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Fideco appoints new chairman

Released at: 15:32, 14/07/2015

Fideco appoints new chairman

Mr. Tran Bao Toan took over from Mr. Pham Van Hung on July 13

by Thu Hoang

Mr. Tran Bao Toan has been appointed as Chairman of the Foreign Trade Development & Investment Corporation of Ho Chi Minh City (Fideco), after its Board of Directors accepted the resignation of his predecessor, Mr. Pham Van Hung.

Mr. Toan took up the new position for the 2014-2019 term on July 13.

A member of Fideco’s Board of Directors, Mr. Toan earned his PhD at St. Gallen University in Switzerland and has many years experience as a senior financial expert at major banks and investment funds in Switzerland and Luxembourg, such as Credit Suisse, Banque General du Luxembourg, and AKB. He was also a founder of HappyLand DC.

Established in 1989 as the Ho Chi Minh City Fisheries Development Corporation, Fideco gained approval to change to its current name in 1993. It specializes in investment in real estate projects and services, finance and financial services, and the development of educational projects, among others.

In the real estate sector it has developed large projects such as Fideco Tower in Ham Nghi Street in Ho Chi Minh City’s District 1, the Fideco Riverview residential building in the city’s District 2, and the Chon Thanh Industrial Park in Chon Thanh district, southern Binh Phuoc province.

According to the report presented to its 2015 annual shareholders meeting, the corporation recorded total revenue of VND53.9 billion ($2.47 million) and VND15.9 billion ($732,385) in profit after tax in 2014. It targets reaching VND66.4 billion ($3 million) in total revenue this year and VND30.6 billion ($1.4 million) in profit after tax.

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