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Dung, who takes office Thursday, has years of experience managing construction sites.
He was appointed chairman of FLC Faros in November last year and is in the process of restructuring the company.
He is also chairman and CEO of Phat Dat Construction and Architecture Jsc.
FLC has also named Tran Thi Huong standing deputy CEO.
She has been the deputy CEO since the end of last year, and used to be the CEO of property developer FLCHomes and head of human resources at FLC.
Huyen resigned, ending a 12-year stint at the company, after saying a "new wind" was needed for FLC’s restructuring.
Two deputy CEOs, Dam Ngoc Bich and Le Thi Truc Quynh, also resigned the same day.
Since last year six people have resigned from the board, but the company has not been able to get a quorum for an extraordinary general meeting to replace them.
One is scheduled this week.
Former chairman Trinh Van Quyet owns 215 million shares, or a 30.34% stake, in the company.
FLC said Quyet, after his arrest in March last year, had authorized then deputy CEO Vu Dang Hai Yen to handle his shares and other assets. But Yen resigned in July.
The company is yet to release its operation and finance report for 2022 and as a result its shares have been delisted from the Ho Chi Minh Stock Exchange and now trade on Unlisted Public Company Market.
