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Vinaconex JSC (VCG, HoSE: VCG) has approved the resignation of its CEO, Mr. Nguyen Xuan Dong, effective from April 28, and appointed Mr. Pham Thai Duong as the new CEO immediately after the annual general meeting of shareholders.
Mr. Pham Thai Duong (born 1972) previously served as Deputy CEO and Director of the Project Management Unit 1.
Mr. Nguyen Xuan Dong had served as CEO since late 2018, following the repurchase of shares from the state-owned SCIC by An Quý Hung Co., Ltd at a cost of more than 7,000 billion VND.
In 2021, An Quý Hung transferred all of its holdings of more than 277.8 million VCG shares (about 62.9% of charter capital) to Pacific Holdings. Pacific Holdings is currently the largest shareholder of Vinaconex, holding 45.14% of charter capital.
At the annual general meeting held on April 25, Vinaconex dismissed Mr. Nguyen Huu Toi (former Chairman of the Board and Deputy CEO) and Mr. Duong Van Mau (Board member and Deputy CEO) after both were prosecuted by the Investigation Police Agency (Ministry of Public Security) for bidding violations causing particularly serious consequences.
The meeting also elected Mr. Nguyen Hai Dang and Le Phung Hoa to the Board for the 2022–2027 term.
For 2026, Vinaconex targets total revenue and consolidated profit of 15,423 billion VND, down about 22% compared with 2025. Net profit after tax is expected at 1,037 billion VND, down 73% from the previous year’s record of over 3,865 billion.
At the parent company level, Vinaconex sets revenue at 10,740 billion VND and after-tax profit at 1,018 billion VND, down 29% and 70%, respectively, versus 2025.
Despite the expected sharp decline in profit, Vinaconex proposes to maintain the 2025 dividend at 16% total, including 8% in cash (800 VND per share) and 8% in stock. The company expects this dividend policy to continue in 2026.
Under the stock dividend plan, Vinaconex expects to issue about 51.7 million shares from undistributed after-tax profits, increasing charter capital from about 6,465 billion VND to about 6,982 billion VND.
In Q1 2026, Vinaconex recorded net revenue of over 3,424 billion VND, up 32% year-on-year. Construction activity revenue rose 18% to nearly 2,345 billion VND, while revenue from real estate nearly reached 437 billion VND, up 5.6 times year-on-year.
Financial revenue increased sharply by 400% to over 234 billion VND. Total financial, selling and administrative expenses rose 49% to over 246 billion VND.
As a result, Vinaconex’s net profit after tax reached over 353 billion VND, up 176% year-on-year. After three months, the company had achieved 24% of revenue and 36% of profit.
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