Leadership

Board of Directors
Michael W. MichalakChairman
Peter R. RyderExecutive Chairman
Raymond BurghardtDirector
Le Bich ThuyDirector
Michael Paul PiroCo-CEO
Keisuke NakayamaDirector
Hoa TruongCo-CEO
Executive Committee
Peter R. RyderExecutive Chairman
Michael Paul PiroCo-CEO
Hoa TruongCo-CEO
Tuan BuiDirector
Diep NguyenDirector, Equities

Michael W. Michalak

Chairman

Michael W. Michalak joined Indochina Capital’s board in 2012. He is a career Foreign Service Officer with extensive knowledge and experience in Asia, served as the U.S. Ambassador to Vietnam between August 2007 and February 2011. Prior to his position in Vietnam, Ambassador Michalak served as the U.S. Senior Official to APEC, Bureau of East Asia Pacific Affairs. He holds a B.A. and M.A. in Physics from Oakland University in Rochester, Michigan, and Catholic University of America in Washington, D.C., respectively. He received a second Master’s degree in Public Administration from the John F. Kennedy School of Government at Harvard University. He speaks fluent Japanese.

Peter R. Ryder

Executive Chairman

Peter Ryder is the Executive Chairman of Indochina Capital, an innovative leader in Vietnam’s rapidly growing real estate, hospitality, capital markets and financial services sectors. Indochina Capital has established itself as one of the country’s leading real estate developers (Indochina-Kajima), hospitality pioneers (Wink Hotels), real estate investment consultants (Indochina Strategic), and capital markets investment managers (Indochina Capital Advisors). Peter spearheads the company’s real estate development activities but also plays an active role in the other aspects of the company’s businesses.
Indochina Capital has developed prominent commercial and residential projects in Hanoi, Danang and Saigon and several resort and branded residential developments along Vietnam’s pristine coast, most notably the renowned luxury resorts, Four Seasons The Nam Hai, Six Senses Con Dao, and Hyatt Regency Danang Resort and Spa.
Today Indochina Capital is pursuing multiple new real estate development and investment opportunities through Indochina-Kajima, its Vietnam focused partnership with Kajima Corporation, one of Japan’s largest and most prestigious contractors and real estate developers. On the hospitality front, Indochina Capital and Kajima have teamed up as developer/owner and operator to roll out Wínk Hotels, a visionary hospitality brand, which redefines affordable luxury in the Indochina region, blending modern, creative design and functionality with traditional Vietnamese values. The first three Wink Hotels are now open and operating in Saigon and Danang, with another ten plus at various stages of development in and outside Vietnam.
Indochina-Kajima has also broken ground on Mandarin Oriental Bai Nom, a 72 key super luxury resort with branded residences on a spectacular site in northern Phu Yen province along Vietnam’s stunning south-central coast, targeting an early 2026 opening.
Peter has lived and worked in Vietnam for the last 32 years. Educated as an anthropologist/archaeologist, he received a Masters of Arts degree in Anthropology with a Mayan studies focus from the University of Pennsylvania.

Raymond Burghardt

Director

Ambassador Burghardt joined Indochina Capital’s board of directors in 2005. From 2001-2004, he served as U.S. Ambassador to Vietnam. Ambassador Burghardt is also the Director of East-West Seminars at the East-West Center, and he was formerly the Director of the American Institute in Taiwan. Previously, he served in diplomatic posts in China, the Philippines, and South Korea. Ambassador Burghardt’s former diplomatic assignments also include the role of Special Assistant to President Reagan and Senior Director of Latin American Affairs on the National Security Council staff.

