Billionaire Pham Nhat Vuong resigns as chairman of Vinhomes

Pham Nhat Vuong resigned as chairman of Board of Directors of Vinhomes

On February 28, Vinhomes, the real estate arm of Vingroup JSC (code VHM on HSX), accepted chairman Pham Nhat Vuong's proposal to resign from his position at Vinhomes and approved the election of Nguyen Dieu Linh, previously general director, as new chairman of the Board of Directors as per the proposal of Vuong.

For legal compliance, the board of directors also appointed a new general director to replace Linh. Additionally, the BoD agreed to register these changes in the company business registration certificate.

According to Pham Nhat Vuong’s proposal, the board of directors elected Nguyen Dieu Linh as new chairwoman on February 28. Linh has a bachelor's degree in foreign languages. Before joining Vingroup, Linh was a lawyer of Ngo Miguérès and Partners in Hanoi from 1996-1999.

Nguyen Dieu Linh, the new chairwoman of the Board of Directors of Vinhomes

In 2008, Nguyen Dieu Linh was elected as a member of the board of directors of PFV JSC and held the position of deputy CEO of Vingroup. In 2011, she was vice chairwoman and the spokeswoman of Vingroup. By 2018, Linh was elected as general director and vice chairman of Vinhomes.

Currently, Pham Nhat Vuong is still a member of the board of directors of Vingroup JSC, the parent company of Vinhomes.

Vinhomes also appointed Luu Thi Anh Xuan as its new general director for a term of five years. Xuan was general director of Vinhomes 2 Real Estate Trading Co., Ltd. Before joining this company, she held important positions at international and domestic banks.

The Vinhomes board of directors also approved to change the business registration content, naming its three legal representatives as Nguyen Dieu Linh (chairman of the board), Luu Thi Anh Xuan (general director), and Nguyen Van Trai (deputy general director).

Since its establishment in early 2008, Vinhomes has raised charter capital four times, from VND200 billion ($8.7 million) to VND26.796 trillion ($1.17 billion). Currently, Vingroup holds nearly 70 per cent of Vinhome’s charter capital.

According to its financial statements, Vinhomes' pre-tax profit in 2018 reached more than VND19.6 trillion ($852.17 million), holding the top position of profit on the stock exchange.