ROX Key Holdings (TN1) Names Nguyen Viet Son Chairman as H1 2026 Revenue Jumps 48%

Overview

ROX Key Holdings (HOSE: TN1) has elected Nguyen Viet Son as Chairman of the Board of Directors for the remaining 2025-2030 term, effective 2 October 2026, replacing Pham Thi Van Ha, who resigned as a board member for personal reasons. The leadership change coincides with audited H1 2026 results showing net revenue above VND 609 billion, up about 48% year-on-year. For TN1 shareholders, the vote returns a long-tenured insider to the top of a company still integrating its 2024 rebranding into the ROX Group ecosystem.

Key Facts

• Nguyen Viet Son was elected Chairman for the remainder of the 2025-2030 term, effective 2 October 2026.
• Pham Thi Van Ha, chairman since April 2025, resigned as a board member citing personal reasons.
• The removal and appointment were approved by written shareholder ballot, with the board voting the same day, 2 October 2026.
• The board now has five members: Son as chairman, Nguyen Van Hiep as standing vice chairman, Bui Quoc Khanh and Phan Khanh Toan as members, and Nguyen Thi Yen as independent member.
• H1 2026 audited net revenue exceeded VND 609 billion, up approximately 48% year-on-year.
• Gross profit reached nearly VND 180 billion versus more than VND 105 billion a year earlier; after-tax profit was close to VND 124 billion, up about VND 30 billion.
• Son previously served as chairman of TNS Holdings, the predecessor to ROX Key Holdings, from September 2019 to May 2020, and left the board in December 2023.

What Happened

ROX Key Holdings announced the senior personnel change in a company disclosure, stating that Nguyen Viet Son was elected to the board and appointed chairman for the remaining portion of the 2025-2030 term from 2 October 2026. The move followed the resignation of Pham Thi Van Ha, who had chaired the board since April 2025, for personal reasons. The company said the removal and addition were carried out through written shareholder consultation, after which the board met and elected Son as chairman on the same day.

Son is not a new face at the company. Before the 2024 rebranding from TNS Holdings to ROX Key Holdings, he spent years in its governance and executive ranks, joining in February 2018 as vice chairman and general director, becoming chairman in September 2019 while retaining the general director role, stepping back to vice chairman in May 2020, and leaving the board in December 2023. The appointment marks his return to the board after roughly two years and nine months and his second stint as chairman. Separately, the company’s reviewed H1 2026 consolidated financial statements showed net revenue above VND 609 billion, gross profit near VND 180 billion, financial revenue above VND 79 billion, and more than VND 30 billion of profit from associates.

Market Context

TN1 closed at VND 11,200 on 3 October 2026, the session after the 2 October board changes. The ticker sits in the real estate sector on HOSE, a group that has been sensitive to credit conditions and bond-market sentiment through 2026. The revenue and profit growth reported for H1 2026 contrasts with the modest absolute share price, suggesting the market has not yet priced the earnings acceleration into the valuation. The leadership transition adds a governance variable at a company that has already undergone a name change and group restructuring within the ROX Group ecosystem.

Strategic Significance

The return of a founder-era operator to the chairmanship is the central strategic signal. Son’s history at TNS Holdings spans the period when the company built its current asset base, and his reappointment may indicate that ROX Group wants tighter alignment between the listed entity and the wider ecosystem as it scales. The H1 2026 numbers support that reading: gross margin expanded materially, and associate income contributed more than VND 30 billion, pointing to a business model that is diversifying beyond core real estate revenue. For long-term holders, the key question is whether the new chairman prioritizes capital deployment into new projects or consolidation of existing ones.

What to Watch

• Q3 2026 consolidated financial statements, expected in late October 2026, to confirm whether the 48% revenue growth rate is sustained.
• Any disclosure on the strategic direction under the new chairman, including capital-raising or project-launch plans.
• Further board or senior-management changes, given the five-member board structure and recent turnover.
• Related-party transactions or restructuring steps involving ROX Group and its ecosystem companies.
• Foreign-ownership and shareholder-structure filings, which may shift as the new board settles in.