Specifically, the capital contributors of TCVN, including TC Capital Advisory Limited, Mr. Nguyễn Hoàng Thái, and Mr. Đặng Quốc Hùng, have transferred their entire holdings. Following these transactions, HN Hanoi Co., Ltd. emerged as the largest shareholder of TCVN, holding 65.21% (approximately VND 13.6 billion), while HH Hong Ha Co., Ltd. holds the remaining 34.79% (over VND 7.2 billion).
Source: TCVN
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The Board of Directors (BOD) also underwent changes, with the departure of the former members, including two capital representatives from TC Capital Advisory Limited, Mr. Tommy Tan (Chairman) and Mr. Ravi Chidambaram, along with Mr. Nguyễn Hoàng Thái and Mr. Đặng Quốc Hùng (CEO), effective from November 4th.
In contrast, Ms. Vũ Thanh Vân, representing HH Hong Ha, and Ms. Bùi Ngọc Tú, representing HN Hanoi, are the new BOD members. Notably, Ms. Bùi Ngọc Tú also serves as a Legal Expert and the authorized information disclosure officer for TCVN. Additionally, she holds the position of Director at Tú Vy Law LLC, a legal services firm.
Source: TCVN
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TCVN, established in 2008 with a charter capital of over VND 10.8 billion, was initially owned by Bac Ky Investment Corporation (54.79%) and TC Capital Advisory Limited (45.21%).
In August 2018, TCVN increased its capital to over VND 20.8 billion. At that time, Mr. Nguyễn Hoàng Thái held 34.79%, Mr. Đặng Quốc Hùng held 20%, and TC Capital Advisory Limited retained 45.21%. This ownership structure remained unchanged until the recent shift on November 3rd, 2025.
In terms of business operations, TCVN has primarily relied on financial activities for revenue. In Q3 2025, the company generated only VND 1 million from dividends, non-fixed bank deposit interest, and other financial activities, while incurring management expenses of nearly VND 293 million. As a result, the company reported a loss of approximately VND 292 million, an improvement from the VND 471 million loss in the same period last year.
Who is behind the new ownership group?
HH Hong Ha Co., Ltd., established on September 9th, 2025, is headquartered at the 3rd floor of Savina Building, 1 Dinh Le Street, Hoan Kiem District, Hanoi. Its primary business activity is investment consulting (excluding financial, accounting, and legal consulting).
HH Hong Ha has a charter capital of VND 50 billion and is wholly owned by Song Huong Vietnam Co., Ltd., which was founded on November 27th, 2024, sharing the same address. Song Huong Vietnam specializes in financial transaction agreements, settlements, and investment consulting.
Song Huong Vietnam boasts a charter capital of VND 110 billion, with Mr. Nguyễn Minh Hiếu holding 90.909% and Mr. Nguyễn Khánh Hoàng holding 9.091%. Initially, Mr. Nguyễn Khánh Hoàng served as the Director and legal representative, but in April 2025, he handed over these roles to Mr. Trần Quang Chinh, who also holds the same positions at HH Hong Ha.
Meanwhile, HN Hanoi Co., Ltd. was established on September 10th, 2025, just one day after HH Hong Ha, and is located on the 12th floor of Hong Ha Center, 25 Ly Thuong Kiet Street, Cua Nam Ward, Hanoi.
HN Hanoi’s primary business activities mirror those of HH Hong Ha, and its ownership structure is similar. The company has a charter capital of VND 95 billion, solely owned by HC Trading and Investment Consulting Co., Ltd. (HC Co.).
HC Co., founded on January 14th, 2025, shares the same address as HN Hanoi and specializes in investment consulting (excluding financial, legal, accounting, auditing, tax, and securities consulting).
Initially, HC Co. had a charter capital of VND 5 billion, with Mr. Trần Quang Chinh holding 70% and Mr. Nguyễn Khánh Hoàng holding 30%. On October 22nd, 2025, the charter capital was significantly increased to VND 100 billion, with the ownership structure remaining unchanged.
Mr. Nguyễn Khánh Hoàng serves as the Director and legal representative of both HC Co. and HN Hanoi.
According to the author’s research, Mr. Hoàng briefly served as Deputy CEO of Leadvisors Fund Management JSC (LeadCap) from August 2022 to April 2023.
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New Ownership Network at TC Capital Vietnam
Source: Author’s compilation
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– 10:24 05/11/2025
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