T-Cap Securities (TVB) Overhauls Leadership: New Chairman and CEO Appointed

Overview

T-Cap Securities (TVB, HOSE) has announced a change in its top leadership, with Ms. Nguyen Thi Hang moving from Chairwoman to CEO and Mr. Pham Van Khiem taking over as Chairman. The reshuffle was approved at the annual general meeting (AGM) held on April 18, 2026, which also set ambitious 2026 targets of VND 170 billion in revenue and VND 90 billion in net profit.

Key Facts

• Ms. Nguyen Thi Hang was relieved as Chairwoman and appointed CEO of TVB, with a term until 2031.
• Mr. Pham Van Khiem, previously an independent board member, was elected Chairman for the 2026-2028 term.
• Former CEO Mr. Ngo Long Giang was dismissed effective March 4, 2026.
• TVB’s 2026 AGM approved revenue target of VND 170 billion (+85% YoY) and net profit target of VND 90 billion (4.3x 2025).
• In 2025, TVB reported revenue of VND 92 billion and net profit of VND 21 billion, down 51% and 83% respectively from 2024, achieving only 54% of revenue and 26% of profit targets.
• The board’s remuneration for 2026 was set at VND 2.5 billion.
• Independent board member Mr. Le Van Cuong resigned effective March 11, 2026, after serving only since October 2025; replaced by Mr. Le Hong Viet, who also serves as assistant to the board at parent company T-Corp (TVC).

What Happened

T-Cap Securities (TVB) announced a leadership overhaul at its annual general meeting on April 18, 2026. Ms. Nguyen Thi Hang, who had been Chairwoman since March 2024, was relieved of that role and appointed as CEO, replacing Mr. Ngo Long Giang who was dismissed earlier in March. Ms. Hang also remains Chairwoman of TVB’s parent company, T-Corp (TVC), and holds 50,000 TVB shares (0.04%) and 100,000 TVC shares (0.1%).

Mr. Pham Van Khiem, previously an independent board member with no shareholding in TVB and no other executive roles, was elected Chairman for a term from 2026 to 2028. The AGM also accepted the resignation of independent board member Mr. Le Van Cuong, who had only joined in October 2025, and elected Mr. Le Hong Viet as his replacement. Mr. Viet, born 1988, had been serving as assistant to the board at both TVB and parent T-Corp since February 2026.

Market Context

TVB shares closed at VND 7,650 on May 13, 2026, down 0.91% with low volume of 39,300 shares. The stock has been under pressure following a weak 2025 performance, where net profit plunged 83% to just VND 21 billion. The leadership change comes as the company sets aggressive 2026 targets, aiming for a 4.3x profit increase. TVB is listed on HOSE and operates in the competitive securities brokerage sector.

Strategic Significance

The leadership reshuffle consolidates power under Ms. Nguyen Thi Hang, who now holds both the CEO role at TVB and the chairmanship of parent T-Corp. This could streamline decision-making between the two entities. The appointment of an independent board member as Chairman may improve governance, but Mr. Khiem’s lack of TVB shareholding raises questions about alignment with minority shareholders. The ambitious 2026 targets suggest management expects a strong recovery, but the low 2025 achievement rate (26% of profit target) highlights execution risk.

What to Watch

• Q1 2026 earnings release to gauge early progress toward the VND 90 billion net profit target.
• Any further changes in board composition or management team.
• TVB’s market share in brokerage and fee income trends amid sector competition.
• Parent company T-Corp (TVC) developments, as Ms. Hang’s dual roles may influence capital allocation.
• Regulatory filings regarding any share transactions by insiders following the leadership change.