Le Bich Thuy

Director

Ms. Le Thi Bich Thuy is the founder and CEO of Bich Thuy & Company Ltd. (BTC), a company she established in 1996. BTC is the exclusive distributor of various high end cosmetics and professional hair and skin care products from Italy and France, including Rolland and Gernétic and retailer of Estée Lauder Companies in Hanoi, HCM City and Haiphong. BTC also owns flagship cosmetic stores and hair – beauty spas in Hanoi and HCM City. At the same time, Thuy was also on the Board of Directors/Supervisors of VPBank (1998 – 2003), WACO (Water & Environmental Corporation 2002-2007); additionally, she was the Vice Chairperson (Board of Directors) of Dai A Bank (2004-2009) and is currently the Vice Chairperson of Daiviet Security Company (from 2005-present). In 2003, she was awarded with a Certificate of Appreciation by the US Department of Commerce for her contributions to the development of US trade in Vietnam when the Director of the US Foreign Commercial Department visited. She holds degrees from the University of Foreign Studies and Foreign Trade University of Vietnam. Thuy has and continues to play a key role as Indochina Capital’s senior government relationship manager and has been active in all of the company’s major initiatives and projects.

Michael Paul Piro

Co-CEO

Michael Piro is a chartered surveyor, who brings over a decade of property sales, marketing and development experience in both North America and Asia to his role as Chief Operating Officer of Indochina Capital Corporation (ICC). Michael has directly overseen the sale and leasing of over US$500 million worth of high-end Vietnamese properties, while also being actively involved in the planning and development of nearly US$1 billion worth of high-end real estate development in Vietnam for ICC. Michael is an Executive Committee Member of the Canadian Chamber of Commerce, where he focuses on working with the relevant state bodies to endorse reforms as it relates to foreign real estate investment in Vietnam. Michael holds a diploma of Urban Land Economics from the University of British Columbia and a Diploma of Technology specializing in Commercial Real Estate from the British Columbia Institute of Technology. He became a board member and partner of ICC in 2016.

Keisuke Nakayama

Director

Keisuke Nakayama is a Managing Director of Global Business Group of ORIX since 2015, where he originates and manages a variety type of equity investments including banks in South East Asia regions, mezzanine finance fund JV with a regional bank and JV with real estate development projects.
Before joining ORIX, he worked with Investment banking division of Nomura Securities, where he led mainly restructuring deals in the real estate sectors. Prior to Nomura, he engaged in the distressed investment at Unified Partners, a Nomura’s distressed investment arm, as well as involved in structure credit business at Lehman Brothers Tokyo branch.
Nakayama received a Bachelor of Commerce degree from Waseda University and an MBA from University of Southern California.

Hoa Truong

Co-CEO

Hoa Truong joined Indochina Capital in January 2007, and is now a director and member of the Executive Committee. Hoa is a seasoned accounting professional, and as Chief Financial Officer, she oversees the company’s accounting and financial reporting. Besides providing the team with her expertise in accounting, financial reporting, taxation and M&A due diligence, Hoa is also responsible for the company’s Human Resources and Administration activities. She is responsible for ensuring that the company diligently complies with current local and international tax regulations and for spearheading all internal and external auditing activities. She regularly interacts with investors regarding questions about the company’s financials. Hoa has a Bachelor’s degree in Accounting from Cal Poly Pomona, and an MBA from the University of Hawaii. She also is a Certified Public Accountant in Australia.

Peter R. Ryder

Executive Chairman

Peter Ryder is the Executive Chairman of Indochina Capital, an innovative leader in Vietnam’s rapidly growing real estate, hospitality, capital markets and financial services sectors. Indochina Capital has established itself as one of the country’s leading real estate developers (Indochina-Kajima), hospitality pioneers (Wink Hotels), real estate investment consultants (Indochina Strategic), and capital markets investment managers (Indochina Capital Advisors). Peter spearheads the company’s real estate development activities but also plays an active role in the other aspects of the company’s businesses.
Indochina Capital has developed prominent commercial and residential projects in Hanoi, Danang and Saigon and several resort and branded residential developments along Vietnam’s pristine coast, most notably the renowned luxury resorts, Four Seasons The Nam Hai, Six Senses Con Dao, and Hyatt Regency Danang Resort and Spa.
Today Indochina Capital is pursuing multiple new real estate development and investment opportunities through Indochina-Kajima, its Vietnam focused partnership with Kajima Corporation, one of Japan’s largest and most prestigious contractors and real estate developers. On the hospitality front, Indochina Capital and Kajima have teamed up as developer/owner and operator to roll out Wínk Hotels, a visionary hospitality brand, which redefines affordable luxury in the Indochina region, blending modern, creative design and functionality with traditional Vietnamese values. The first three Wink Hotels are now open and operating in Saigon and Danang, with another ten plus at various stages of development in and outside Vietnam.
Indochina-Kajima has also broken ground on Mandarin Oriental Bai Nom, a 72 key super luxury resort with branded residences on a spectacular site in northern Phu Yen province along Vietnam’s stunning south-central coast, targeting an early 2026 opening.
Peter has lived and worked in Vietnam for the last 32 years. Educated as an anthropologist/archaeologist, he received a Masters of Arts degree in Anthropology with a Mayan studies focus from the University of Pennsylvania.

