Vingroup Deputy CEO Mai Huong Noi Resigns After 20 Years

Overview

Vingroup (HOSE: VIC) announced on September 9 that Deputy General Director Mai Huong Noi has resigned for personal reasons, ending a 20-year tenure with the conglomerate. Her departure reduces the management board to three members, led by CEO Nguyen Viet Quang. The news comes as Vingroup reports robust first-half results, with revenue up 72% year-on-year.

Key Facts

• Mai Huong Noi, born 1969, resigned as Deputy General Director of Vingroup for personal reasons, effective September 9.
• She is no longer considered an “insider” of Vingroup, meaning she no longer holds a management or control position with access to internal information.
• Noi spent 20 years at Vingroup, holding roles including General Director and member of the Board of Directors.
• Prior to joining Vingroup in 2004, she worked in the postal sector in Hanoi from 2004-2006.
• After her resignation, the management board consists of CEO Nguyen Viet Quang and two other members: Duong Thi Hoan and Nguyen Thi Thu Hien.
• In the first half of 2026, Vingroup reported net revenue of VND 221,920 billion, up 72% year-on-year, with real estate contributing 57% of sales.
• After-tax profit exceeded VND 20,900 billion, nearly five times higher than the same period last year.
• Total assets reached VND 1.3 million billion as of June 30, up nearly VND 200,000 billion from the start of the year.

What Happened

Vingroup announced the resignation of Deputy General Director Mai Huong Noi on September 9. The company stated that Noi, who has been with the conglomerate for 20 years, stepped down for personal reasons. Following her resignation, she is no longer considered an insider of Vingroup, meaning she no longer holds a position that provides access to internal information.

Noi, a graduate of the National Economics University with a degree in banking economics, joined Vingroup in 2004 after working in the postal sector in Hanoi. Over her two-decade career, she held various leadership roles, including General Director and member of the Board of Directors. Her departure leaves the management board with three members: CEO Nguyen Viet Quang, Duong Thi Hoan, and Nguyen Thi Thu Hien.

The announcement comes alongside Vingroup’s strong first-half financial results, which showed revenue of VND 221,920 billion, up 72% year-on-year, and after-tax profit of over VND 20,900 billion, nearly five times higher than the same period last year. Real estate remains the largest revenue contributor, accounting for 57% of sales.

Market Context

VIC shares closed at VND 247,700 on September 9, 2026, on the HOSE. The resignation of a senior executive, while notable, occurs against a backdrop of strong operational performance. Vingroup’s first-half results reflect robust growth across its real estate and other business segments, with total assets reaching VND 1.3 million billion. The departure may raise questions about management stability, but the company’s diversified conglomerate structure and strong financials may mitigate concerns.

Strategic Significance

The resignation of Mai Huong Noi, a long-serving executive, could signal a shift in Vingroup’s leadership structure as the conglomerate continues to expand. While the stated reason is personal, such changes often coincide with strategic realignments. Vingroup’s focus on real estate, which drives the majority of revenue, remains intact. The reduction of the management board to three members may streamline decision-making, but it also concentrates authority. Investors will watch for any further leadership changes or strategic announcements that could indicate a broader reorganization.

What to Watch

• Any additional management changes or board appointments in the coming months.
• Vingroup’s Q3 2026 earnings release, expected in late October, to confirm continued revenue and profit growth.
• Updates on major real estate projects and sales momentum, given real estate’s 57% revenue contribution.
• Any regulatory filings or announcements regarding insider changes or corporate governance adjustments.
• Market reaction to the leadership change, including any impact on VIC’s share price over the next few trading sessions.