What did Chairman Le Viet Hai say in his letter to Hoa Binh shareholders?

Mr. Le Viet Hai - Chairman of Hoa Binh Construction Group Corporation (HBC) - has just sent a letter to shareholders before the General Meeting of Shareholders scheduled to take place on June 27.

At the beginning of the content sent to shareholders, the Chairman of Hoa Binh assessed that 2022 and 2023 are the most difficult period for Hoa Binh in its journey of more than 3.5 decades.

Mr. Hai accepted responsibility for not fulfilling his obligation to develop the company as determined in the strategy, not worthy of the trust and expectations of shareholders.

At the same time, he accepted responsibility as the person holding the highest position in the enterprise for allowing some very unfortunate incidents to occur that seriously affected the reputation of the Board of Directors and the Hoa Binh brand.

" However, I am not ashamed of myself or anyone else when I affirm that I have made every effort and done everything I could to help the company overcome all difficulties in the past few years. My decisions in any situation are made on the principle of protecting the highest interests of shareholders, even though sometimes I have to sacrifice my own interests, " the Chairman of Hoa Binh Construction expressed.

In addition, he said the company must take a step back to renew itself with a comprehensive restructuring strategy. According to him, the comprehensive restructuring plan has been implemented by the Board of Directors and the Executive Board of Hoa Binh.

As of June 23, 89 suppliers and subcontractors have agreed to offset debt with shares worth VND650 billion . Mr. Hai affirmed that when completing the revaluation of assets, issuing shares to strategic shareholders and successfully reversing accumulated bad debt of up to VND2,059 billion . "Thereby, Hoa Binh's equity will not only return to the same level but also be much higher than in previous years," Mr. Hai emphasized.

With the principle of prudence, he said the auditing unit based on the debt age to determine the above provision value.

" In fact, throughout its business history, Hoa Binh has never written off any debt. Most of the debt that was previously provisioned has been reversed, " he wrote clearly in a letter to shareholders.

Chairman Hoa Binh emphasized that in the past, Hoa Binh had to resolve the debt collection issue through the authorities and there were 10 cases that were tried, Hoa Binh was successful in all 10 cases. The total value that Hoa Binh will collect through the trial results is nearly 50% higher than the total principal debt.

With many optimistic signals, Hoa Binh's Board of Directors still decided to keep the 2023 revenue target at VND 12,500 billion and profit at VND 125 billion .

Recently, Mr. Hai nominated Mr. Le Van Nam - General Director of Hoa Binh - and Mr. Mai Huu Thung - Chairman of the Board of Directors of Thanh Ngan Real Estate JSC - to the position of Board of Directors for the 2022-2024 term.

However, a few days later, Mr. Mai Van Thung withdrew from the nomination list and Mr. Hai nominated Ms. Nguyen Thi Luot as a replacement candidate. Ms. Luot was born in 1976 and has a bachelor's degree in economics. She is currently the Director of Saigon Queen Hotel Company Limited.

At the same time, Hoa Binh Construction has just received additional information about the candidate for the Board of Directors for the 2022-2024 term nominated by a group of shareholders holding 5.38% of shares in the company, Ms. Vu Thi Hoa (born in 1960). This individual currently works at ALB & Partners Law Firm LLC.

Thus, the list of candidates for the position of Board Member for the new term 2022-2024 of Hoa Binh currently includes Mr. Le Van Nam, Ms. Nguyen Thi Luot and Ms. Vu Thi Hoa.

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