Michael Paul Piro

Co-CEO

Michael Piro is a well-rounded real estate professional, who brings 15 years of property sales, marketing and development experience in both North America and Asia to his role as Indochina Capital’s COO. Michael has directly overseen the sale and leasing of over US$260 million worth of high-end Vietnamese properties, while also being actively involved in the planning and development of nearly US$1 billion worth of high-end real estate development in Vietnam for ICC. Mr. Piro is an Executive Committee Member of the Canadian Chamber of Commerce, where he focuses on working with the relevant state bodies to endorse reforms as it relates to foreign real estate investment in Vietnam. Michael holds an Urban Land Economics degree from the University of British Columbia and a Technology in Commercial Real Estate degree from the British Columbia Institute of Technology. He became a board member in 2016.

Hoa Truong

Co-CEO

Hoa Truong joined Indochina Capital in January 2007, and is now a Co-CEO Indochina Capital Corporation and member of the Executive Committee. Hoa is a seasoned accounting professional, and as Chief Financial Officer, she oversees the company’s accounting and financial reporting. Besides providing the team with her expertise in accounting, financial reporting, taxation and M&A due diligence, Hoa is also responsible for the company’s Human Resources and Administration activities. She is responsible for ensuring that the company diligently complies with current local and international tax regulations and for spearheading all internal and external auditing activities. She regularly interacts with investors regarding questions about the company’s financials. Hoa has a Bachelor’s degree in Accounting from Cal Poly Pomona, and an MBA from the University of Hawaii. She also is a Certified Public Accountant in Australia.

Tuan Bui

Director

Tuan joined Indochina Capital in 2007, specializing in real estate finance and is responsible for raising a total credit commitment of $200 million for ICC’s projects. In addition, he jointly spearheads ICC’s provision of feasibility studies, financial planning, operator selection and development advisory services to its clients. In 2016, he became the General Director of ICC-Kajima, the joint venture between Indochina Capital and Kajima Corporation, which focuses on investing and developing a chain of urban business hotels, boutique serviced apartment and residential properties in the major cities of Vietnam. Previously, Tuan worked for four years at Ernst & Young Vietnam, acting as a senior auditor in statutory and group audit engagements with a wide range of companies and industries. His experience also extends to corporate diagnostic review and full-scope accounting service projects. Tuan graduated from the Foreign Trade University, Hanoi and obtained an M.B.A. from Ritsumeikan Asia Pacific University, Japan. He is also a member of the Association of Charter Certified Accountants (UK).

Diep Nguyen

Director, Equities

Diep is the Portfolio Manager of the Equities Division at ICC. She joined the company in 2007 as an equities analyst. Besides managing investments in listed securities, she was also in charge of monitoring and liquidating private equity investments in the LSE listed fund, Indochina Capital Vietnam Holding Limited during 2008 and 2009. Prior to working at Indochina Capital, Diep was an Audit Assistant Manager at KPMG where she managed audit engagements under the Vietnamese Accounting Standards and International Financial and Reporting Standards for multi-national clients. She has a B.A. in Accounting from HCMC University of Economics. Diep is an ACCA member and a CFA charter holder

Our management team includes some of the most distinguished professionals in the industry, ensuring that we deliver superior value to our stakeholders.