On November 19th, the VPS Board of Directors passed a resolution to appoint Mr. Le Minh Tai as the new CEO for a five-year term. Concurrently, Mr. Nguyen Lam Dung was relieved of his CEO duties, retaining only his position as Chairman of the Board.
This move sees the low-profile leader swiftly stepping down from one of his dual roles—CEO and Chairman—which he had held for an extended period. This change comes shortly after the high-profile IPO, ensuring compliance with legal regulations prohibiting individuals from simultaneously holding both positions in a public company.
In addition to the CEO appointment, VPS also named Ms. Tran Khanh Tuyet as the Corporate Governance Officer, effective November 19th. Previously, Ms. Tuyet served as the Head of the Legal Department.
From left to right: Mr. Nguyen Lam Dung (Chairman), Mr. Le Minh Tai (new CEO), and Mr. John Desmond Sheehy (independent Board member)
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Recently, VPS announced the conclusion of its IPO of 202.31 million shares on November 17th. Over 201.6 million shares were allocated to 19,691 investors as initially planned, achieving a 99.65% distribution rate. The remaining 703,000 shares (0.35%) were subsequently allocated to two investors between November 15th and 17th. Priced at VND 60,000 per share—the minimum set in the initial plan—the company raised nearly VND 12,139 billion.
Following the widely discussed transaction, the highly anticipated shareholder structure was disclosed. The company now has two major shareholders: Saigon Capital Management Corporation (Saigon Capital), holding 39.9%, and Chairman Nguyen Lam Dung, holding 8.7%.
Established in 2008, Saigon Capital is a fund management company headquartered in Hanoi, specializing in investment fund management, portfolio management, and investment advisory services.
As of September 30, 2025, the company’s total assets amounted to nearly VND 76 billion, predominantly comprising VND 73 billion in six-month term deposits at VPBank, earning an interest rate of 6.15% per annum.
Additionally, the company manages a commissioned investment portfolio of over VND 4,898 billion, with 57% allocated to stocks and 43% to term deposits and deposit certificates. The commissioned portfolio has grown 1.8 times from the VND 2,657 billion recorded at the beginning of the year, which was entirely comprised of term deposits and deposit certificates.
In the first nine months of 2025, Saigon Capital generated over VND 6.7 billion in revenue, nearly double the same period last year, primarily from portfolio management activities. Net profit reached over VND 5 billion, also doubling year-on-year.
Notably, Mr. Le Minh Tai—VPS’s newly appointed CEO—previously served as Chairman of Saigon Capital’s Board of Directors and was relieved of this position in October 2025.
Anticipated HOSE listing in December 2025
In a statement released on its website and Facebook page on November 19th, VPS announced plans to list its shares on the Ho Chi Minh City Stock Exchange (HOSE) in December 2025.
“VPS is finalizing the necessary procedures for its HOSE listing, expected in December 2025. This milestone marks the beginning of the ‘VPS 2.0’ era, aimed at expanding operations and accelerating comprehensive digital transformation,” the company stated.
The company also noted significant interest from numerous investment funds and international organizations, with committed investments totaling approximately VND 2,000 billion. Jefferies Singapore Limited, a leading global investment banking and capital markets advisory firm, is serving as the exclusive advisor and arranger for VPS.
VPS Securities announces successful IPO completion and anticipated HOSE listing in December 2025 – Source: VPS Facebook
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This development is one of three capital increase strategies approved by the company, including the issuance of 710 million bonus shares (completed on October 10th), an IPO of up to 202.31 million shares, and a private placement of 161.85 million shares. Consequently, the total number of shares will increase from over 570 million to more than 1.64 billion, raising the charter capital from VND 5.7 trillion to over VND 16.4 trillion—nearly tripling it.
– 4:26 PM, November 19, 2025
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