The Saigon General Corporation (Savico) announced upcoming changes to the leadership of its Board of Directors at an extra-ordinary general meeting of shareholders on December 15. The following directors communicated an intention at the meeting to retire effective immediately:
- Mr. Le Tuan
- Mr. Nguyen Hoang Giang
- Mr. Nguyen Huy Tuan
- Mr. Tran Van Hieu
The following directors were appointed at the meeting to enhance corporate governance capacity and guide the company on its long-term roadmap:
- Ms. Tran Thi Hong Bich
- Mr. Tran Duc Huy
- Mr. Do Quoc Tuyen
- Mr. Ho Viet Ha
Notably, Mr. Ho Viet Ha and Mr. Tran Duc Huy are independent directors. With these leadership changes, Savico’s Board of Directors is now composed of nine members, with Mr. Mai Viet Ha serving as Chairman.
Savico has posted impressive business results in 2022 thanks to strong growth in Vietnam’s automotive market and its sound business strategy. Motor car sales are expected to reach 42,572 units, a 39 per cent increase compared to 2021. Consolidated revenue is to stand at VND20.99 trillion ($892.4 million), exceeding the original target by 21 per cent and rising 48 per cent against 2021. Combined revenue of all subsidiaries and associate companies is expected to be VND34 trillion ($1.44 billion), while consolidated pre-tax profits are to come in at VND633 billion ($26.86 million), exceeding the original target by 147 per cent and growing 152 per cent compared to 2021.
With an anticipated successful 2022, Savico plans to set ambitious targets for breakthrough development in 2023 and the next five years, with a plan to establish and implement a comprehensive automotive ecosystem, continue with expansions to its extensive dealership network, invest in the used car and electric vehicle market, bring new car brands to Vietnam, and focus on training and developing more knowledgeable human resources to maintain the company’s position as the leading automotive distributor and premium service provider in Vietnam.
The current members of the Board of Directors have extensive experience in the automotive industry and have taken Savico to pole position in Vietnam’s automotive market. The new members possess corporate governance expertise and experience in the international automotive industry and will provide the company with competitive advantages to achieve its growth targets in the subsequent period of corporate development.
Profiles of four new Directors at Savico
1. Ms. Tran Thi Hong Bich.
2. Mr. Tran Duc Huy
Mr. Tran Duc Huy, born in 1974 in Ho Chi Minh City, was elected as an independent board member of the Saigon General Service Corporation for the 2020-2025 period. He has held important positions in domestic and international corporations, including General Director of Saint-Gobain Vietnam - a world-class corporation in manufacturing and distributing building materials solutions.
Before that, Mr. Huy was CEO of the Vinh Tuong Industrial Company. His extensive management experience and knowledge is recognized by leading training organizations, including the GMP Senior Leadership Program at Harvard Business School, the Senior Leadership training program at the Anderson Business School (UCLA), and the MIT Sloan School of Business, and as a Certification of Business Administration Trainer (Corporate Governance Trainer) for the IFC (World Bank). He has made major contributions to improving corporate governance efficiency to the highest level through modern and practical management tools.
He is also a Lifetime Alumni of Harvard Business School and earned an MBA at the Maastricht School of Management (MSM Netherlands). Mr. Huy is currently the Chairman of the CMC Joint Stock Company and Vice Chairman of the Tasco Joint Stock Company.
3. Mr. Ho Viet Ha
Mr. Ho Viet Ha, born in 1976 in Hanoi, was appointed as an independent member of the Board of Directors of the Saigon General Service Corporation for the 2020-2025 period. He has over 20 years of experience holding senior executive positions at many leading national and international organizations. Mr. Ha is currently the CEO of the Tasco Joint Stock Company and Chairman of the Bac Au Automotive Joint Stock Company, a distributor for the Volvo luxury car brand. He also served as Director of Audit at KPMG Vietnam, CEO and Board Member in the field of high-end tourism development services, and Chairman of the Board of Director in the field of water infrastructure.
4. Mr. Do Quoc Tuyen
Mr. Do Quoc Tuyen, born in 1982 in northern Phu Tho province, has extensive experience in the automotive industry. He is currently Chairman of the SVC Holdings Joint Stock Company, a board member and General Director of the Savico Da Nang Joint Stock Company, a board member of the Dana Joint Stock Company (Dana Ford), a board member of the Son Tra Automotive Company Limited, and a board member of the MTV Gia Lai Automotive Company Limited.
The leadership appointments are part of a rigorous and comprehensive nomination and board member ratification process that occurs every four years.