Shark Hung Resigns from Cen Land (CRE) Board, Cites Personal Reasons

Overview

Pham Thanh Hung, widely known as Shark Hung, has submitted his resignation from the Board of Directors of Cen Land (CRE), the real estate firm listed on HOSE. The resignation, citing personal reasons and new directions, will be presented for shareholder approval at the upcoming annual general meeting on May 22, 2026. Hung has publicly clarified that his personal business activities are unrelated to Cen Land.

Key Facts

• Pham Thanh Hung (Shark Hung) submitted a resignation letter from the CRE Board of Directors, where he was serving a term from 2023 to 2028.
• The resignation will be submitted to the annual general meeting of shareholders on May 22, 2026, for approval.
• Hung cited personal reasons and a new direction for himself as the basis for his resignation.
• In late 2025, Hung posted on Facebook to deny rumors linking him to a police raid at Hyra Holdings, a company associated with him.
• Hung stated that his personal investment and startup activities have no legal, financial, or operational connection to Cen Land.
• Cen Land’s audited 2025 financial report shows total revenue of VND 1,324 billion and net profit of VND 75 billion, an increase of nearly 80% year-on-year.

What Happened

Cen Land announced that it had received a resignation letter from board member Pham Thanh Hung. In the letter, Hung stated that although he was elected to the board for the 2023-2028 term, he now wishes to focus on personal matters and pursue new directions, leading him to step down. The company confirmed that the resignation will be presented to shareholders at the annual general meeting scheduled for May 22, 2026, for formal approval.

This development follows a period of social media speculation in late 2025, when images of authorities at a location bearing the Hyra Holdings sign circulated online. Hyra Holdings is a business linked to Hung. In response, Hung posted on Facebook to clarify that the rumors were inaccurate and that his personal investment and startup activities are entirely separate from Cen Land, with no legal, financial, or operational ties. He emphasized the importance of relying on official sources for information.

Market Context

CRE shares trade on HOSE. The real estate sector has been under pressure from regulatory changes and macroeconomic headwinds. Cen Land’s 2025 net profit of VND 75 billion, up 80% year-on-year, suggests operational improvement, but the sudden board resignation introduces governance uncertainty. The stock may face volatility as investors assess the implications of Hung’s departure and the potential for further leadership changes.

Strategic Significance

Shark Hung is a prominent figure in Vietnam’s startup and investment community, and his resignation from CRE’s board removes a high-profile director known for his media presence. While Hung has publicly distanced his personal activities from Cen Land, the resignation could be interpreted as an effort to insulate the company from any reputational risk associated with his personal ventures. For long-term investors, the key question is whether this move signals deeper issues at the board level or is simply a personal decision. The company’s improved financial performance in 2025 provides some buffer, but governance stability will be a focus.

What to Watch

• Shareholder vote on the resignation at the AGM on May 22, 2026.
• Any additional board changes or appointments announced by Cen Land.
• Further clarification from Hung or the company regarding his new direction.
• Cen Land’s Q1 2026 earnings report to gauge business momentum.
• Market reaction and foreign investor flows into CRE shares.