SMC Appoints Le Quang Hai as Audit Committee Chairman

Overview

SMC (HOSE: SMC), or CTCP Đầu tư Thương mại SMC, has appointed independent non-executive board member Le Quang Hai as Chairman of its Audit Committee under the Board of Directors, effective September 16, 2026. Fellow independent non-executive director Hoang Trung Dung was named a member of the same committee on the same effective date. The appointments formalise the governance layer of a broader restructuring at the steel processor and distributor.

Key Facts

• Le Quang Hai appointed Chairman of SMC’s Audit Committee effective September 16, 2026.
• Hoang Trung Dung, independent non-executive board member, appointed Audit Committee member on the same date.
• Hai joined the SMC board for the 2026-2031 term at the 2026 annual general meeting and was subsequently elected Vice Chairman.
• Hai, born 1979, holds a Master’s in Professional Accounting from the University of London and DCP, ACCA and VACPA certifications.
• Prior roles include Consulting Director at PwC, Mekong Securities and VPBank Securities, Deputy Head of Project in VPBank’s Finance-Banking Division, and Senior Advisor at KPMG Vietnam.
• SMC’s 2026 plan targets consolidated revenue of VND 7,000 billion and after-tax profit of about VND 30 billion, down 85% year on year.
• Planned 2026 sales volume is 420,000 tonnes of steel, nearly 9% below prior-year actuals.

What Happened

According to company disclosures, SMC appointed Le Quang Hai, an independent non-executive member of the Board of Directors, as Chairman of the Audit Committee under the board, effective September 16, 2026. At the same time, Hoang Trung Dung, also an independent non-executive board member, was appointed a member of the Audit Committee. Both decisions took effect on the same date.

The move follows Hai’s entry into the SMC board for the 2026-2031 term. At the 2026 annual general meeting, shareholders elected him to the board, which then elected him Vice Chairman; the company website currently lists him in that role. The 2026 AGM completed the board for the term with Pham Hoang Anh as Chairman, Le Quang Hai as Vice Chairman and Nguyen Quang Trung as General Director. The filing does not disclose any remuneration or committee charter changes tied to the appointments.

Market Context

SMC shares closed at VND 9,900 on September 17, 2026, the session after the appointments took effect, placing the stock in low-price territory on the HOSE exchange. The company sits in the steel sector, where domestic demand has been weak and prices volatile, pressuring processors and distributors. SMC’s own 2026 plan implies a sharp earnings contraction, with after-tax profit guidance of roughly VND 30 billion against VND 7,000 billion in revenue, and volumes falling nearly 9%. The governance changes come as the company prioritises restructuring, management efficiency and higher-value product lines.

Strategic Significance

For long-term investors, the appointment places a career audit and advisory professional with PwC, KPMG, VPBank and securities-firm experience at the head of SMC’s audit function during a period of operational overhaul. Audit committee leadership matters most when a company is shrinking its profit base, optimising its investment portfolio and refocusing on core, higher-margin activities, because internal controls and related-party oversight become the main safeguards for minority shareholders. The parallel tie-up with Hyundai Steel Pipe and Kemp to study value-added steel products signals where management sees the recovery path; the audit chair’s role is to keep that restructuring disciplined and transparent.

What to Watch

• Publication of the Audit Committee’s charter, membership terms and any related-party oversight remit.
• Third-quarter 2026 results and whether profit tracks toward the VND 30 billion full-year target.
• Progress disclosures on the Hyundai Steel Pipe and Kemp value-added steel cooperation.
• Any further board or senior management changes under the 2026-2031 term.
• Foreign-ownership and major-shareholder filings on the HOSE disclosure system.