Recently, there has been noteworthy news that Mr. Le Phuoc Vu – Chairman of Hoa Sen Group (HSG) is planning to transfer shares in the company to his youngest daughter, expected to be completed in 7-10 years. According to the 2023 management report, Mr. Le Phuoc Vu has 3 children: Le Hoang Vu Tri, Le Hoang Dieu Tam, and Le Hoang Dieu Thien. Currently, his 3 children do not own any shares of the company. On the other hand, Mr. Vu’s ownership ratio is 17.02% of the capital, equivalent to over 104.8 million shares. These shares are valued at approximately 2,200 billion dong (based on the share price on March 18).
As for the profile of the daughter who will soon assume a major responsibility from her father, her name is Le Hoang Dieu Thien, born in 2001, making her only 23 years old. It is known that Thien is currently studying for two university degrees in Australia.
Mr. Vu also shared that when his daughter knew about his intention to transfer HSG shares to her, Thien “was sad and cried because of the burden and responsibility”. Mr. Vu said he encouraged his daughter, did not pressure her, and made a plan for her to work in different departments, starting from the factory so that she could familiarize herself with the company. If she is happy, he will transfer the shares, otherwise, he will consider other options.
Mr. Le Phuoc Vu officially announced his intention to enter the Buddhist path with three treasures in the middle of July 2020 and is currently living in the mountains. During the 2021-2022 period, Mr. Vu declared that he will withdraw from the company in 2026, on the occasion of the 25th anniversary of the establishment of the enterprise. After that, he will become a Buddhist, leading a pure and clean life as a practitioner.
At this shareholder meeting, Mr. Vu mentioned his intention to withdraw from the company once again. However, the major change is that instead of transferring all shares to a charity fund as previously announced, he decided to transfer them to a family member and postpone his path to Buddhism.
The reason, according to Mr. Vu, is that he has met with various people 3-4 times but couldn’t find someone who possesses both virtue, capability, and social responsibility. “If I sell it to someone else, HSG will collapse immediately. Integrity and responsibility will be completely lost,” Mr. Vu admitted.
After discussing with other leaders of the corporation, Mr. Vu is considering transferring shares in the company to his youngest daughter. However, he said he would carefully observe and assess whether she has the qualities required to lead HSG or not, and this process will take another 10 years.
“If my daughter doesn’t have those qualities, I won’t transfer it,” Mr. Vu affirmed.
Although he has obtained the approval of the Board of Directors, Mr. Vu sincerely does not want to transfer the company to his daughter because being the Chairman of a corporation is a challenging task. “She is my daughter, and I don’t want her to bear that burden. Money is abundant, but if we can’t control greed, it will only bring disaster,” Mr. Vu said.
