VLA Chairman Resigns as Training Business Ceases; Q1 Revenue Plunges

Overview

VLA (Van Lang Technology Investment and Development JSC) announced the resignation of Chairman Nguyen Thanh Tien, a prominent real estate investment and wealth-building speaker, and the appointment of Tran Quang Thinh as new Chairman. The company also reported a 90% drop in Q1 2026 revenue to VND 535 million and decided to discontinue its training business due to declining student numbers.

Key Facts

• Nguyen Thanh Tien resigned as Chairman of the Board of Directors for personal reasons but remains a board member.
• Tran Quang Thinh, previously a board member, was elected as the new Chairman.
• VLA’s Q1 2026 net revenue was VND 535 million, down 90% from VND 5.6 billion in Q1 2025.
• Net profit after tax in Q1 2026 was VND 210 million, up 18% year-on-year.
• Full-year 2025 net revenue was nearly VND 12 billion, down 19% from 2024; net profit was VND 874.5 million, up 69%.
• VLA targets 2026 total revenue of VND 5 billion (down 67% from 2025) and net profit of VND 500 million (down 43%).
• The company decided to cease its training business due to a sharp decline in student numbers and intense market competition.

What Happened

VLA announced the resignation of Chairman Nguyen Thanh Tien, who was known as a speaker for real estate investment and wealth-building courses, with some courses costing up to VND 180 million. Tran Quang Thinh, a board member, was elected as the new Chairman. The board now consists of five members, including Thinh as Chairman, Nguyen Huu Thuan as Vice Chairman, and members Nguyen Thanh Tien, Nguyen Van Duc, and Duong The Quang.

Concurrently, VLA released its Q1 2026 financial report, showing net revenue of VND 535 million, a sharp decline from VND 5.6 billion in the same period last year. The company attributed the revenue to corporate governance consulting services for partner enterprises, a new diversification effort. Despite the revenue drop, net profit after tax rose 18% to VND 210 million, supported by reduced selling and administrative expenses.

Market Context

VLA, listed on UPCOM, has seen its business model shift as the training segment faced headwinds. The company’s 2025 revenue fell 19% to VND 12 billion, while net profit increased 69% to VND 874.5 million, indicating cost controls. The 2026 target of VND 5 billion revenue (down 67%) reflects the discontinuation of the training business. The stock price context is not provided, but the announcement signals a strategic pivot away from education.

Strategic Significance

The resignation of the founder-chairman and the cessation of the training business mark a fundamental strategic shift for VLA. The company is exiting a high-ticket, personality-driven education model that faced declining demand and intense competition. By focusing on investment, corporate finance advisory, and software, VLA is moving toward more scalable, less capital-intensive services. The success of this pivot depends on the company’s ability to generate recurring revenue from consulting and software, areas where it has limited track record.

What to Watch

• Q2 2026 financial results to assess revenue contribution from new business lines.
• Any new contracts or partnerships in investment advisory or software.
• Changes in board composition or management team as the strategy evolves.
• Updates on the winding down of the training business and any associated liabilities.
• Share price reaction and trading volume on UPCOM following the announcement.