The Bien Hoa-headquartered multinational agricultural enterprise, Thành Thành Công – Biên Hòa Joint Stock Company, widely known as AgriS (HoSE: SBT), has officially completed a significant governance restructuring phase by expanding its Board of Directors (BOD) to eight members. The strategic decision was formally ratified during the company’s Annual General Meeting of Shareholders (AGM) for the 2025–2026 fiscal period, which convened on the morning of November 2. This high-profile assembly not only cemented the company’s robust operational trajectory but also welcomed two distinguished independent members to the board: Mr. Nguyen Trong Hien and Ms. Nguyen Hai Tam. Their official five-year terms commenced immediately upon approval, marking a new chapter in AgriS’s corporate governance evolution as the company continues to scale its international footprint, diversify its commodity offerings, and adhere strictly to global environmental, social, and governance (ESG) standards.
Corporate Governance Expansion and Board Restructuring
The expansion of the AgriS board from six to eight seats underscores the company’s commitment to reinforcing independent oversight and widening its strategic leadership bandwidth. In modern corporate governance, particularly for publicly listed entities operating across multiple international jurisdictions and managing extensive agricultural supply chains, the incorporation of independent directors serves as a vital check and balance. These independent voices are tasked with safeguarding minority shareholder interests, providing objective oversight on capital allocation decisions, and guiding executive management through complex macroeconomic landscapes.
Following the successful election at the November 2 AGM, the restructured eight-member Board of Directors of AgriS now comprises a formidable blend of seasoned industry veterans and financial experts. Mrs. Duy Huynh Ngoc My continues to steer the company as Chairwoman, providing visionary leadership rooted in sustainable agricultural development. Mr. Thai Van Chuyen serves as a Board Member concurrently holding the critical position of Chief Executive Officer, ensuring seamless alignment between board-level strategy and daily operational execution.
The remaining members of the newly minted board include Mrs. Huynh Bich Ngoc, Mr. Tran Tan Viet, Mr. Tran Trong Gia Vinh, and Mr. Le Quang Phuc, alongside the newly inducted independent directors, Mr. Nguyen Trong Hien and Ms. Nguyen Hai Tam. Simultaneously, to further fortify the executive management tier in tandem with board-level developments, the AgriS leadership announced the official appointment of Mr. Dinh Vu Quoc Huy as Deputy General Officer, adding further momentum to the company’s operational capabilities.
Profile of Independent Director Nguyen Trong Hien
Mr. Nguyen Trong Hien, born in 1976 in the central province of Nghe An, brings a wealth of high-level strategic management and financial advisory experience to the AgriS boardroom. A trained economist with a Bachelor’s degree in Foreign Economic Relations complemented by a Master’s degree in Business Administration (MBA), Mr. Hien has spent decades navigating Vietnam’s complex corporate sector, holding pivotal leadership roles across state-owned enterprises, private conglomerates, and publicly traded giants.
His career trajectory includes substantial stints at the State Capital Investment Corporation (SCIC) and Refrigeration Electrical Engineering Corporation (REE – HoSE: REE). During his tenure at REE, Mr. Hien functioned as Commercial Director and Wind Power Project Director, concurrently steering leadership agendas at affiliated entities such as Thac Mo Hydropower Joint Stock Company and Quang Ninh Thermal Power Joint Stock Company. These assignments cemented his expertise in the energy and infrastructure sectors—industries heavily reliant on long-term capital deployment and meticulous regulatory navigation.
In June 2020, Mr. Hien was appointed Vice Chairman of the Board of Directors at Gelex Group Joint Stock Company (HoSE: GEX). His strategic influence extended across the Gelex ecosystem, where he participated actively on the boards of Gelex Infrastructure (Gelex Infra – HoSE: GEL) and Viglacera Corporation (HoSE: VGC). In April 2023, he assumed the chairmanship of Gelex, a position he held until April 2026. Following his departure from Gelex, he transitioned briefly to Vietnam Export-Import Commercial Joint Stock Bank (Eximbank – HoSE: EIB) as an independent board member. However, in a widely publicized corporate move, Mr. Hien—alongside three other board members—submitted resignation letters in June 2026, which were formally approved by Eximbank’s extraordinary general meeting in July 2026 due to personal reasons. Currently, Mr. Hien maintains strategic advisory roles as Board Advisor to Gelex and Advisor to the Chairman of Southern Steel Corporation (HoSE: SMC), further reinforcing his reputation as a trusted counselor in Vietnam’s corporate arena.
