Viettel Post (VTP) Relieves Deputy General Director, Q1 Profit Drops 43%

Overview

Viettel Post (VTP) announced the relief of Mr. Dinh Thanh Son from his role as Deputy General Director, effective June 10, to assign him as Director of VTP Myanmar, a subsidiary focused on warehousing, logistics, customs services, and transport leasing. Mr. Son remains a member of the Board of Directors. Separately, the company reported a 43% decline in Q1 2026 net profit to VND 39 billion, the lowest quarterly result since late 2022.

Key Facts

• Mr. Dinh Thanh Son (born 1980) was relieved as Deputy General Director of Viettel Post on June 10, 2026.
• He retains his role as a member of the Board of Directors and becomes Director of VTP Myanmar, a wholly-owned subsidiary.
• VTP Myanmar operates in warehousing, logistics, customs services, and transport vehicle leasing.
• Mr. Son joined Viettel Post in 2004, became Deputy General Director in 2017, and joined the Board in 2020.
• On May 3, 2026, Mr. Son registered to buy 6,048 VTP shares (worth over VND 60 million), which would increase his holdings to 20,450 shares.
• In late May 2026, Viettel Post appointed Mr. Nguyen Trong Tinh as Deputy General Director and reappointed Mr. Pham Van Tuyen to the same position.
• Q1 2026 net revenue was VND 4,758 billion (-5.6% YoY); net profit was VND 39 billion (-43% YoY), the lowest quarterly profit since Q4 2022.
• The company’s 2026 full-year net profit target is nearly VND 400 billion; Q1 achieved only 9.7% of that target.

What Happened

Viettel Post (HoSE: VTP) announced via a board resolution on June 10 that it had relieved Mr. Dinh Thanh Son from his position as Deputy General Director to reassign him to a new role. Mr. Son will serve as the company’s capital representative and take on the position of Director of VTP Myanmar, a subsidiary operating in warehousing, logistics, customs services, and transport vehicle leasing. He will continue to serve as a member of the Board of Directors.

Mr. Son, born 1980 in Ninh Binh, holds a Master’s degree in Business Administration. He joined Viettel Post in 2004 as Head of the Cau Giay Post Office, was appointed Deputy General Director in 2017, and became a Board member in 2020. Prior to this change, on May 3, he registered to purchase an additional 6,048 VTP shares, which would raise his total holdings to 20,450 shares.

Separately, the company reported Q1 2026 financial results showing net revenue of VND 4,758 billion (down 5.6% YoY) and net profit of VND 39 billion (down 43% YoY), the lowest quarterly profit since Q4 2022. With a full-year net profit target of nearly VND 400 billion, the company has only achieved 9.7% of its goal after the first quarter.

Market Context

VTP shares closed at VND 64,000 on June 11, unchanged from the previous session, with low trading volume of 219,400 shares. The stock has faced headwinds amid declining earnings, with Q1 profit falling sharply. Viettel Post operates in the logistics and postal services sector on HOSE, and its performance is closely tied to domestic consumption and e-commerce trends. The 43% profit drop contrasts with the broader market’s recovery, raising concerns about near-term earnings momentum.

Strategic Significance

The leadership change signals Viettel Post’s focus on expanding its Myanmar operations, a market with growing logistics demand. Mr. Son’s deep experience within the company and his board role suggest continuity in strategic direction. However, the sharp Q1 profit decline and low achievement of the annual target highlight operational challenges. The appointment of new deputy general directors may indicate a restructuring effort to improve performance. Investors will watch for signs of a turnaround in the coming quarters.

What to Watch

• Q2 2026 earnings release (expected August 2026) to see if profit decline stabilizes.
• Updates on VTP Myanmar’s operational ramp-up and revenue contribution.
• Any further insider trading by Mr. Son or other executives as a signal of confidence.
• Company guidance revisions if Q1 weakness persists.
• Competitive dynamics in Vietnam’s logistics sector, including pricing and volume trends.