Our Team

Our people are our most valuable asset and our future rides on them.
Board of Director
Vu Hien Chairman
Mr. Hien is a successful entrepreneur, an insightful business leader with extensive management and
investment experience in different industries. He is the founding partner of Vietlogistics Services Company
(VTS) and IPA Investments Corporation. He also serves as a board member in a number of large firms in
manufacturing, tourism and real estate industries. Mr. Hien holds a Bachelor of Science degree from
Maritime University of Vietnam.
Pham Minh Huong Board Member, CEO of IPA Asset Management Ltd.
Ms. Huong has more than 14 years of experience in banking, finance and securities, and capital markets.
She plays an instrumental role in growing IPA Investments into a group of companies in the financial
services and real estate development industries in Vietnam just after two years of operation. As Head of IPA
Asset Management, Ms. Huong has made insightful investment decisions that helped increase investors
value significantly. During 2006 - 2007, the value of the portfolio under her management increased more
than 10 times, from VND150 billion to almost VND2,000 billion (in net assets value).
Prior to establishing IPA Investments, Ms. Huong was CEO of Saigon Securities Inc. (SSI), which she
helped to build into the countrys leading securities firm. During 1994 - 2002, Ms. Huong was the Country
Treasurer and Financial Market Head of Citibank Vietnam. Ms. Huong has extensive experience in
Corporate Finance and Investments, Treasury Management, Financial Risk Management, Strategic
Planning and General Management. She holds a Masters degree in Engineering from Kiev University of
Technology (Ukraine).
Nguyen Ngoc Thanh Board Member, CEO of VNDirect Securities Company
Ms. Thanh has extensive experience in management consultancy with focus on Information Technology and
Finance. She worked for PricewaterhouseCoopers and IBM as a consultant specialized in Financial Industry.
She took part in major Information Technology projects for large financial institutions such as Fannie Mae,
the largest mortgage wholesaler in the USA, Central Pension Fund, which manages a pension fund for all
union workers in the USA. She holds a BS in Information Technology from American University and Master
of Science in Finance from Johns Hopkins University.
Nguyen Luu Thuy Board Member
Mr. Thuy is a successful entrepreneur. He founded Paula & Karen Co. Ltd., one of the largest footwear
distributors in Warsaw, Poland, and maintains extensive business relationships with partners in Poland and
China. Mr. Thuy currently serves as the Chairman of the companys Board of Directors. Mr. Thuy holds a
PhD in Chemistry from Warsaw Technology University in Poland.
Compensation Committee
Dau Thuy Ha Head of Compensation Committee
Ms. Ha is also the Chairwoman of Organizational Capacity Development Co. (www.ocd.com.vn), a Hanoibased management consulting firm and one of the founding partners of VNDirect Securities. Ms. Ha has
more than 15 years of work experience in the private sector with major multinational companies such as
Hewlett-Packard and Daewoo Corporation, where she contributed to setting up and successfully developing
the operations of these companies in Vietnam. Ms. Ha graduated from Simferopol State University (former
USSR) and holds a Master of Business Administration degree from Boise State University (USA).
Audit Control Committee

