclosure from QTP or EVNGENCO1 on the scope of the investigation and whether other officials are implicated.
• Q3 2026 results and whether the 76% profit-plan completion pace holds through the second half.
• The next annual general meeting agenda, including formal ratification of board composition after Cuong’s departure.
• Power output and dispatch data for the Quang Ninh plant, given the 7.2 billion kWh design benchmark.
• Any change in PPC’s 16% stake or other major shareholder positions.