In his resignation letter, Mr. Le Van Son announced his decision to retire, citing personal reasons that prevent him from continuing his role. Mr. Son will step down from the CDP Board of Directors effective October 1st.
Chairman of the CDP Board of Directors – Mr. Le Van Son
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Earlier in March 2025, another CDP executive, Mr. Bui Huu Hien, the company’s CEO, resigned effective April 18th. He stated, “Given the company’s innovation efforts and shareholder expectations, I believe a younger, more dynamic leader is needed for this role.” Mrs. Pham Thi Mai Huong (born in 1985) has been appointed as his successor.
The Chairman’s resignation comes as CDP receives a court decision from the Ho Chi Minh City People’s Court, Zone 2, regarding its case against Mi Nguyen Pharmaceutical Trading Company LLC. Mi Nguyen is obligated to pay CDP VND 25.17 billion in five installments: VND 3 billion by December 30, 2025; VND 2.5 billion by March 31, 2026; VND 2.5 billion by June 30, 2026; VND 6 billion by September 30, 2026; and over VND 11.17 billion by December 30, 2026. If Mi Nguyen completes the first four payments on time, the final installment will be reduced to over VND 6.8 billion, totaling nearly VND 21 billion.
According to the 2025 semi-annual audited financial report, Mi Nguyen’s debt of nearly VND 20 billion, classified as overdue as of June 2025, has been provisioned for approximately VND 15 billion.
In terms of business performance, CDP reported net revenue of nearly VND 1.48 trillion, a 6% year-on-year decline, with after-tax profit exceeding VND 16.5 billion, up 62%. Notably, post-audit profit was 52% higher than the self-reported figure. The company attributed this to its Lao subsidiary, which recorded no revenue, cost of goods sold, or operational expenses in the first half of 2025, following the completion of the share transfer of Codupha – Laos LLC.
As per Announcement No. 667/CDP/2025 dated June 25, 2025, CDP finalized the transfer of its entire 93.7% stake in Codupha – Laos. Consequently, Codupha-Laos ceased to be a subsidiary as of June 30, 2025. The auditor adjusted prior-year losses by VND 5.1 billion (52.07%), accounting for the reported variance.
– 08:40 24/09/2025