Nguyen Kim Ngoc Head of Audit Control Committee

Ms. Ngoc is the Director of Nguyen Toan Garment and Trading Company, founder of Duc Phap Garment
Accessories Company Ltd., founder and CFO of Newtek, a company providing technology solutions and
services to the telecom and broadcasting industries. Ms. Ngoc has significant experience in technical and
management positions with multinational companies including the DHL-VNPT joint venture (1990 - 1993)
and Daewoo Corporation (1993 - 1998). She holds dual degree as English major with Hanoi Foreign
Languages University (1983 - 1988), and Finance & Banking major with National Economics University
(1994 - 1997).
Directors
Le Huy Phuong Director, Direct Investments
Mr. Phuong has more than 12 years of hands-on experience in business strategy, corporate finance,
marketing and sales development with multinational companies like Coca-Cola and Nestle in Vietnam and in
the region. Over the years, Mr. Phuong held senior management positions such as Sales Director, Marketing
Director, and Business Development Manager with these companies. Mr. Phuong holds a Masters degree
in Marketing and M.Sc. in Finance with University of Technology Sydney, Australia.
Nguyen Tien Dzung Director, Equity Capital Market
Dr. Dzung is Professor of Mathematics and Director of the Graduate Program in the Faculty of Mathematics,
University of Toulouse, France. He has authored many articles and research papers for internationally
acclaimed research publications. Dr. Dzung is also an expert in applied mathematics and quantitative
methods for the securities markets. Since 2007 he has been coaching the analyst team of VNDirect
Securities and is discussing with leading Vietnamese universities to introduce the financial mathematics
major in these universities. Dr. Dzung graduated from the premier Moscow State University and has his PhD
in Mathematics with the University of Strasbourg (France) in 1994.
Trinh Xuan Vu Director, Debt Capital Market
Mr. Vu has 16 years working in senior positions with international financial institutions such as TD Securities
(Canada), CIBC (Canada), Credit Agricole Indosuez, Citibank, Chase Manhattan Bank, ABN Amro Bank.
During 2002 - 2006, Mr. Vu was Senior Business Consultant in Treasury and Risk Management Technology
with CIBC, one of the oldest and largest commercial bank of Canada. He also held various positions with
Credit Agricole Indosuez in London (2000 - 2001), FX Funding Analyst with Citibank, European Funding in
London (1998 - 2000), Global Markets Officer with Chase Manhattan Bank in Singapore (1998) and Country
Treasurer for ABN Amro in Vietnam (1996 - 1997). As a Fulbright Scholar he got his MBA in International
Finance with University of Hawaii (USA).
Adrian Cundy Head of IPA Research and Advisory
Mr. Adrian Cundy has over a decade on the ground experience and a proven track record of achievement
and execution in team management, country/sector equity research and product management roles gained
from both buy and sell-side investment environments. Working in various countries in the Asia-Pacific
region, Adrian has wide and varied industry and country exposure, with solid knowledge of North and South
Asia as well as several specific sectors (Telecommunications, Oil & Gas and Industrials). Adrians latest
position was Head of Investments Specialists, Equities, with Prudential Assets Management in Hong kong,
Prior to that he spent 4 years in Singapore as Head of Research, Asia & Regional Telco Analyst for RCM
Global Investors and 4 years as analysts with investments and broking houses in Indonesia.
Rudolf Greulich - Senior Advisor to IPA Real Estate Ltd
Mr. Greulich is a senior advisor with more than 30 years of experience as manager and consultant in
infrastructure development and environmental management in Denmark, Vietnam and other countries. For
many years he was the Chief Technical Advisor in charge of Energy, Environment and Water sectors of
CarlBro a/s a leading Danish consulting firm in Vietnam, combining his international experience with
deep understanding of the infrastructure development sector in Vietnam. He holds a Masters degree in
Physics and Chemistry with Copenhagen University, Denmark.

VNDirect Securities Directors

Nguyen Ngoc Thanh Chief Executive Officer
Ms. Thanh has extensive experience in management consultancy with focus on Information Technology and
Finance. She worked for PricewaterhouseCoopers and IBM as a consultant specialized in Financial Industry.
She took part in major Information Technology projects for large financial institutions such as Fannie Mae,
the largest mortgage wholesaler in the USA, Central Pension Fund, which manages a pension fund for all
union workers in the USA. She holds a BS in Information Technology from American University and Master
of Science in Finance from Johns Hopkins University.
Nguyen Thi Thu Ha Chief Financial Officer
Ms. Ha gained multi-sided knowledge and wide experience in treasury, operations, banking services and
products over the 14 years (1993 - 2007) that she worked in different management functions in Chinfon
Commercial Bank, Hanoi Branch (September 1993 - May 2007), most recently as Senior Manager in charge
of supervising the following departments: Treasury, Treasury Back Office, Counter, Remittance, International
Trade, Loan Service, Financial Institutions Relationship. She has also been actively involved in the
development and provision of specialised training in the field of banking, financial services and international
best practice being an Associate of the Bank Training Center as master trainer since 2006, conducting
various training courses for the staff and officers of Vietnamese commercial banks. Ms. Ha holds a
Bachelors degree in Finance and Banking from the National Economics University (Hanoi) and a Bachelor
of Arts degree from Hanoi Foreign Languages University.
Doan Quang Dai Chief Operating Officer
Mr. Dai has extensive experience of more than 15 years working in the banking industry of Vietnam, having
held various senior management positions in joint venture banks and commercial joint stock banks. Prior to
joining IPA Investments, Mr. Dai was the Vice General Director of VPBank in charge of corporate banking
and treasury. During his tenure at Techcombank (2002 - 2006), Mr. Dai was the Director of Techcombank
Hung Yen branch (2005 - 2006) and the Deputy Head of Business Department, Techcombank Head Office
(2002 - 2005). Mr. Dai graduated from Hanoi University of Technology and holds a Masters degree in
Business Administration from Solvay Business School, Belgium and took part in an intensive postgraduate
training program on managing commercial banks held by the Financial Technology Transfer Agency,
Luxembourg (Luxembourg ATTF).
Huynh Minh Vu Director, Information Technology
Mr. Vu has extensive technology and business experience in investment banking and brokerage industry. He
worked as quantitative analyst for a leading German brokerage firm, building trading system for bonds,
equities and options. At Wall Street Analytics - a San Francisco based company; he developed software
solutions for portfolio management and asset securitization. He founded Quanalyst.com in 2004 to offer
financial analytics software and services to US clients. Mr. Vu holds an MS degree in Computer Engineering
from Georgian Polytechnique Institute (former USSR) and Masters Degree in Business Administration from
University of Mainz, Germany.
Huynh Hue Tinh Chief Accountant
Ms. Tinh graduated from Berlin Economics University in 1990 and holds a BS in Foreign Economics. Since
then, Ms.Tinh has been working for many well-known trading companies in the Federal Republic of
Germany, such as New Asia Ltd. and HID in Berlin. From 1996 to 1999, she worked as a Programme Officer
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IPAAM Directors

