CEO Thuduc House resigned

Thu Duc House Development Joint Stock Company (Thuduc House – TDH) has just received the resignation letter of Mr. Nguyen Hai Long. Mr. Long said he could not continue to hold the position of General Director due to personal reasons. The time of resignation is considered and decided by the Board of Directors.

Mr. Long promised to hand over work and provide maximum support to the new CEO or as assigned by the Board of Directors to ensure it does not affect the company’s operations. Previously, he was elected General Director from mid-April to replace Mr. Dam Manh Cuong.

Thuduc House has not announced how the CEO’s departure process will take place. The company has not yet announced a successor name. If a replacement cannot be found, this business will no longer have anyone on the Board of Directors. The company still has a Board of Directors led by Mr. Nguyen Quang Nghia, Chairman, and two members, Ms. Vo Thi Tuong Vy and Mr. Hoang Anh Phuc.

Previously, two members of the Board of Directors, including former CEO Dam Manh Cuong, resigned and Ms. Van Thi Hue – Deputy General Director and Secretary of the Board of Directors was dismissed in June.

TDH’s upper layer has continuously fluctuated from 2022 to present. In 2022 alone, this enterprise will change the Chairman of the Board of Directors three times. Before that, many TDH leaders were caught up in legal trouble.

Thuduc House is regularly subject to tax enforcement by the Ho Chi Minh City Tax Department related to violations of electronic component export activities in the period 2017-2019. Business has since declined. In 2020 and 2021, the company suffered consecutive losses of nearly 310 billion and 890 billion VND.

In 2022, the business will earn a profit of only 8 billion VND thanks to maximum cost reduction. However, by 2023, TDH reported losses again.

In the first 9 months of this year, this business recorded revenue of nearly 37 billion, down more than half over the same period. They still lost nearly 4 billion VND and are recording about 755 billion VND in accumulated losses by the end of the third quarter.