Nguyễn việt quang

This Vinmart shopping center in Hanoi is one of 400 that Vingroup plans lớn have sầu across Vietphái nam by 2020.

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HO CHI MINH CITY --Vingroup announced a new chief executive Monday who will steer Vietnam"s leading property developer as it joins the autoSmartphone industry.

Vice ChairmanNguyen Viet Quang, 50, was named CEO lớn spearhead the group for the next three years,a document signed by Chairman Pmê man Nhat Vuong shows.Hereplaces Duong Thi Mai Hoa, who held the position since 2014.

The change represents "a normal executive rotation based on working term," acompany representative told the Review. But adocument onVingroup"s website shows that Hoa in February 2017 was named as CEO through February 20trăng tròn.No information is available on her position following Quang"s promotion.

Quangjoined Vingroup in 2010, serving as director and chairman at subsidiaries including Hanoi Southern City Development, Vinmec Hospital and Ecology Development and Investment. Quang, who holdsa master"s degree in law và a bachelor"s degree in business administration, was appointed as Vingroup vice chairman last year.

Quang appeared on local truyền thông last year lớn announce Vingroup"s entry inlớn the car industry with the VinFast brvà, và the company expects lớn debut its first commercial sản phẩm in the third quarter of 2019.

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Vingroup"s Nguyen Viet Quang speaks at the groundbreaking ceremony for the VinFast autoMobile plant in the Vietnamese thành phố of Haiphong in September 2017. (Photo courtesy of Vingroup)

Images leaked this month showed accelerated construction at Vingroup"s first oto manufacturing facility in the northern đô thị of Haiphong in order khổng lồ complete the plant in July. Annual output of 500,000 units is targeted for 2025.

VinFast likely will be the country"s first car br&. The company, teaming withGerman autoparts makerRobert Bosch, intends lớn develop both electric vehicles and conventional cars.

Vingroup reportedly looks to raise fundsfor its business expansion, which includes automobiles, education and health care. The company is reorganizing some businesses and plans lớn list its luxury residential complex project brand, Vinhomes, on the stoông xã market this year.

Last year, Vingroup listed more than 1.9 billion shares of retail arm Vincom Retail on the Ho Chi Minh City Stochồng Exchange. Its share price has gained 62% in the past four months, making the company one of the 10 largest by market capitalization at the bourse, worth more than $4.58 billion.

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Vingroup posted 90.3 trillion dong ($3.97 billion) in consolidated revenue for 2017, an increase of 56.8%. Net profit rose 54.8% lớn 5.4 trillion dong. Real estate accounted for 69% of the group"s revenue, while retail brought in 14.4%. Vingroup shares closed at 93,500 dong Tuesday, down 1.6% from the previous session.