Hanoi, October 31 (Vietnam Insider) — VietCap Securities (HOSE: VCI), one of Vietnam’s leading brokerage and investment banking firms, has announced a major leadership transition as long-serving CEO To Hai steps down after nearly two decades at the helm.
According to a filing with the Ho Chi Minh Stock Exchange, VietCap’s Board of Directors has approved the appointment of Ton Minh Phuong, currently Executive Director of Investment Banking, as the company’s new Chief Executive Officer and Legal Representative, effective November 18, 2025.
The change marks the end of an 18-year tenure for To Hai, who has led VietCap since its founding in 2007 and played a pivotal role in shaping the firm into one of Vietnam’s top securities houses. Under his leadership, VietCap became a key player in the country’s capital markets, known for its strong advisory expertise and robust brokerage operations.
Hai will remain on the company’s Board of Directors and continues to be one of its largest shareholders, holding nearly 129 million VCI shares, equivalent to 17.95% of total outstanding equity. His wife, Truong Nguyen Thien Kim, owns an additional 12.5 million shares, representing 1.74% of the firm’s capital. Beyond VietCap, Hai currently serves as Chairman of International Dairy Products JSC (IDP).
In other leadership changes, the Board also approved the replacement of Deputy CEO Dinh Quang Hoan with Tuan Nhan, Executive Director in charge of institutional brokerage and bond trading, effective November 3, 2025. Earlier in October, Hoan was appointed Standing Vice Chairman of VietCap’s Board for the 2021–2026 term.
The management shake-up comes just ahead of VietCap’s extraordinary shareholders’ meeting on November 7, where investors will vote on several strategic initiatives — including a private share placement and the establishment of an overseas subsidiary in Singapore.
According to the proposal, VietCap plans to invest USD 29 million to establish VietCap Singapore Pte. Ltd., which will serve as the company’s international arm, offering brokerage and investment banking services to global clients.
The firm also intends to issue up to 127.5 million new shares to professional investors at no less than VND 18,026 (USD 0.71) per share — its latest book value as of December 31, 2024. The placement, expected to raise around USD 92 million (VND 2.3 trillion), will be executed between 2025 and Q1 2026 once regulatory approval is secured. Proceeds will be used primarily to expand VietCap’s margin lending capacity (80%) and fund its proprietary trading activities(20%).
Financially, VietCap continues to post solid growth. In the first nine months of 2025, the company recorded USD 136 million (VND 3.45 trillion) in revenue, up 28% year-on-year, and USD 35.5 million (VND 899 billion) in post-tax profit, marking a 30% increase. The firm has already achieved 80% of its annual revenue target and 76% of its profit goal for the year.
The leadership transition signals a generational shift for VietCap — a move aimed at strengthening its global footprint while maintaining the strong domestic foundation built over nearly two decades of To Hai’s stewardship.
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Source: Vietnam Insider