Ha Do Group (HDG) has announced the resignation of its founder and Chairman, Mr. Nguyen Trong Thong. In his resignation letter, Mr. Thong, born in 1953, highlighted his long association with the company, which he founded and led since the 1990s.
“Due to my age and health, and to ensure compliance with laws related to connected persons, I wish to step down as Chairman of the Board and also resign from the Board of Directors. I have carefully prepared for this transition, including succession planning, and have expressed my intentions during the annual general meetings in 2022 and 2023,” shared Mr. Nguyen Trong Thong.
The entrepreneur also added that the Board might be concerned about the potential impact of his resignation on the company’s business operations. Therefore, despite his departure from the Board, out of responsibility to shareholders and investors, he offered to continue supporting and advising the Board in the role of “Founding Chairman” to ensure a stable transition and maintain the effectiveness of shareholder investments.
Mr. Thong’s son, Mr. Nguyen Trong Minh, currently serves as Vice Chairman and Vice President of Ha Do Group.
Mr. Nguyen Trong Thong, Chairman of Ha Do Group.
Mr. Nguyen Trong Thong, born in 1953, is now 71 years old. He currently holds over 97.3 million HDG shares (equivalent to 31.83% of capital). Based on the closing price of VND 28,500/share on July 25, Mr. Thong’s stock assets are valued at nearly VND 2,800 billion.
Mr. Nguyen Trong Thong holds the rank of Colonel in the Vietnam People’s Army. Ha Do Group was established in 1990 as a construction enterprise affiliated with the Military Technical Academy, with a mission to integrate scientific research and economic activities. In 1993, the enterprise was transformed into Ha Do Construction Company by the Ministry of Defense, with Mr. Thong as a pivotal figure in the company’s development from its inception.
Over nearly 34 years, Ha Do Group has become known for its large-scale real estate projects, mainly in Hanoi and Ho Chi Minh City. The group diversified into the energy sector in 2006 and now boasts 2 solar power projects, 1 wind power project, and 5 hydropower projects.
Under the leadership of Mr. Nguyen Trong Thong, Ha Do Group consistently generated thousands of billions of VND in revenue and nearly a thousand billions of VND in profit annually. For 2024, the group set a target of VND 2,896 billion in revenue and VND 972 billion in after-tax profit.
With a market capitalization of over VND 9,500 billion and Mr. Thong’s ownership of more than 31.8% of the company’s charter capital, the value of HDG shares held by the founder exceeds VND 3,000 billion.
