TNG chairman Nguyen Van Thoi resigns; decision to be presented at the 2026 annual general meeting

Mr. Nguyen Van Thoi, born in 1958, has submitted his resignation as Chairman of the Board of Directors of TNG after more than a decade in the company’s top leadership role. In his resignation letter, he said the move is intended to “create an opportunity for young, talented leaders to take over the responsibility of managing the company.”

Mr. Thoi is not the founder of TNG, but is widely regarded as a key figure behind the company’s development from a small workshop into one of Vietnam’s leading garment exporters. Even after stepping down as Chairman, he is expected to continue with TNG as Standing Vice Chairman.

Shareholding and expected role after resignation

According to the information provided, Mr. Thoi currently owns more than 24.7 million TNG shares, equivalent to about 19.19% of charter capital, making him the largest shareholder of the garment company.

The resignation letter is expected to be presented and approved at TNG’s 2026 annual general meeting of shareholders, scheduled for April 19. At the same meeting, the company will also elect a new non-executive member of the Board for the 2026–2031 term.

TNG and Mr. Thoi did not specify who the “young, prospective leadership” referenced in the resignation letter will be.

Board composition and leadership succession

TNG’s Board currently has seven members, including two of Mr. Thoi’s sons: Mr. Nguyen Duc Manh, Permanent Vice Chairman, and Mr. Nguyen Manh Linh, a board member.

Replacing the Chairman—once approved—will not only be a personnel change at the top, but may also signal a leadership succession strategy.

Nguyen Duc Manh

Based on TNG’s annual report, Mr. Nguyen Duc Manh (born 1983) holds a Bachelor’s degree in Information Technology (USA) and Foreign Languages (China), and an MBA from the University of Hawaii Manoa (USA), with 25 years of experience at TNG.

He joined the company in 2010 as Head of the Sales Department and quickly moved into executive management. In 2011, he became Deputy General Director, later serving as General Director, before returning to Deputy General Director in 2015 when Mr. Thoi resumed leadership. In 2017, he was elected Vice Chairman, and in 2020 he continued as General Director.

Nguyen Manh Linh

Mr. Nguyen Manh Linh (born 1987) is an Independent Non-Executive Director. He also serves as CEO of TNG Land and holds a small stake in TNG.

Mr. Linh has 17 years with the company. He holds a Bachelor of Science from the Fashion Technology Institute (New York, USA) and a Bachelor of Science in International Business from Pacific University (Forest Grove, Oregon, USA).

Governance context

Earlier in 2025, TNG was fined 25 million VND for appointing a CEO who did not meet the conditions under the Enterprise Law. The law requires that, for a public company, the Director or CEO must not be related to the company’s managers, inspectors, or parent company. Following this, TNG dismissed this CEO position in April of the previous year.

Ownership structure

In the shareholder structure, Mr. Manh has long been among the largest holders, second only to Mr. Thoi. In 2018, his ownership increased from 6.08% to 8.1%. According to the 2025 governance report, Mr. Manh currently owns nearly 11.6 million shares, representing about 8.99% of charter capital.

Mr. Nguyen Manh Linh, Mr. Manh’s younger brother, owns just over 700,000 shares, equivalent to about 0.56%.

Business performance in 2025

In 2025, TNG reported revenue of nearly VND 8,700 billion and net profit of VND 392 billion, reaching a new record and continuing a solid growth trajectory over more than a decade. The growth was attributed mainly to focusing on complex, high-value product lines and expanding export markets.

By year-end, TNG’s total assets surpassed VND 6,900 billion.