Thang, former deputy general director, graduated from the National University of Civil Engineering in 1992, has been with the group for 18 years, steadily advancing in rank and responsibility.

He will continue to lead the group's subsidiary, Hoa Phat Hai Duong Steel Jsc., as its director and has been tasked with leading plans in the group's realty and maritime transport businesses.

Stepping down as general director after a 14-year tenure, Duong has been appointed vice chairman of the board of directors. He will team up with chairman Tran Dinh Long to map out development strategies for the coming decades.

Duong remains the president cum general director of the Hoa Phat Iron and Steel Jsc. He leads the group's production and distribution of steel.

According to chairman Long, the appointment of Thang as general director is a step in an ongoing restructuring process into the next generation of leadership.

"It is time for Hoa Phat to let the F2 leaders take responsibility. The other members of board of directors will focus on investments and development strategies from now on," he said.

Hoa Phat leaders had announced the group's restructuring and adoption of a new business operating model, starting this year. The new model will focus on four major business areas of iron and steel, steel consumer products, agricultural products and real estate.

In 2020, Hoa Phat earned revenues of more than VND90 trillion ($3.9 billion), a year-on-year increase of nearly 40 percent. After-tax profit for the year rose 80 percent year-on-year to $587.6 million.

The target for 2021 is to earn $5.2 billion in revenues and $783.7 million in after-tax profits, up 33 percent over last year.