Tia Sang Battery (TSB) Appoints New Chairman Backed by DGC

Overview

Tia Sang Battery JSC (TSB, HNX) has elected Nguyen Tat Dai as Chairman of the Board for the 2023-2028 term, effective October 2, 2026, replacing Doan Van Quang. Dai was nominated by parent company Duc Giang Chemicals Group (DGC, HOSE), which holds 51% of TSB, placing a long-serving DGC executive at the top of the battery maker. The change follows a turbulent 2026 for TSB’s board and a swing to a first-half net loss.

Key Facts

• Nguyen Tat Dai elected Chairman of TSB for the 2023-2028 term, effective October 2, 2026.
• He replaces Doan Van Quang, who had been appointed chairman only in late July 2026.
• Quang’s predecessor, Luu Bach Dat, was prosecuted under a decision by the Ministry of Public Security’s investigative agency.
• Dai and Nguyen Van Thoa were added to the TSB board at an extraordinary shareholders’ meeting on October 2, 2026, both nominated by DGC.
• DGC owned 51% of TSB as of June 30, 2026, making TSB a consolidated subsidiary.
• Dai joined Duc Giang Chemicals in 2004 and has served as director of Duc Giang Chemicals Dinh Vu One Member LLC since 2020.
• The new chairman holds no TSB shares; TSB reported H1 2026 audited net revenue of VND 86.1B (-14.08% YoY) and a net loss of nearly VND 3.2B, versus a VND 315M profit a year earlier.

What Happened

TSB disclosed a board resolution on personnel changes, stating that Nguyen Tat Dai was elected chairman for the 2023-2028 term from October 2, 2026, succeeding Doan Van Quang. The appointment coincided with an extraordinary general meeting the same day, at which shareholders elected Dai and Nguyen Van Thoa to the board. Both were nominated by Duc Giang Chemicals Group, TSB’s 51%-owned parent, according to the company announcement.

The turnover at the top has been rapid. Quang was only appointed chairman in late July 2026, replacing Luu Bach Dat, who was prosecuted by the Ministry of Public Security’s investigative agency. Dai brings a long DGC tenure, having joined the chemicals group in 2004 and led its Dinh Vu subsidiary since 2020. The filing does not disclose any compensation or share-based arrangements tied to the appointment, and Dai currently holds no TSB shares.

Market Context

TSB trades on the HNX and closed at VND 18,800 on October 6, 2026, while parent DGC closed at VND 34,350 on HOSE the same day. The battery maker sits in the industrial manufacturing segment, where input costs and pricing power have pressured smaller producers. TSB’s H1 2026 results showed gross profit of VND 9.15B (-13.48% YoY) and selling expenses up 14.36% to VND 8.9B, pushing the company into a net loss of about VND 3.2B from a small profit a year earlier. The board reshuffle comes as the wider Vietnamese market remains sensitive to governance and legal-risk headlines at listed companies.

Strategic Significance

For long-term investors, the appointment formalizes DGC’s operational control of TSB. With 51% ownership and now both board nominees and the chair sourced from the parent, DGC can direct strategy at the battery maker without a full buyout. The key question is whether DGC integrates TSB into its chemicals value chain, for example through shared procurement, energy or materials, or treats it as a standalone turnaround. TSB’s shrinking revenue and swing to losses make cost discipline and any parent-level support the central variables for minority shareholders.

What to Watch

• TSB’s Q3 2026 business results, to show whether the loss widened or narrowed.
• Any DGC disclosure on restructuring, capital injection or related-party transactions involving TSB.
• Further board or management changes following the October 2 extraordinary meeting.
• Resolution of the legal case involving former chairman Luu Bach Dat and any related liability for TSB.
• DGC’s consolidated filings for updates on TSB’s contribution to group revenue and profit.