Vincom Retail Appoints New Chairman Amidst Asian Retail Real Estate Ambitions

Vincom Retail, a leading commercial real estate developer in Vietnam, has appointed Tran Le Phuong as its new Chairman of the Board, replacing Tran Mai Hoa. The decision was made during a Board of Directors meeting on August 27, 2023. Phuong had joined the company's board only on July 22, 2023. Born in 1969, Phuong holds a Master's degree in Economic Management. He currently also serves as the Chairman of the Board of Directors for the Vietnam Exhibition Fair Centre JSC (VEFAC) and holds positions in several other enterprises. Following the leadership change, Tran Mai Hoa has been appointed as the Chief Executive Officer (CEO) of Vincom Retail, taking over from Pham Thi Thu Hien. Hoa will also concurrently serve as the Deputy CEO of Operations. She has been with Vincom Retail since 2014, having held various roles including Project Management Director at Vincom Mega Mall Times City and Royal City, and previously as Deputy CEO and CEO of the Vingroup subsidiary. Pham Thi Thu Hien will continue in her role as Deputy CEO of Sales and Marketing. Vincom Retail projects consolidated net revenue of VND 10.132 trillion (approximately $420 million USD) and profit after tax of VND 5.375 trillion (approximately $220 million USD) in 2026, representing increases of 16% and 15% respectively compared to 2025, after excluding non-recurring income. The company aims to become a leading retail real estate developer and operator in Asia. Currently, Vincom Retail owns and operates over 90 shopping malls with a total retail floor area exceeding 1.91 million square meters. The company plans to expand its network to 110 shopping malls, covering approximately 3.5 million square meters of retail space. Additionally, Vincom Retail intends to develop 75 new commercial street areas. This leadership transition is expected to accelerate the company's growth strategy within Vietnam's real estate sector, particularly in the retail segment. In Vietnam's one-party system, significant management changes in major corporations are often viewed through the lens of their alignment with national economic policies and corporate governance stability.