Profile of Independent Director Nguyen Hai Tam
Joining Mr. Hien on the AgriS board is Ms. Nguyen Hai Tam, an accomplished financial executive who holds a Bachelor’s degree in Economics alongside a Master’s degree in Business Administration. Ms. Tam has cultivated an extensive career spanning investment banking, securities brokerage, and commercial banking.
Historically, she has held prestigious leadership positions, including Chairwoman of the Board of Directors at Bao Minh Securities Joint Stock Company (BMSC – HoSE: BMS) and Deputy General Director at Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank – HoSE: STB). Her deep familiarity with the financial services sector provides AgriS with invaluable insights into capital markets, debt structuring, and liquidity management. Presently, Ms. Tam serves as Chairwoman of the Board of Directors at Aurai Win Energy Joint Stock Company, bringing green energy and sustainable infrastructure insights directly into AgriS’s governance framework as the company expands its renewable energy initiatives in agricultural production.
Financial Performance Overview: Fiscal Year 2025–2026 Results
The board restructuring coincides with a period of solid financial health and expanding operational scale for AgriS, as demonstrated by the financial reports reviewed and approved during the AGM for the 2025–2026 fiscal year. For the period concluding its operational cycle, AgriS reported consolidated net revenue reaching VND 26,733 billion, successfully achieving 101% of its annual targets. Profitability remained resilient, with profit before tax registering at VND 956 billion, while profit after tax climbed to over VND 846 billion, representing a 1% increase compared to the previous fiscal year. Crucially, the company’s core agricultural output crossed a major psychological and operational milestone, with total sugar sales volume surpassing the 1-million-tonne threshold.
A granular analysis of AgriS’s revenue structure reveals the company’s successful diversification strategy. While the core sugar segment continues to serve as the primary growth engine, accounting for approximately 81% of total consolidated revenue, non-sugar segments have emerged as robust supplementary pillars, generating VND 4,865 billion—or nearly 19% of the top line. Within the non-sugar segment, the rice division stood out exceptionally, recording net revenue of nearly VND 2,600 billion driven by a consumption volume exceeding 210,000 tonnes. This multi-commodity approach insulates AgriS against commodity price volatility in the international sugar market while capitalizing on rising global demand for stable food staples.
Strategic Roadmap and Targets for Fiscal Year 2026–2027
Building upon the achievements of the previous cycle, the leadership of AgriS has laid out ambitious yet pragmatic operational goals for the 2026–2027 fiscal year. The company has established a consolidated net revenue target of VND 28,000 billion, representing an expected top-line expansion of approximately 5% year-over-year. Meanwhile, the profit before tax target has been projected at VND 956 billion, maintaining a steady, conservative baseline that reflects cautious optimism amid shifting global economic currents.
Early financial indicators suggest that AgriS is well on its way to fulfilling these strategic commitments. During the first quarter of the 2026–2027 fiscal year, the company registered net revenue of VND 7,616 billion, marking a substantial surge of nearly 42% compared to the corresponding period in the previous year. Profit before tax for the initial quarter stood at over VND 204 billion, ticking upward by 0.45%. These metrics demonstrate that AgriS has successfully captured approximately 27% of its full-year revenue objective and 21% of its annual profit milestone within the first three months of the fiscal calendar.
Broader Implications of Governance and Strategic Evolution
The simultaneous integration of experienced independent directors like Mr. Nguyen Trong Hien and Ms. Nguyen Hai Tam into the AgriS board reflects a broader trend among Vietnam’s leading private enterprises: the deliberate elevation of corporate governance standards to align with international benchmarks. As AgriS continues to process over one million tonnes of sugar, manage vast agricultural acreage across multiple countries, and expand its footprint in value-added non-sugar sectors like rice and agricultural by-products, transparent oversight and strategic financial guidance are paramount.
The collective expertise of the newly constituted eight-member board is expected to play a critical role in steering AgriS through upcoming capital-raising initiatives, cross-border expansions, and ongoing technological modernization within its agricultural value chain. By combining foundational agricultural leadership with external financial and energy sector acumen, AgriS has positioned itself to navigate market uncertainties, capitalize on emerging trade agreements, and deliver sustainable, long-term value to its shareholders and stakeholders alike.
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