Pham Minh Huong Chief Investment Officer

Ms. Huong has more than 14 years of experience in banking, finance and securities, and capital markets.
She plays an instrumental role in growing IPA Investments into a group of companies in the financial
services and real estate development industries in Vietnam just after two years of operation. As Head of IPA
Asset Management, Ms. Huong has made insightful investment decisions that helped increase investors
value significantly. During 2006 - 2007, the value of the portfolio under her management increased more
than 10 times, from VND150 billion to almost VND2,000 billion (in net assets value).
Prior to establishing IPA Investments, Ms. Huong was CEO of Saigon Securities Inc. (SSI), which she
helped to build into the countrys leading securities firm. During 1994 - 2002, Ms. Huong was the Country
Treasurer and Financial Market Head of Citibank Vietnam. Ms. Huong has extensive experience in
Corporate Finance and Investments, Treasury Management, Financial Risk Management, Strategic
Planning and General Management. She holds a Masters degree in Engineering from Kiev University of
Technology (Ukraine).
Tran Thi Phuong Loan Director, Compliance and Risk Management
Ms. Loan has more than 13 years of experience in accounting, auditing, corporate finance and company
restructuring. Prior to her work at IPA Investments, Ms. Loan was Chief Operation Officer of VNDirect
Securities, where she contributed significantly to the setting up and capacity building of the operations and
the financial management system of the company. Before joining VNDS, Ms. Loan was senior manager
heading the Financial Advisory Services Department at KPMG Vietnam, where she led a number of projects
in business valuation, M&A due diligence, corporate finance and company restructuring for multinational
companies and international investment funds. During 1996 - 2004, she was senior audit manager at
PricewaterhouseCoopers in Indochina and Australia. Ms. Loans clients included banks, financial institutions,
insurance companies, securities firms, investment funds, hotels, transportation and manufacturing
companies. She holds a Masters degree in Business Administration (MBA) and is a member of the
Association of Certified Chartered Accounts (ACCA UK). She is also a Vietnamese Certified Public
Accountant (CPA).
Nguyen Chi Tuan Head of Investment Analysis
Mr. Tuan brings to IPA Investments and subsequently IPAAM more than 8 years of experience in finance,
accounting and auditing. He was a senior auditor with KPMG Vietnam for over 4 years and was Project
Office Manager for the Multi-donor Trust Fund supporting public finance reform in Vietnam. Mr. Tuan
graduated from Hanoi Foreign Trade University and Hanoi Law University and holds a Masters degree in
International Economics. He is also a registered member with the Hanoi Bar Association.
Dr. Lim Boh Soon Director, Business Development
Dr. Lim Boh Soon is a highly regarded and experienced professional from the banking and finance industry
in Asia. He has been in the private equity and development capital industry in Asia for more than 17
years. He brings with him more than 20 years of corporate experience, having worked in senior
management position for various large regional and multinational blue chip organisations, including
Rothschild Ventures Asia Limited and UBS Capital Asia Pacific Limited.
Dr. Lim sits on the board of various public and private companies in Asia, which include as an Independent
Non-Executive Director of Singapore listed companies CSE Global Limited and Auric Pacific Group Limited.
He is also an Independent Non-Executive Director on the board of Hong Kong listed Across Asia Limited.
Recently, Dr. Lim was the CEO of Vietcombank Fund Management. He is also a member of many
professional organisations and had received numerous awards for his active participation in many social and
community work.
IPA Real Estate Directors
Vu Hien General Director

Mr. Hien is a successful entrepreneur, an insightful business leader with extensive management and
investment experience in different industries. He is the founding partner of Vietlogistics Services Company
(VTS) and IPA Investments Corporation. He also serves as a board member in a number of large firms in
manufacturing, tourism and real estate industries. Mr. Hien holds a Bachelor of Science degree from
Maritime University of Vietnam.