Can Mr. Nguyen Quoc Cuong put on a "new coat" for Quoc Cuong Gia Lai?

(Dan Tri) - As General Director of Quoc Cuong Gia Lai, Mr. Nguyen Quoc Cuong receives an average salary of 14 million VND/month and lends the company 30 billion VND.

Surprised with the CEO salary

According to the audited 2025 semi-annual financial report of Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG), Mr. Nguyen Quoc Cuong - General Director - received a salary of VND 84 million in the first half of this year. On average, Mr. Cuong received VND 14 million/month.

He was appointed as the head of the Quoc Cuong Gia Lai executive board from July 22, 2024, so there is no data to compare with the same period last year. In the second half of 2024, the company's report did not include Mr. Cuong's income information.

However, compared to previous years, in the same position, Mr. Cuong's salary is "slightly" higher than that of his predecessor, Ms. Nguyen Thi Nhu Loan. In the most recent years such as 2022-2023 and the first half of 2024, Ms. Loan received an average of about 11 million VND/month.

Mr. Nguyen Quoc Cuong's income can also be considered modest in the general context of the real estate industry. Some other general directors of enterprises receive salaries of several hundred million VND per month, even up to 600 million VND/month.

Source: Audited 2025 semi-annual financial report.

Not only Mr. Cuong, some other members of the Board of Directors (BOD) and Supervisory Board (BOS) of Quoc Cuong Gia Lai also had increased income compared to the same period last year.

Mr. Lai The Ha - Chairman of the Board of Directors - received 150 million VND for the first half of the year, 2.2 times higher than the same period last year, averaging 25 million VND/month. Mr. Dao Quang Dieu - Head of the Supervisory Board - received 30 million VND for 6 months, up 50% over the same period, equivalent to an average of 5 million VND/month. Other members of the Supervisory Board also increased by 33% over the same period, reaching 20 million VND for the first half of the year.

The income of the leaders increased in the context of many positive changes in Quoc Cuong Gia Lai's operations. In the first half of this year, the company had a net revenue of more than VND242 billion, nearly 4 times higher than the same period last year. The profit after tax of the parent company's shareholders was more than VND16 billion, a strong improvement compared to the loss of VND15 billion in the same period.

Also related to General Director Nguyen Quoc Cuong, on June 30, he lent the company 30 billion VND.

The "tradition" of Quoc Cuong Gia Lai over the years has been to receive loans from members of the Board of Directors, Executive Board and related parties, regardless of bank capital.

In the first half of this year, Ms. Nguyen Thi Nhu Loan - Mr. Cuong's mother - lent 2 billion VND; Ms. Nguyen Ngoc Huyen My - Mr. Cuong's sister - lent 50 billion VND; Mr. Lau Duc Huy - Mr. Cuong's brother-in-law - lent 130.5 billion VND.

Quoc Cuong Gia Lai paid 600 billion VND to Van Thinh Phat

When Mr. Cuong sits in the "hot seat", one of the issues that needs to be faced is that Quoc Cuong Gia Lai must pay nearly 2,883 billion VND to Van Thinh Phat in the Truong My Lan case.

In 2017, Sunny Island Investment Joint Stock Company (related to Van Thinh Phat) and Quoc Cuong Gia Lai signed a contract to buy and sell the Bac Phuoc Kien project (formerly Nha Be, Ho Chi Minh City) for nearly VND2,883 billion. Quoc Cuong Gia Lai used this money to pay off bank debt at that time.

Later, a dispute arose between the two parties, and the Vietnam International Arbitration Center (VIAC) ruled that Quoc Cuong Gia Lai won the case and did not have to return the money it had received.

However, when the Truong My Lan case was prosecuted, the Ho Chi Minh City People's Court annulled the VIAC's ruling and forced Quoc Cuong Gia Lai to return VND2,883 billion to regain ownership of the Phuoc Kien project. The company agreed to return the money it had received.

When taking the position of general director, Mr. Cuong announced to rotate cash flow to pay off debt by divesting from hydropower projects, handling inventory, and developing the Marina Da Nang project. Total revenue is expected to bring in about 3,000 billion VND.

In the second quarter financial report, the company showed that it had paid 100 billion VND. The audit report stated that on July 3, the company paid another 500 billion VND to the Ho Chi Minh City Civil Judgment Enforcement Department. The total of the two payments was 600 billion VND, the amount that Quoc Cuong Gia Lai still has to pay is 2,283 billion VND.

This development seems to be following the plan that Mr. Cuong proposed. Specifically, the debt repayment will take place over about 2 years, starting in the third quarter of this year and ending in the first half of 2027. If the cash flow is stable, the company can pay earlier.

It can be seen that Quoc Cuong Gia Lai is focusing all its efforts on cash flow. In the first half of this year, Quoc Cuong Gia Lai has released nearly 100 billion VND of real estate inventory. The remaining inventory of 584 billion VND as of September 30 is the Lavida Plus project, Quoc Cuong Gia Lai II Apartment - Lot A, Decapella project, Giai Viet Apartment and some other projects. The company's target for the whole year is to earn 400 billion VND from handling inventory.

In addition, the divestment of hydropower projects will continue to be implemented, expected to earn VND900 billion. The Marina Da Nang project was just restarted earlier this year, has complete legal procedures, has a sales license, and is expected to earn VND700 billion. These plans are expected to contribute VND2,000 billion in revenue this year.

Challenging problems on the new journey

Despite the positive results in the first half of the year, Quoc Cuong Gia Lai is still far from its set target. This year, the company plans to achieve net revenue of VND2,000 billion and pre-tax profit of VND300 billion, up 274% and 306% respectively compared to last year. However, after half a year, the company has only achieved 12% of revenue and 7% of profit.

Another issue is that as of June 30, the total short-term assets of the enterprise were VND1,844 billion while short-term debt was nearly VND3,815 billion (of which the main debt was VND2,783 billion related to Van Thinh Phat). The auditor believes that there is a material uncertainty that may cast significant doubt on the enterprise's ability to continue as a going concern.

On the side of Quoc Cuong Gia Lai, the board of directors said that they have recognized this problem and have made business plans and cash flow plans for this year and the following years. The board of directors believes that the enterprise will still ensure payment of due debt obligations and maintain the ability to operate continuously in the future. Accordingly, the consolidated financial statements for the interim period are still prepared on the basis of the going concern assumption.

After more than 30 years of operation and development, Quoc Cuong Gia Lai wants to change the company name. General Director Nguyen Quoc Cuong once explained to shareholders that the name change is aimed at international cooperation. The current name is difficult for foreigners to pronounce, the new name will be easier to read. However, the company has not yet decided on a specific new name and the decision to change will be in the next 12 months, by the middle of next year.

Source: https://dantri.com.vn/kinh-doanh/ong-nguyen-quoc-cuong-co-the-khoac-ao-moi-cho-quoc-cuong-gia-lai-20250903115118930.htm