Former EuroCham Vietnam boss steps down as chairman of Vietnamese firm after 5 months

REE has announced changes in its senior management. Nguyen Thi Mai Thanh will return to the position of chairwoman of REE, effective from Wednesday, replacing the former EuroCham chairman.

Earlier, Thanh left the REE chairwoman post on November 22 and became the executive director. 

Thus, Thanh is no longer the executive director of REE. Her successor is Ashok Ramachandran, who has been appointed for a three-year term starting from Wednesday.

In late November last year, Cany, a representative of Singaporean fund Platinum Victory, became the chairman of REE, replacing Thanh. Just after about five months, there has been another shift in leadership at REE.

Cany holds a degree in economic sciences from the University of Paris. Highlights of his career include serving as CEO of HSBC Vietnam and country chairman of Jardine Matheson Vietnam, according to a report by REE.

He was chairman of Eurocham Vietnam from 2005 to 2012 and from 2021 to 2022.

According to REE’s 2024 governance report, Thanh holds over 60.4 million REE shares, equivalent to a 12.8-percent stake.

Her husband, Nguyen Ngoc Hai owns 5.5 percent of REE, while her son, Nguyen Ngoc Thai Binh, holds two percent, and her daughter, Nguyen Ngoc Nhat Hanh, owns 1.3 percent. In total, her family’s stake in the company amounts to 21.6 percent.

On the stock market, REE shares have been under pressure in line with the broader market trend. After two sessions of decline and two sessions of hitting the floor price, REE shares dropped to VND59,000 (US$2.3) apiece on Wednesday, losing nearly 18 percent of their market value in one week.

Regarding the company’s business performance, REE recorded net revenue of nearly VND8.4 trillion ($322.7 million) last year, down two percent compared to 2023, while its after-tax profit dropped 14 percent to some VND2.4 trillion ($92 million).

For 2025, REE targets net revenue of over VND10.2 trillion ($391 million) and an after-tax profit of VND2.4 trillion ($92 million).

REE has also set a dividend payout plan for 2024 at 25 percent, with 10 percent in cash and the remainder in shares at a ratio of 100:15, meaning that shareholders will receive 15 additional shares for every 100 shares.

REE was established as a state-owned company in 1977.

It was privatized in 1993 and listed on the Vietnamese stock exchange in 2000.