Vincom Retail Appoints New Chairman, Sets 2026 Revenue and Profit Targets

Overview

Vincom Retail (VRE), the operator of the Vincom chain of shopping malls, has appointed Tran Le Phuong as Chairman of the Board of Directors, replacing Tran Mai Hoa, who has been named General Director. The company also released its 2026 financial targets, projecting revenue of VND 10,132 billion and net profit of VND 5,375 billion, representing year-on-year growth of 16% and 15%, respectively.

Key Facts

• Tran Le Phuong was appointed Chairman of Vincom Retail on August 27, 2025, replacing Tran Mai Hoa.
• Phuong, born 1969, holds a Master’s degree in Economic Management and also chairs Vietnam Exhibition Fair Center (VEFAC).
• Tran Mai Hoa, formerly Chairwoman, becomes General Director, replacing Pham Thi Thu Hien, who moves to Deputy General Director of Sales and Marketing.
• Hoa has been with Vincom Retail since 2014, holding roles including project director at Vincom Mega Mall Times City and Royal City.
• Vincom Retail targets 2026 consolidated net revenue of VND 10,132 billion (+16% vs. 2025) and net profit of VND 5,375 billion (+15% vs. 2025), excluding non-recurring income.
• The company aims to become Asia’s leading retail real estate developer and manager, currently operating over 90 malls with 1.91 million sqm of retail space.
• Expansion plans include reaching 110 malls (3.5 million sqm) and developing 75 new commercial streets.

What Happened

On August 27, 2025, the Board of Directors of Vincom Retail (HOSE: VRE) approved the appointment of Tran Le Phuong as Chairman, succeeding Tran Mai Hoa. Phuong, who joined the board on July 22, 2025, also chairs Vietnam Exhibition Fair Center (VEFAC) and other enterprises. Tran Mai Hoa, who has been with the company since 2014, was appointed General Director, replacing Pham Thi Thu Hien. Hien will serve as Deputy General Director of Sales and Marketing, a role she previously held.

Alongside the leadership changes, Vincom Retail announced its 2026 financial targets: consolidated net revenue of VND 10,132 billion and net profit of VND 5,375 billion, up 16% and 15% year-on-year, respectively, after excluding non-recurring income. The company also reiterated its ambition to become Asia’s leading retail real estate developer and manager.

Market Context

Vincom Retail (VRE) closed at VND 21,300 on July 28, 2025, on the HOSE. The stock has been influenced by the broader real estate sector’s recovery and Vingroup’s strategic moves. The leadership reshuffle comes as VRE aims to expand its mall portfolio from over 90 to 110, increasing retail floor space from 1.91 million sqm to 3.5 million sqm. The 2026 targets suggest management confidence in sustained growth, despite potential headwinds from rising construction costs and competition.

Strategic Significance

The appointment of Tran Le Phuong, an experienced board member from Vingroup’s ecosystem, signals continuity in strategic direction. Tran Mai Hoa’s move to CEO leverages her deep operational experience, particularly in large-scale mall management. The 2026 targets, with revenue and profit growth of 15-16%, indicate a focus on organic expansion and operational efficiency. The company’s goal to become Asia’s leading retail real estate player underscores its ambition to scale beyond Vietnam, though near-term focus remains on domestic mall development and commercial street projects.

What to Watch

• Progress on expanding to 110 malls and 75 new commercial streets by 2026.
• Quarterly earnings reports for 2025 and 2026 to track revenue and profit growth against targets.
• Any further leadership changes or strategic partnerships within Vingroup.
• Market response to the new management team, particularly in terms of operational metrics like occupancy rates and rental income.
• Updates on the development of new Vincom centers in key cities and provinces.