A Millionaire Son’s Untold Story: Frugal Living and a Mother’s Sacrifice

On May 17, 2025, JSC Quoc Cuong Gia Lai (QCGL, stock code QCG) held its 2025 Annual General Meeting of Shareholders. According to the documents provided to the shareholders, the company’s business plan for 2025 targets a revenue of VND 2,000 billion, a 2.7-fold increase compared to the performance in 2024. Correspondingly, the expected profit before tax is VND 300 billion, a more than fourfold increase.

Speaking at the meeting, Mr. Nguyen Quoc Cuong shared about the company’s current key projects. Among these, he particularly emphasized two large-scale projects: (i) the Real Estate and Danang Marina Project (commercially known as Marina Complex) and (ii) the Phuoc Kien Project.

Regarding the Marina Complex project, Mr. Cuong announced that they have received approval for the sale of the remaining 37 lots of phase 1. This will be a significant contributor to the company’s revenue and profit for this year.

At this conference, Mr. Cuong also shared about his mother, Ms. Nguyen Thi Nhu Loan, who is also the founder of QCG. He expressed his gratitude and appreciation for her contributions to the company’s success over the past 30 years. Mr. Cuong also mentioned that he feels fortunate to have been a part of the company’s journey for the last 15 years, both as an employee and as Ms. Loan’s son. He revealed that his mother has always been frugal, even choosing not to fly business class, which he believes is unknown to most people.

In July 2024, Ms. Nguyen Thi Nhu Loan was temporarily detained by the Police Department for Corruption, Economic, and Smuggling Crimes Investigation (C03, Ministry of Public Security) on charges of violating regulations on the management and use of state assets, causing loss and waste.

During this time, Mr. Cuong officially took over the management of QCG from his mother. He shared that he lost 6kg due to the stress and worry during his mother’s detention. In November 2024, Ms. Nhu Loan was released.

According to the documents provided to the shareholders, the company’s business plan for 2025 targets a revenue of VND 2,000 billion, a significant increase compared to the previous year. The expected profit before tax is VND 300 billion.

This is the second year that Mr. Nguyen Quoc Cuong, the son of the founder, Ms. Nguyen Thi Nhu Loan, has taken on the role of CEO of QCG.

Notably, QCG proposed a plan to change the company’s name this year. According to QCG, the name Quoc Cuong Gia Lai has been established for 30 years in the market, but with the merging of provinces and cities, a name change is considered beneficial for connecting with partners.