[March 2nd] Tan Viet Securities dismisses CEO, deputy CEO

Tan Viet Securities’ has terminated the contracts with its CEO Nguyen Viet Cuong and deputy CEO Ta Minh Phuong.

Its board of directors dismissed them on Wednesday, but the company did not disclose the reason for it.

Cuong started working for Tan Viet in 2007 and became chairman and CEO in October 2022 when the previous chairman, Nguyen Tien Thanh, passed away.

Tran Thi Cam Hanh replaces him as the CEO.

Tan Viet was established in 2006 as a securities and financial services firm, and has charter capital of VND2.6 trillion (US$105.5 million).

It was one of the bond issuance consultants for An Dong Investment, a subsidiary of property developer Van Thinh Phat, whose chairwoman Truong My Lan is awaiting trial for multiple crimes including misappropriating VND304 trillion ($12.39 billion) from Saigon Commercial Bank.

Last year Tan Viet’s revenues plummeted by 92% to VND200 billion from VND 2.5 trillion in 2022.

It lost nearly VND400 billion after making a profit of VND148 billion the previous year.

Since late 2022 the company has been focusing on restructuring by closing and merging branches.

It was suspended from the stock exchange between late June and late September last year because its financial safety ratio report was not audited.

Source: VN Express