Former ACB CEO Ly Xuan Hai reappears at a securities company

Thiên Việt Securities Joint Stock Company (ticker: TVS) has released its 2026 annual general meeting (AGM) documents, outlining changes to senior leadership and governance direction, alongside business targets for the year.

Board and Supervisory Board personnel changes

Under the proposal, TVS approved the resignation of board member Ms. Bùi Thị Kim Oanh. The company also nominated Mr. Ly Xuan Hai as a candidate for the Board of Directors for the 2024–2028 term.

Mr. Ly Xuan Hai is described as a familiar figure in Vietnam’s finance–banking sector. He previously served as CEO of Asia Commercial Bank (ACB) from 2005–2012 and later became involved in a case related to Nguyen Duc Kien (Bau Kien). In 2017–2018, he served as Head of Strategy at Hoàng Anh Gia Lai, owned by Doan Nguyen Duc Duc. He is currently the Honorary Chairman of the Supervisory Board at Bao Loc Silk Joint Stock Company (Bao Loc Silk).

In addition to board changes, TVS proposed reorganizing the Supervisory Board to improve governance quality and strengthen independence. Specifically, the company intends to:

• Relieve Supervisory Board member Tran Thi Hong Nhung from office.
• Relieve Head/Member of the Supervisory Board Do Viet Hung from the post.

TVS stated that the above Supervisory Board members have served for more than 17 years. The company said the personnel changes are intended to align with governance best practices for public companies, particularly the independence requirement. TVS also noted that standards applied to independent Board Members typically limit service to no more than two terms, supporting greater transparency and objectivity in monitoring activities.

TVS expects Mrs. Thai Thi Van Anh and Mrs. Truong Ngoc Huong Quynh to be elected to the Supervisory Board as replacements.

2026 profit target and dividend policy

On business performance, TVS set a 2026 profit target of 340 billion VND (net profit after tax, as stated in the documents).

For shareholder returns, the company plans to pay dividends in cash and/or stock, with a total payout not exceeding 10% of charter capital, depending on actual business results.

Market outlook and key assumptions

Regarding the market outlook, TVS Research forecasts the VN-Index could reach approximately 1,850–1,900 points by the end of 2026. The forecast is based on GDP growth of about 8.3% and a plan to maintain growth above 10% during 2026–2030.

TVS Research also expects that the likelihood of FTSE Russell upgrading Vietnam’s stock market to emerging market status in the September 2026 evaluation could attract foreign capital from ETFs, which the company said may improve investor sentiment and liquidity.