The Comeback Kid: Top Executives Step Down as ‘Cuong dola’ Returns

Revealed: New Leadership at Quoc Cuong Gia Lai Following the Arrest of its Female CEO

On July 23rd, Quoc Cuong Gia Lai Joint Stock Company (coded QCG on the stock exchange) sent an official document to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE) announcing changes to their board of directors and legal representative.

The company has proposed to remove Ms. Nguyen Thi Nhu Loan, their General Director, from the board and elect Mr. Nguyen Quoc Cuong, her son, as a new member for the 2022-2027 term.

Mr. Cuong, 42, will also take on the role of the company’s legal representative and General Director. He previously served as a member of the board of directors, deputy general director, and was in charge of public relations for the company.

Mr. Cuong’s appointment as deputy general director in 2006 at the young age of 24 and his subsequent election to the board of directors in 2008 showcase his early promise. However, in November 2018, he unexpectedly resigned from all his positions at QCG.

Vietnam Raises Benefits for War Veterans and Their Families to the Highest Level in History

On July 27th, Vietnam commemorated its War Invalids and Martyrs Day with gratitude towards those who fought for the country’s independence and freedom.

Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung shared that the government has consistently shown its deep appreciation and gratitude towards those who sacrificed for the nation. Over the past 77 years, Vietnam has made significant efforts to care for and support war veterans and their families.

The minister also announced a significant increase in the standard allowance for those who have made contributions to the revolution. The new rate is 2,789,000 VND, a 35.7% increase from the previous rate of 2,055,000 VND. This is the highest increase in the history of these benefit adjustments.

According to the Ministry of Labour, Invalids and Social Affairs, in the last decade (2013-2023), nearly 7,900 billion VND has been raised to support families of those who have made contributions to the country. Additionally, 67,700 new houses have been built and nearly 45,900 houses have been repaired with a total budget of over 12,700 billion VND.

Furthermore, 110,000 savings books with a value of over 403 billion VND have been granted to these families, and special cases of difficulty have been supported. 2,412 Vietnamese Heroic Mothers are also being cared for by organizations.

Leadership Changes at Major Real Estate Companies

Vietnam’s real estate market is currently facing challenges, and several large real estate companies have recently undergone leadership changes. Some of these transitions have occurred very quickly, with one individual holding a top position for only a few months.

On July 26th, the Board of Directors of Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) announced the resignation of Mr. Dao Ngoc Thanh from his position as Chairman, effective immediately. Mr. Thanh, who had held this position since 2019, cited personal reasons and his advanced age as the reasons for his departure.

Ha Do Group also announced the resignation of their long-time chairman, Mr. Nguyen Trong Thong, who has led the company since the 1990s. Similarly, Dat Xanh Group (DXG) saw leadership changes with Mr. Luong Tri Thin stepping down as Chairman. He will now take on a new role as Chairman of the company’s Strategic Board.

Within the same ecosystem, Mr. Pham Anh Khoi resigned from his positions as a member of the Board of Directors, a member of the Audit Committee, and the Director of the Institute of Economic, Financial, and Real Estate Research at Dat Xanh Services (DXS-FERI) for personal reasons.

Earlier in July, Mr. Pham Van Tuyen, Deputy General Director of Song Da 11 Joint Stock Company, also resigned after a year and a half in the role, citing a mismatch between his abilities and the company’s direction. Mr. Nguyen Ngoc Khue has been appointed in his place for the term 2024-2029.

Vietnam’s Smallest Province Attracts the Most FDI

According to the Ministry of Planning and Investment, as of July 20th, 1,816 new projects have been granted investment registration certificates, with a total capital of over $10.76 billion. Compared to the same period last year, the number of projects has increased by 11.6%, and the registered capital has increased by 35.6%.

FDI projects have disbursed approximately $12.55 billion, an increase of 8.4% over the same period last year. Additionally, 734 projects registered for capital adjustment, with a total additional registered capital of nearly $4.97 billion, an increase of 19.4% compared to the same period.

However, transactions involving capital contributions and share purchases by foreign investors continue to decline. The total value of capital contributions reached nearly $2.27 billion, a decrease of 45.2% compared to the same period. Specifically, in July, the total registered capital reached over $2.8 billion.

FDI has flowed into 48 provinces and cities, with Bac Ninh province taking the lead. The province has attracted nearly $3.2 billion in investment capital, accounting for nearly 17.8% of the country’s total investment and more than triple the figure from the same period last year. Bac Ninh is also the only locality in the country to have attracted over $3 billion in FDI in the first seven months.

Bac Ninh’s impressive performance is largely due to a large-scale project with a capital adjustment of $1.07 billion from AMKOR Technology Singapore Holding PTE. LTD at Yen Phong II-C Industrial Park. After this adjustment, the total investment capital for the project “Production, assembly and testing of semiconductor materials and equipment” of Amkor Technology Vietnam Co., Ltd. has reached $1.6 billion, with an annual output of 3,600 million products.