Vinaconex (VCG) Appoints New CEO After AGM, Sets Lower 2026 Targets

Overview

Vinaconex (VCG, HOSE) approved the resignation of CEO Nguyen Xuan Dong effective April 28 and appointed Pham Thai Duong as replacement, immediately after its annual general meeting (AGM) on April 25. The company also set lower 2026 targets but maintained a 16% dividend for 2025. The leadership change follows the arrest of two former board members on procurement violations.

Key Facts

• CEO Nguyen Xuan Dong resigned effective April 28, 2026; replaced by Pham Thai Duong, former Deputy CEO and Director of Project Management Board 1.
• The AGM on April 25 dismissed former Chairman Nguyen Huu Toi and board member Duong Van Mau after they were arrested for procurement violations.
• Two new board members, Nguyen Hai Dang and Le Phung Hoa, were elected for the 2022-2027 term.
• Vinaconex targets 2026 consolidated revenue of VND 15,423 billion (-22% YoY) and net profit of VND 1,037 billion (-73% YoY).
• Parent company targets 2026 revenue of VND 10,740 billion (-29% YoY) and net profit of VND 1,018 billion (-70% YoY).
• The company maintains a 16% dividend for 2025 (8% cash, 8% stock) and plans to continue this policy in 2026.
• Q1 2026 net profit reached VND 353 billion (+176% YoY), achieving 36% of the full-year target.

What Happened

Vinaconex (VCG) announced the resignation of CEO Nguyen Xuan Dong effective April 28, 2026, and the appointment of Pham Thai Duong as his replacement. The decision was made immediately after the company’s annual general meeting on April 25. According to the company filing, Duong previously served as Deputy CEO and Director of Project Management Board 1.

The AGM also dismissed former Chairman Nguyen Huu Toi and board member Duong Van Mau after both were arrested by the Ministry of Public Security for alleged procurement violations. Two new board members, Nguyen Hai Dang and Le Phung Hoa, were elected to fill the vacancies.

Market Context

VCG shares closed at VND 22,000 on April 15, 2026, down 1.53% with volume of 11 million shares. The stock has been under pressure amid governance concerns following the arrests. The construction and materials sector has faced headwinds from slower public investment disbursement and rising input costs. Vinaconex’s Q1 2026 results showed strong revenue growth of 32% YoY, driven by a 5.6x surge in real estate revenue, but the full-year targets imply a sharp slowdown.

Strategic Significance

The leadership change signals a fresh start for Vinaconex after governance turmoil. The appointment of Pham Thai Duong, an internal candidate with project management experience, suggests continuity in operations. The lower 2026 targets reflect a conservative outlook after a record 2025, but the maintained 16% dividend indicates commitment to shareholder returns. The company’s ability to execute its real estate pipeline and manage legal risks will be key to restoring investor confidence.

What to Watch

• Q2 2026 earnings release and management guidance on achieving full-year targets.
• Progress on legal proceedings involving former board members and any further regulatory actions.
• Updates on major construction and real estate projects, particularly in the affordable housing segment.
• Dividend payment schedule for 2025 and any changes to the 2026 dividend policy.
• Foreign ownership trends and any changes in major shareholder Pacific Holdings’ stake.