Sasco appoints Du Kim Thang as CEO, replacing Nguyen Van Hung Cuong

Overview

Sasco (SAS) has appointed Du Kim Thang, former director of Con Dao Airport, as its new General Director and legal representative, effective immediately. He replaces Nguyen Van Hung Cuong, who resigned in late July to take on a new assignment at ACV, the parent company holding 49.07% of Sasco. The change signals continued strategic alignment with ACV as Sasco prepares for the Long Thanh airport opportunity.

Key Facts

• Du Kim Thang appointed as General Director and legal representative of Sasco, per a decision signed by Chairman Johnathan Hanh Nguyen.
• Thang previously served as Director of Con Dao Airport, a regional airport owned and operated by ACV.
• Thang will represent ACV’s capital in Sasco, covering nearly 18.7 million shares, equivalent to 14% of charter capital.
• ACV holds a total of 49.07% of Sasco’s capital.
• Nguyen Van Hung Cuong resigned as General Director in late July to take on a new role assigned by ACV.
• Sasco targets 2026 revenue of VND 3,450 billion and pre-tax profit of VND 802 billion, down 2% and 5% year-on-year respectively.
• In H1 2026, Sasco reported revenue of VND 1,553 billion (+1% YoY) and profit of nearly VND 438 billion (+58% YoY).

What Happened

Sasco’s Board of Directors, led by Chairman Johnathan Hanh Nguyen, has officially appointed Du Kim Thang as the company’s new General Director and legal representative. Thang brings extensive experience from his tenure as Director of Con Dao Airport, a regional airport under the management of Airports Corporation of Vietnam (ACV). In his new role, Thang will also serve as ACV’s capital representative for its 14% stake in Sasco, while ACV’s total ownership stands at 49.07%.

The appointment follows the resignation of Nguyen Van Hung Cuong, who stepped down in late July to accept a new assignment from ACV. The leadership transition was announced through a company decision, as reported by Vietnamese media. Sasco, a major player in non-aviation services, operates airport lounges, duty-free shops, restaurants, hotels, in-flight catering, and other terminal commercial services.

Market Context

Sasco (SAS) trades on the UPCOM exchange, closing at VND 33,800 on August 4, 2026. The company remains heavily reliant on Tan Son Nhat International Airport for revenue, but management has identified Long Thanh International Airport as a key growth area for the coming years. The leadership change comes as Sasco navigates a mixed financial performance: while H1 profit surged 58% year-on-year, the full-year targets imply a slight contraction, reflecting cautious expectations amid broader aviation sector dynamics.

Strategic Significance

This leadership change reinforces ACV’s strategic influence over Sasco, as the parent company’s representative now holds the CEO position. With ACV controlling nearly half of Sasco’s capital, the appointment aligns operational leadership with ACV’s broader airport development plans, particularly the Long Thanh project. For long-term investors, this signals continuity in strategic direction and potential synergies as Sasco positions itself to capture revenue from Vietnam’s next major airport hub. The move also underscores the importance of state-owned enterprise involvement in key aviation service providers.

What to Watch

• Sasco’s Q3 2026 earnings report to assess whether H1 profit momentum continues.
• Updates on Long Thanh airport construction timeline and Sasco’s contract wins or partnerships.
• Any further management changes or strategic announcements from ACV regarding its stake in Sasco.
• Sasco’s progress toward its 2026 full-year targets, especially revenue and profit margins.
• Regulatory approvals or capital allocation plans related to Long Thanh expansion.