Mr. Nguyen Quoc Cuong: I am lucky to be Mrs. Loan's son.

Mr. Nguyen Quoc Cuong: 30 years of witnessing many sacrifices of mother

This afternoon (May 17), Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) held its 2025 annual general meeting of shareholders. The meeting was attended by Ms. Nguyen Thi Nhu Loan - the company's founder.

Speaking to shareholders, Mr. Nguyen Quoc Cuong - General Director - said he was fortunate to have been present for about 15 years in the company's 30-year journey. He also expressed his luck as Mrs. Loan's son, having witnessed many of her sacrifices for Quoc Cuong Gia Lai over the past 30 years.

Mr. Cuong even said that even when flying, Ms. Loan only flew economy class instead of business class. Ms. Loan devoted her whole life to Quoc Cuong Gia Lai, sacrificing her personal time and freedom.

Mr. Nguyen Quoc Cuong - General Director of the company (Photo: Khong Chiem).

This year, Quoc Cuong Gia Lai sets a target of net revenue of VND2,000 billion and pre-tax profit of VND300 billion, respectively increasing by 274% and 306% compared to last year.

Mr. Cuong said the high revenue came from divestment of hydropower (900 billion VND), Marina Da Nang project (37 units, with sales license, expected revenue of 700 billion VND), the remaining 400 billion VND was from handling inventory in the projects.

He also outlined specific plans for the company's ongoing and upcoming projects such as Marina Da Nang, Project 6B in Binh Chanh District (HCMC), Lavida Plus Apartment in District 7 (HCMC)... In addition, Quoc Cuong Gia Lai is implementing investment legal procedures for the 9.4ha Pham Gia project on National Highway 50, Binh Chanh (HCMC) and Saigon River Apartment. These two projects have been 100% compensated and are applying for pilot projects under Resolution 171 in the list of early removals of HCMC.

In addition, the Phuoc Kien project (related to the amount of VND 2,882 billion to be paid to Ms. Truong My Lan - Van Thinh Phat) was also mentioned by Mr. Cuong. Regarding the payment plan for this amount, Mr. Cuong said that there are many solutions, including dividing it into many installments, taking place from 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.

Change company name, limit bank loans

After more than 30 years of operation and development, Quoc Cuong Gia Lai wants to change the company name. Regarding the name, at the time of deciding to register the business to change the company name, shareholders authorize the Board of Directors to choose the company name.

The decision to change at an appropriate time but no later than 12 months from the date of approval of this proposal. The change of the company name will not affect the relations, transactions, civil obligations as well as the performance of contracts previously signed by the parties.

Mr. Cuong said that when the company was founded, it had a different dream. Now, entering a new era, the company has more opportunities and more contact with foreign partners. Therefore, the company wants to change its name to something shorter, more concise, and easier to spread to a wider range of partners.

General Director Nguyen Quoc Cuong admitted that last year, the company's bank loans have decreased sharply, and the debt ratio is very low. He also believes that no real estate company owns a large land fund but has such a low debt ratio.

Responding to a shareholder's question about whether Quoc Cuong Gia Lai does not want to borrow or cannot borrow from banks, Mr. Cuong said that after 30 years, Captain Nguyen Thi Nhu Loan has always aimed for safety and limited borrowing. In the period 2016-2017, when selling the Phuoc Kien project to Sunny Land, Quoc Cuong Gia Lai had a big plan, intending that the money received would serve that ambition. However, Quoc Cuong Gia Lai had to pay a lot for this project.

After the fluctuations, Ms. Loan did not want to borrow too much while the market situation was not positive. Quoc Cuong Gia Lai limited borrowing to avoid depending on financial institutions, while the source of money did not guarantee the ability to repay the debt. Therefore, borrowing from banks was excluded.

Mr. Cuong added that Quoc Cuong Gia Lai can borrow, issue more capital, and issue bonds. But those mobilization channels can only be used when the project implementation capability, sales capability, and cash flow generation are seen. At that time, the company does not hesitate to use mobilization options.

Source: https://dantri.com.vn/kinh-doanh/ong-nguyen-quoc-cuong-toi-may-man-la-con-ba-loan-20250517150647253.htm