FECON Joint Stock Company (stock code: FCN) has announced changes to its senior management team. As of July 5, Mr. Nguyen Van Thanh stepped down as CEO of FECON Joint Stock Company, but remains a member of the company’s Board of Directors.
The Board of Directors has appointed Mr. Nguyen Thanh Tung, Deputy CEO of FECON, as the new CEO, effective immediately. Mr. Tung, born in 1981, holds a Master’s degree in Business Administration from the University of Hawaii at Manoa/Shilder College of Business. He joined FECON in 2019 and has over 14 years of experience in the construction industry, having worked for prominent companies and corporations such as Fresenius VAMED Group (Austria), CIMAS Engineering, AA Corporation, Ecopark, and Hawee Group.
Mr. Nguyen Thanh Tung
The Board has also appointed Mr. Tran Trung Hieu, Project Director, as Deputy CEO for a term of five years, effective immediately. Mr. Hieu, born in 1983, holds a degree in Hydropower, Hydraulic, and Water Supply and Drainage Engineering from Ho Chi Minh City University of Technology. He joined FECON in September 2023 and has over 17 years of experience in the construction and real estate industries.
Mr. Tran Trung Hieu
As of July 5, neither Mr. Nguyen Thanh Tung nor Mr. Tran Trung Hieu holds any shares in FECON. FECON Joint Stock Company, established in 2004, primarily engages in investing in and constructing urban infrastructure, transportation infrastructure, and civil and industrial construction projects.
According to the company’s 2023 annual report, FECON’s production and business operations did not meet the set plan. Most of the member companies incurred losses, except for the parent company and a few subsidiaries such as FECON Invest, FRU, and FECON Hai Dang, which reported insignificant profits.
Projects in 2023 that helped sustain the company’s operations include the Vung Anh 2 Thermal Power Project in Ha Tinh, the Nhieu Loc – Thi Nghe Project in Ho Chi Minh City, the Lach Huyen 5-6 Port Project in Hai Phong, and the Vu Yen Vinhomes Project in Hai Phong, among others.
In 2023, FECON’s consolidated revenue reached VND 2,880 billion, completing 76% of the plan. Consolidated after-tax profit was negative at VND 42 billion. According to the 2023 consolidated financial statements, as of the end of 2023, FECON’s total assets were valued at VND 8,581 billion, an increase of 13.2% compared to the end of 2022.
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