Ho Chi Minh City, June 24, 2024 – Fortune magazine, a renowned global business publication, has for the first time released a list of the largest companies in Southeast Asia. Notably, Coteccons, the largest construction company in Vietnam by scale, has been featured in this list for the construction industry.
FORTUNE SOUTHEAST ASIA 500 CONFIRMS COTECCONS’ LEADING POSITION
Fortune Southeast Asia 500, a list of the top 500 largest companies in Southeast Asia, screens companies through a rigorous process. The indexes are collected publicly and transparently through data provided by businesses to competent state agencies and are re-certified by two third-party independent testing organizations, Refinitiv and S&P Global Market Intelligence. Coteccons, recognized as the largest construction company in Vietnam by scale, appearing on this list reaffirms its leading position in the Vietnamese construction industry. This also attests to Coteccons’ impressive business results and financial strength in a transparent manner.
In particular, this recognition comes as Coteccons prepares to conclude its fiscal year on June 30, 2024. The current business growth trend indicates that Coteccons’ revenue is expected to exceed the 2024 target by more than 20,000 billion VND. With pioneering steps, Coteccons has made its mark with sustainable construction projects, including the Pandora factory—Pandora’s largest factory in Southeast Asia, meeting LEED standards; the Lego Factory—Vietnam’s first carbon-neutral factory; the Suntory Pepsi Factory—a project applying the most modern green technology in the Asia-Pacific region; and the Logos Project—a high-quality complex of warehouses, factories, and offices for rent.
SWEET FRUITS FOR A CONSISTENT VISION OF PIONEERING SUSTAINABLE DEVELOPMENT IN THE CONSTRUCTION INDUSTRY
Chairman Bolat Duisenov shared: “This achievement clearly demonstrates the capacity and dedication of our management team, recognized through the leadership and outstanding efforts of all employees during the challenging times of the Covid pandemic and the Company’s restructuring process over the past years. These efforts have significantly restored the Company’s growth rate in both revenue and profit. Our perseverance has been rewarded with the outstanding growth and success we enjoy today. We would like to express our gratitude and appreciation to all our employees and close partners who have stood by our side over the years.”
Coteccons recorded revenue by the end of 3Q2024 reaching 14,400 billion VND, achieving 81% of the planned target, with profit after tax reaching 240 billion VND, hitting 88% of the plan. Additionally, other financial indicators show positive and robust growth trends on a solid financial and operational basis. If Coteccons completes the 2024 revenue plan of 20,400 billion VND as proposed, the company will achieve a compound annual growth rate (CAGR) of 26.8% from 2023 to 2024. This impressive growth is particularly noteworthy given the challenging macroeconomic context and the difficulties faced by the entire construction industry.
With broad foresight, Coteccons identified opportunities during three years of restructuring, embedding sustainable construction into the company’s DNA. We have shifted our business strategy to capitalize on the FDI wave, resulting in an approximately 50% increase in our FDI revenue.
Our risk management strategy, focused on “Repeat Sales,” continues to be effective. Investors who have previously cooperated with Coteccons are entrusting us with more projects for the next phase. Evidence of this success is seen in the first nine months of the year, during which Coteccons secured a series of large contracts worth over 15,000 billion VND. This provides a solid guarantee of a robust job pipeline for the future.
With the ambition to fulfill our mission as a pioneering enterprise and “Industry Leader,” Coteccons is continually striving to connect with partners and support businesses in creating a green ecosystem. Our goal is for ESG principles to become a DNA of Vietnam’s No. 1 construction contractor, guiding us toward the position as the “Industry Leader.”
Being listed in the Fortune 500 Southeast Asia list has affirmed the success of the “Coteccons Way” in promoting efforts on transparency and integrity to become an “industry leader” by creating safer, more comfortable, and more meaningful habitats for everyone. This is the sweet fruit of the great efforts of all Coteccons employees.
Coteccons is committed to continuing to strive and innovate to bring the best value to shareholders, customers, and the community. We are very grateful for everyone’s support and companionship over the years and look forward to new steps in the future.
About Coteccons
Coteccons is the largest construction company in Vietnam in terms of scale and financial strength. With a pioneering vision, Coteccons leads in applying technology to develop a green, clean, civilized and transparent construction industry in Vietnam. Our transparent and honest way of working, combined with strong financial potential, aims to make Coteccons the number one choice for customers, partners, and employees. We are dedicated to building safer, more comfortable and meaningful habitats for future developments.
