TTC Land’s Former Chairwoman Huynh Bich Ngoc Resigns
On April 12, 2024, Ms. Huynh Bich Ngoc, Chairwoman of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code SCR) submitted a resignation letter, citing personal reasons. The Board of Directors will present Ms. Huynh Bich Ngoc’s request to the General Meeting of Shareholders for consideration and approval, in accordance with legal regulations and the Company’s Charter.
Ms. Huynh Bich Ngoc was elected as Chairwoman of TTC Land on April 25, 2022. Prior to that, from 2010-2019, she served as a Permanent Vice Chairwoman of the Board of Directors. Her son, Mr. Dang Hong Anh, was also elected as a Vice Chairman of TTC Land at the same time. Mr. Hong Anh was the founder of TTC Land and had previously held the positions of Chairman and General Director there for an extended period.
Ms. Huynh Bich Ngoc, born in 1962, is known by the media as the “sugar queen.” Together with her husband, businessman Dang Van Thanh, Ms. Ngoc has established the prominent “ecosystem” known as TTC Group. Of particular note is Thanh Thanh Cong Investment Joint Stock Company, which serves as its core. She currently serves as Chairwoman of Thanh Thanh Cong – Bien Hoa Company (SBT) and as Permanent Vice Chairwoman of TTC Group.
TTC Land is a member company of the TTC Group ecosystem. Recently, TTC Land’s business performance has been lackluster, with profits declining continuously since 2020, despite 2021 being a strong year for the real estate market. Given Ms. Huynh Bich Ngoc’s extensive experience in the business world, her return to TTC Land as Chairwoman of the Board of Directors in April 2022 raised expectations that she would lead the company to a turnaround and significant growth by 2025.
However, since Ms. Huynh Bich Ngoc’s return to TTC Land, the real estate market has entered a difficult phase characterized by tighter credit and corporate bond policies, as well as obstacles in implementing legal procedures. These factors have created a general sense of unease in the market, leading to delays in transactions and the suspension of ongoing projects. In 2022, TTC Land’s revenue and net profit declined by 47% and 73%, respectively. In 2023, TTC Land recorded a revenue of 371 billion VND, a decrease of 58%, and a profit after tax attributable to parent company shareholders of approximately 9 billion VND, a decline of nearly 83%.
In TTC Land’s 2022 annual report, Ms. Huynh Bich Ngoc stated that the recent difficult period has provided TTC Land with an opportunity to review and stabilize its organizational structure, operating mechanisms, and investment portfolio. Ms. Ngoc highlighted the importance of timely restructuring to adapt to the current market conditions.
As Chairwoman of the Board of Directors, Ms. Ngoc’s responsibilities include developing and managing the company’s medium- and long-term strategic plans, overseeing all company operations and subsidiaries, organizing, directing, and supervising the implementation of resolutions passed by the General Meeting of Shareholders and the Board of Directors, and planning personnel matters, establishing regulations, and assigning tasks to Board members.
On behalf of the Board of Directors, Ms. Huynh Bich Ngoc regularly monitors the implementation of tasks delegated to the General Management team, and provides guidance and support to the team in its business operations, ensuring both sustainable growth and stable long-term performance for the company.
TTC Plaza Duc Trong Shopping Center
In the past two years, TTC Land has also achieved certain milestones. Notably, TTC Land opened the TTC Plaza Duc Trong Shopping Center, located on National Highway 20, Lien Nghia Town, Duc Trong District, Lam Dong Province, with a total floor area of over 12,000m2. The company signed a strategic cooperation agreement with TTC Group and the investor, Toan Hai Van Joint Stock Company (TTC Phu Quoc), for the Selashine Commercial Street project. Additionally, TTC Land signed a general contracting agreement with Cottecons, and BIDV My Dinh branch will provide project financing. The company also made significant progress in negotiating and signing a Memorandum of Understanding with AeonMall Vietnam for a partnership on the TTC Plaza 5 Da Nang project in early 2024. Furthermore, TTC Land has resumed sales of the Panomax River Villas project.
