Vinaconex (VCG) Appoints Nguyen Xuan Dong as Chairman, Q1 Net Profit Surges 143%

Overview

Vinaconex (VCG) has appointed Nguyen Xuan Dong as Chairman of the Board of Directors, effective May 5, 2026, replacing Tran Dinh Tuan who resigned after just over two months in the role. The announcement coincides with the company’s Q1 2026 earnings release showing net profit surged 143% year-on-year to VND 368.5 billion. The leadership change marks a return of Dong, who previously served as CEO and was instrumental in the An Quy Hung acquisition of Vinaconex from SCIC.

Key Facts

• Nguyen Xuan Dong appointed Chairman of Vinaconex (VCG) on May 5, 2026, replacing Tran Dinh Tuan.
• Tran Dinh Tuan held the chairman position for just over two months, appointed on February 13, 2026.
• Nguyen Xuan Dong resigned as CEO effective April 28, 2026, after serving in that role since late 2018.
• Q1 2026 net profit after tax reached VND 368.5 billion, up 143% YoY.
• Q1 2026 revenue was VND 3,424 billion, up 32% YoY; gross profit rose 36% to VND 432 billion.
• Construction revenue (the main segment) was VND 2,345 billion (+17.8% YoY); real estate revenue surged 463% to VND 436.5 billion.
• VCG shares closed at VND 22,850 on May 5, up 0.22%, with market capitalization of VND 14,772 billion.

What Happened

Vinaconex announced on May 5 that the Board of Directors had accepted the resignation of Tran Dinh Tuan as Chairman and elected Nguyen Xuan Dong to replace him for the 2022-2027 term. Tuan had been appointed Chairman on February 13, 2026, succeeding Nguyen Huu Toi. Prior to that, Tuan served as Vice General Director and board member.

Nguyen Xuan Dong, who had been CEO since late 2018, submitted his resignation from that role effective April 28. His tenure as CEO was closely associated with the landmark An Quy Hung transaction, in which the company he chaired spent approximately VND 7,400 billion to acquire nearly 58% of Vinaconex from SCIC. The company also reported strong Q1 2026 results, with net profit rising 143% YoY to VND 368.5 billion, achieving 35.5% of its full-year target. Revenue growth was driven by a 17.8% increase in construction and a 463% surge in real estate activities. Financial income jumped fivefold to VND 234 billion, mainly from deposit interest.

Market Context

VCG shares have been trading positively, gaining in five of the last six sessions. On May 5, the stock closed at VND 22,850, up 0.22%, giving a market cap of VND 14,772 billion. The stock is listed on HOSE. The recent price action reflects growing investor confidence amid the leadership transition and strong Q1 earnings. The broader construction and real estate sector has seen mixed performance, but Vinaconex’s robust results and strategic moves are attracting attention.

Strategic Significance

The return of Nguyen Xuan Dong as Chairman reinforces continuity in Vinaconex’s strategic direction, particularly given his role in the An Quy Hung acquisition that transformed the company’s ownership structure. The strong Q1 results, especially the 463% jump in real estate revenue, suggest that the company’s diversification into property development is gaining traction. The leadership stability and operational momentum could support Vinaconex’s ability to execute its 2026 business plan and potentially pursue further expansion in construction and real estate.

What to Watch

• Appointment of a new CEO to replace Nguyen Xuan Dong, and the strategic direction the new management team sets.
• Q2 2026 earnings release to see if the growth trajectory in real estate and construction segments continues.
• Progress on major construction projects and real estate developments that underpin revenue targets.
• Any further changes in board composition or ownership structure following the leadership transition.
• Market reaction to the new chairman’s strategy, including potential capital raising or M&A activities.