The EGM has approved the dismissal and appointment of new members of the Board of Directors. Specifically, Mr. Lê Tiến Dũng and Mr. Ngô Đặng Hoàng Anh have been elected as members of the Board of Directors to replace the resigned members.
The new Board of Directors of FLC after the EGM consists of 5 members, including Mr. Lê Bá Nguyên – Chairman of the Board of Directors, Ms. Vũ Đặng Hải Yến – Standing Vice Chairman, and members Ms. Trần Thị Hương, Mr. Lê Tiến Dũng, and Mr. Ngô Đặng Hoàng Anh.
 The new Board of Directors of FLC after the EGM in 2024. Photo: FLC
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Results of the Group’s restructuring
One of the most concerned issues at the FLC EGM is the results of the Group’s restructuring.
At the general meeting, FLC stated that 2022-2023 were extremely difficult and challenging periods for the Group. Currently, the total asset value is estimated to be over 21 trillion VND, with maintained quality and value. FLC is also conducting research on multiple projects across 20 provinces and cities, including several key projects. The company has contributed around 800 billion VND to the state budget and fulfilled its loan obligations of 4.4 trillion VND.
The restructuring process also involves downsizing the company’s workforce, with a 60% reduction in employees. FLC stated that this is aimed at balancing the organization and ensuring stable income for over 3,500 employees, with a total salary and bonus of over 300 billion VND in 2023.
The Group’s subsidiaries and associated companies include 14 subsidiaries (owning more than 50-100% charter capital) and 1 associated company.
In the real estate sector, FLC has restarted and implemented construction activities in projects such as FLC Premier Parc, C4C5 Thanh Hoá, FLC Sầm Sơn, and FLC Tropical. The construction expenditure is over 500 billion VND, with 889 units under construction and 831 units currently being constructed.
The EGM also approved the 2024 business plan of the company. Accordingly, FLC plans to continue strengthening restructuring and redefining its core areas with 3 main pillars: Real Estate, Resort Business, and M&A projects to restructure loans and maintain operations.
The presiding board of FLC’s EGM in 2024. Photo: FLC
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In the real estate sector, the Group will continue to implement construction according to commitments to customers in 7 key projects: FLC Premier Parc Low-rise, C4C5 Thanh Hóa, Hạ Long Villas, Tropical 1&2, HH1-HH4. At the same time, there are plans to expand construction in 6 other projects: Hilltop Gia Lai, Legacy Kon Tum, FLC Sầm Sơn, Sadec, Quy Nhơn, and Quảng Bình projects. The target for 2024 is to generate nearly 1.2 trillion VND in revenue from the real estate sector to continue construction and complete projects.
The Group will also continue to restructure assets by retaining high-quality, profitable assets; transfer or cooperate in investment and business with some assets to generate financial resources.
In the hotel and resort sector, FLC will focus on exploiting and operating existing areas such as FLC Hạ Long, FLC Sầm Sơn, FLC Quảng Bình, and FLC Quy Nhơn, maximizing room capacity and ensuring cash flow to maintain business operations. Along with that, the company will seek potential partners and negotiate cooperation plans for the operation of certain items. This segment is expected to generate over 1.2 trillion VND in revenue and sufficient profit to sustain operations and fulfill commitments to related parties.
In other fields, FLC sets the goal of continuing to research and implement activities in business areas that can generate revenue and profit for the Group.
In addition, the EGM has approved the change of FLC’s head office address from the 29th floor of Bamboo Airways Building (Cầu Giấy, Hanoi) to the 5th floor of FLC Landmark Tower (Lê Đức Thọ, Hanoi). The company stated that the change of head office address is part of a comprehensive restructuring plan to meet business operation requirements and minimize operating costs to focus resources on other business activities in 2024.
Châu An
