Mr. Nghiem Tuan Duong, born in 1987 in Hanoi, holds a bachelor’s degree in economics. According to the information provided by SMDS at the time of his appointment as Chairman of the Board, Mr. Duong and related parties did not own any SMDS shares.
Mr. Duong is no stranger to SMDS, as he previously served as a member of the Supervisory Board from April 28, 2023, until his recent resignation on September 9, 2024, for personal reasons, in preparation for his appointment as the new Chairman.
Similar to SMDS’s close relationship with Sunshine Group, owned by Mr. Do Anh Tuan (with Sunshine Group holding 50.99% of SMDS’s capital), Mr. Duong also has connections to this diversified group. Sunshine Group nominated Mr. Duong as a member of the Board of Directors for the 2021–2026 term, which was approved at the recent annual general meeting of shareholders.
In addition to his role at SMDS, Mr. Duong currently serves as a member of the Board of Directors and CEO of V-PRO Construction JSC, while also holding the position of CEO at Thuân Phú Lăng Cô Investment and Development JSC. He is the owner of Thao Ngan Trading and Construction Company, headquartered in the Sunshine Center building, Nam Tu Liem District, Hanoi.
Following Mr. Duong’s appointment as Chairman, the SMDS annual general meeting of shareholders elected Mr. Le Quang Huy, also nominated by Sunshine Group, to replace him as a member of the Supervisory Board. Notably, Sunshine Group was the sole nominator for the new members of the Board of Directors and the Supervisory Board for the 2021–2026 term.
Mr. Duong succeeds Mr. Nguyen Nam Hung as Chairman. However, Mr. Hung will continue to serve as the legal representative of SMDS until the company completes the necessary paperwork to transfer the position to the new Chairman. All other powers and responsibilities associated with Mr. Hung’s role as Chairman of the Board will cease as of the aforementioned date.
Prior to this transition, Mr. Hung had also submitted his resignation from the position of Chairman of the Board on September 9, 2024, which was approved at the recent annual general meeting.
According to our information, Mr. Hung served as the Executive Director of SMDS from June 5, 2023. He was then appointed as a member of the Board of Directors on July 31 of the same year and officially became the Chairman of the Board on August 1, 2023.
Mr. Nguyen Nam Hung, born in 1981, holds a bachelor’s degree in law from the University of Law. SMDS highlights his 9 years of experience in the field of finance and securities at prominent financial institutions. Prior to his time at SMDS, he held positions as Director of Legal and Compliance at TCBS; Senior Advisor at YKVN Law Firm; and Director of the Assistant Board for Legal and Product Development at VPSS Securities Company.
With these personnel changes, SMDS maintains a total of three members on its Board of Directors and three members on its Supervisory Board.
In 2024, SMDS set targets to achieve total revenue of nearly VND 167 billion and pre-tax profit of over VND 90 billion, representing decreases of 23% and 27%, respectively, compared to the previous year. These projections are based on the expectation that the Vietnamese stock market will not enter a cycle of significant improvement, coupled with intense competition among securities companies.
If realized, this would mark the second consecutive year of decline in both revenue and profit for SMDS. In 2023, the company’s financial performance was primarily impacted by a shift in business direction, discontinuing the activity of private bond brokerage.
Given the lackluster business performance, the SMDS Board of Directors proposed not to pay dividends for 2023 and also decided not to allocate funds for rewards and welfare.
The first half of 2024 also saw SMDS struggle to match its performance from the previous year, with total revenue reaching nearly VND 88 billion, including operating revenue of over VND 86 billion, a decrease of 28%. Pre-tax profit stood at nearly VND 51 billion, a drop of 27%, while net profit was close to VND 41 billion, a decline of 27% year-on-year.
Huy Khai
Chairman of Sunshine Group Do Anh Tuan: “Winter Wind” to burst in 2024
2023 is being hailed as the most challenging year for the real estate industry in over a decade. Businesses are navigating through stormy waters, like a ship tossed amidst a raging sea. Despite being battered and thrown off course, they remain resilient, forging ahead and eagerly awaiting the dawn after the stormy night.
