Le Viet Hai will resign as chairman of Hoa Binh Construction Group to open a legal path for his son to take over as the company’s CEO.
“I am resigning to ensure the legality for my son, Le Viet Hieu, to take the CEO chair at the general meeting next year,” he told reporters recently.
Hai’s letter of resignation was approved by the board Wednesday and will be effective on January 1. All board members approved the decision, Hai said, adding that he recommended his son for the CEO chair to make positive operational changes in the company.
Hieu was appointed the CEO of the company in July 2020, but was dismissed from the position in June this year as Vietnam business laws block anyone related to a chairman or a member of the board from holding the position of CEO.
Hai will remain with the company as the chairman of the Founders’ Committee, which was established Wednesday. The committee is responsible for advising the board of directors and executives in key operations.
Hai will still be able to participate in changing the regulations of the company, advising it in venturing into new businesses, making decisions regarding projects worth more than VND100 billion ($4.25 million) and other matters concerning senior leadership.
Hai, 64, graduated from the University of Architecture Ho Chi Minh City and founded the Hoa Binh Construction Office in 1987, of which he was the CEO.
He has been the chairman of the company since it became a joint stock firm in 2000. He has a 17.86% stake in Hoa Binh.
Board member Nguyen Cong Phu, 71, will take over the chairman position from Hai starting January 1.
Hoa Binh Construction Group listed on the Ho Chi Minh Stock Exchange in 2006 with a charter capital of VND54 billion. That figure has now surged to VND2.74 trillion.
The company targets a revenue of VND7.5 trillion this year, up 54% from 2021, and a post-tax profit of VND350 billion, up 261%.
The company plans to branch out of Vietnam within the next decade, with a goal of reaching $20 billion in revenue and nearly $1 billion in profit by 2032.
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