From Anonymous Shareholder to Major Player
For over a decade, the names La Mỹ Phượng and La Mỹ Hoàng have been quietly making their way into the shareholder structures of numerous listed companies. Their approach has been characterized by discretion and a low public profile, but their strategic investments have always made an impact.
In the beginning, the sisters’ moves went largely unnoticed. They tended to invest in small and medium-sized enterprises that flew under the radar of most investors.
According to VietstockFinance data, La Mỹ Phượng’s first appearance was in September 2014 when she sold 100,000 shares of the HOSE-listed company, Total Vietnam Construction JSC (VNE), reducing her ownership from 5.02% to 4.84%. However, as of the end of 2024, she remained the largest shareholder, holding 10.54% of VNE.
In addition to VNE, Phượng holds significant stakes in other companies: 6.22% in SBS Securities JSC (UPCoM: SBS), 6.03% in BOS Securities JSC (UPCoM: ART), and 9.13% in Hoa An JSC (HOSE: DHA).
These four investments alone amount to nearly VND 200 billion in stock value as of August 18, 2025.
The sisters have also been major shareholders in other listed companies in the past. In August 2019, Phượng purchased 1.15 million shares to increase her stake in Tien Phong Securities JSC (HOSE: ORS) to 5.13%. Prior to 2018, Hoàng also held 5% of ORS. In October 2019, Phượng increased her stake in MCG Real Estate and Energy Investment JSC (UPCoM: MCG) to 8.08%.
In February 2021, Phượng acquired an additional 500,000 shares of Vietnam Financial Investment and Securities JSC (HNX: VIG), pushing her ownership above 6%. By the end of that year, she held 5.74% of Nagakawa Group JSC (HNX: NAG), which later decreased to 4.81% in February 2022.
A Turning Point with LDG
Unlike her more low-key sister, La Mỹ Hoàng has made fewer public appearances. However, on July 24, 2025, she surprised the market by announcing that she had purchased 8.65 million shares of LDG Investment JSC (HOSE: LDG), increasing her ownership from 0.262% to 3.384%.
Meanwhile, La Mỹ Phượng already held 3.788% of LDG. Following this transaction, the sisters now collectively own over 7.4% of LDG, making them major shareholders in this real estate enterprise, which was once associated with its former chairman, Nguyễn Khánh Hưng.
This move attracted attention not only because of the substantial stake but also because LDG unexpectedly announced changes to its brand identity and seal on August 15, 2025.
While the company did not explicitly state the reason behind these changes, it signaled a comprehensive restructuring phase. The presence of the new major shareholder fueled speculation about potential changes in the company’s leadership and future direction, especially after two years of significant losses. As of June 2025, LDG had accumulated losses of nearly VND 1,400 billion.
LDG Unveils New Brand Identity Following the Entry of a Major New Shareholder
A review of the sisters’ investment portfolio reveals a clear preference for companies in the securities, real estate, and construction industries.
The Paint Empire Unveiled
Mykolor is a familiar brand to Vietnamese consumers, especially football enthusiasts, as it is often promoted during major international football tournaments, including the Premier League. Few people know that the powerhouse behind this renowned brand is none other than La Mỹ Phượng (born in 1973), who serves as the General Director of 4 Oranges Co., Ltd.
 Mykolor’s latest promotion on their Facebook fan page, August 16, 2025
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Established in May 2008 in the former Long An province, 4 Oranges is one of the leading decorative paint companies in Vietnam and a major paint manufacturer in Southeast Asia. It boasts a portfolio of prominent brands, including Mykolor, SPEC, Sonboss, Expo, Oexpo, and Suporseal.
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4 Oranges’ well-known paint brands
Source: 4 Oranges
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With an initial investment of $14.5 million in Vietnam in 2004, 4 Oranges operates a factory in Đức Hòa 1 Hạnh Phúc Industrial Park, capable of producing 150 million liters of paint and 100,000 tons of putty per year. The company’s distribution network spans the entire country, with over 5,000 consulting and color-mixing centers.
According to the latest business registration information from October 2023, 4 Oranges has a charter capital of over VND 169 billion. Its shareholder structure includes Asia Leader International Investment Limited with a 22.95% stake, East Preston Association Limited with 28.05% (both based in the British Virgin Islands), and the largest shareholder, La Nguyen One-Member Co., Ltd., holding 49%. La Nguyen is a Vietnamese enterprise.
The Chairman of the Members’ Council is Mr. Ponr Cheancharadpong (born in 1997, Thai nationality). He shares the same address as the previous chairman, Mr. Smit Cheancharadpong (born in 1958, Thai nationality), who sold his entire stake of over 4.3 million VNE shares to La Mỹ Phượng in October 2023.
VNE Vice Chairman’s Shares Sold for Debt Payment, Major Shareholder Fully Divests
La Nguyen One-Member Co., Ltd. was established in November 2017 in Ho Chi Minh City, primarily engaged in the wholesale of construction materials. With a charter capital of VND 100 billion, the company is owned and managed by La Mỹ Phượng, who serves as its General Director and legal representative.
Additionally, La Mỹ Phượng is the legal representative of Poly Pack Co., Ltd. and Tan An Vien Production Trading Investment Co., Ltd…
– 12:00 09/06/2025
The Uncertain Future: A Series on Businesses Under Audit Scrutiny
Many newly-listed companies have released their reviewed semi-annual financial statements for 2024. However, auditors have raised concerns about their ability to continue operating as going concerns.
