# Rạng Đông Holding: The Mass Exodus of Leadership and the Company’s Plunge into Crisis
Rạng Đông Holding has received resignation letters from its entire board of directors, effective immediately as of February 24, 2025. This includes the Chairman, Hồ Đức Lam, and four other members: Hồ Đức Dũng (son of Mr. Lam), Hồ Văn Tuyên, Nguyễn Trần Vinh, and Bùi Đắc Thiện. The reason cited for their departure is personal matters, leaving them unable to continue their duties.
The now-former board members were elected on April 27, 2023. Mr. Lam, in particular, has been with the company since 1989 and served as Chairman since 2005. He also held chairmanship positions in several subsidiary companies, including Rạng Đông Long An JSC, Rạng Đông Films JSC, and Rạng Đông Healthcare JSC.
In addition to their roles on the board, Mr. Tuyên served as Chairman of the Audit Committee, Mr. Vinh as a member of the same committee, and Mr. Thiện as the Company’s Administration Officer and Secretary.
The departed RDP board members at the 2023 Annual General Meeting of Shareholders. Source: RDP
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Prior to their resignation, according to the Company’s Management Report for the first half of 2024, Mr. Lam was the largest shareholder in RDP, holding 15.87% of the shares. The other board members held significantly smaller amounts or no shares at all.
This mass exodus comes at a time when RDP is facing a deep crisis. The company has repeatedly violated information disclosure regulations, leading to a suspension of its stock trading and potential severe penalties.
The Hồ Chí Minh Stock Exchange (HOSE) has repeatedly reminded RDP of its late submission of the 2024 Company Management Report and Q4/2024 Financial Statements (for the parent company and consolidated), Q3 and Q4/2024 Financial Statements, and the 2024 Semi-annual Reviewed Financial Statements. Despite being given specific deadlines, RDP has failed to comply.
As a result, RDP’s stock has been suspended from trading since November 28, 2024, following a trading restriction imposed on October 24, 2024. If the company continues to delay the submission of the required reports, HOSE will impose stricter penalties as per current regulations.
In their defense, RDP attributed the delay in publishing the semi-annual reviewed financial statements to disagreements with the auditor and accounting staff shortages. Prior to this, RDP was fined VND 242.5 million by the State Securities Commission for disclosing misleading information.
Once a leading company in the plastic manufacturing industry, Rạng Đông Holding has seen its fortunes decline in recent years. After peaking in 2015 with profits of over VND 70 billion, the company’s performance has been inconsistent.
In 2023, RDP reported a record loss of nearly VND 147 billion and continued to lose almost VND 61 billion in the first half of 2024, bringing its cumulative loss to over VND 266 billion. The company also owes VND 42.5 billion in taxes as of late October.
| RDP’s Net Profit for the period 2014-2023 (in VND billion) |
The instability and discrepancies in RDP’s financial situation have made it one of the stocks with the sharpest declines in 2024, falling to VND 1,310 per share from VND 9,300 at the beginning of the year—a staggering 86% drop.
Thế Mạnh
– 16:45, February 24, 2025
“Chairman Ho Duc Lam Plans to Divest 1 Million RDP Shares of Rang Dong Holding.”
Mr. Ho Duc Lam, Chairman of Rang Dong Holding’s Board of Directors, has expressed his intention to offload one million RDP shares between May 29 and June 27.
