Boost Coteccons’ transformation into a diversified ecosystem through the core construction of integrated technology and green construction.

Hanoi, April 17, 2024, Coteccons Construction Joint Stock Company (HoSE: CTD) and Kusto Group signed a strategic partnership agreement to establish and execute an investment strategy in the Vietnamese market.

According to the agreement, Kusto Group pledges to invest 200 million USD through a co-investment partnership with Coteccons from 2024 to 2028. This strategic collaboration between Coteccons and Kusto Group will support Coteccons in enhancing its core business by leveraging these strategic investments to achieve important goals such as retaining clients by providing comprehensive solutions and services for Coteccons’ traditional customers and creating an edge in securing the portfolio of long-term customers, which is the foundation for growing revenue and improving profit margins in a context of market turbulence. Moreover, this partnership, based on the common principle values of Kusto Group and Coteccons in sustainable development, once again affirms Kusto Group’s continuing investment activities in the Vietnam market since 2005.

Mr. Alexandr Donov, member of the Board of Directors and Chief Financial Officer of Kusto Group, said, “We see the great potential of Vietnam and believe that there is still a lot of room for further development. A strategic partnership with Coteccons is a concrete commitment to contribute to promoting Vietnam on the investment list for our global partners. We believe that Coteccons, our strategic partner, will support us with their expertise and capacity to help us find suitable opportunities, seeking investment opportunities that create added value from this synergy. Kusto Group is firmly committed to investing in Vietnam’s future. We pledge a phased investment of USD 200 million, starting in 2024 and extending to 2028. This capital will be strategically allocated to leverage the synergies of Kusto Group and Coteccons.The combination of the two businesses is expected to unlock positive signals in the picture of sustainable development in Vietnam in general and in the construction industry in particular. The two sides will also expand investment development in fields to anticipate future growth opportunities, such as high-technology industrial real estate ecosystems, expanding and upgrading supply chains with ecosystems serving core construction such as mechanical and electrical construction materials (steel structures, aluminum, glass, etc.), precast concrete, and infrastructure construction, and continue to seek implementation opportunities. Committed to developing real estate in the social housing segment. In particular, promote green construction practices and accelerate investment in high-tech research in construction in Vietnam through support programs to explore capacity and increase the value of brainpower for talented Vietnamese engineers.

In the short term, both sides will set priorities to evaluate investment opportunities and performance based on the experience of both sides’ experts, accelerating cost optimization initiatives and enhancing operational efficiency in the core business, including building supply-chain plans between contractors, customers, subcontractors, and suppliers, and optimizing the service portfolio to expand the scope of services for Coteccons’ long-term clients. In the long term, this platform will be the basis for Coteccons to implement its strategy of diversifying its revenue sources.

Mr. Bolat Duisenov, Chairman of the Board of Directors of Coteccons, shared: “The strategic partnership with Kusto Group is suitable and consistent with our mission and strategy; this is an important piece of the puzzle to comprehensively change and promote innovation for the development of the construction industry with a commitment to sustainable values; this is also an extended arm for us towards the image of an “industry leader” to contribute to shaping the healthy development of the construction industry. As a strategic partner, we promote transparency, professionalism, and harmonization of stakeholder values. With Kusto Group’s financial resources, international corporate governance experience., and the reputation of Coteccons in Vietnam, this partnership not only brings benefits to both companies but also benefits the whole market and Vietnamese people with high-quality development investment portfolios, creating great value.”

With an economic growth rate among the highest in the region and the world, along with a population of 100 million people, a rapid increase in the proportion of the young population and the middle class, and a high rate of urbanization, Vietnam is an attractive destination for foreign businesses and investors. Among them, Kusto Group is one of the corporations that recognized the potential and was present very early in Vietnam. In 1999, this group invested in Vietnam, and in 2005, Kusto Vietnam was established to expand investment and business opportunities here.

According to the assessment of Kusto Group leaders, not only is the economy growing rapidly, but Vietnamese entrepreneurs are also very dynamic, daring to challenge new things. Many businesses have proven success stories with outstanding development and expansion into international markets, such as Coteccons, which is an opportunity for Kusto to expand long-term business and investment partnership opportunities in Vietnam.


The strategic signing with Kusto also shows that Coteccons has prepared a clear plan to welcome foreign investors (FDIs) into the Vietnamese market, not only in investment but also in other fields such as production and construction technology.



Established in 2004, Coteccons has become a leading construction company in Vietnam. The company has grown in both scale and reputation in implementing world-class projects with a variety of services and sectors, such as residential, commercial, hotel, infrastructure, and industry. Continuously improving and developing, Coteccons possesses four unique and distinct values, called “COTECCONS INSIDE,” that have created prestige and brand. Specifically, Coteccons emphasizes its commitment to environmental sustainability in all projects, diversifying services and products, focusing on the customer experience, and bringing added value during operations and business cooperation.



Kusto Group was officially founded by Yerkin Tatishev and three partners on the basis of successful projects they had previously conducted. To date, Kusto Group has reached the scale of a multi-industry corporation in key fields such as agricultural production, oil and gas, construction, construction materials production, etc., with total annual revenue exceeding 1 billion USD.

Kusto Group is currently operating effectively in nine countries: Kazakhstan, Uzbekistan, Israel, Singapore, Ukraine, the US, Italy, Canada, and Vietnam, with over 8,000 employees and over 4,800 subcontractors. The group’s member units provide products, services, and solutions with high standards to the market.


In Vietnam, Kusto Group, through Kusto Vietnam with headquarters in Ho Chi Minh City, has also had an operating history of 15 years and has contributed to the success stories of leading businesses in the industry. Kusto Vietnam focuses on helping fast-growing businesses develop their prospects by leveraging the company’s expertise and flexible approach.

Kusto Vietnam’s investment portfolio includes companies in the fields of real estate, construction, building materials, transportation and logistics, retail, and other consumer goods industries.

Kusto Vietnam is committed to supporting companies with a long-term vision and a management team willing to change and improve the country’s business environment.

More information about Kusto Group can be found at https://www.kustogroup.com and Kusto Vietnam at https://kusto.com.vn.


On April 25, 2024, the Board of Directors of Coteccons Construction Joint Stock Company (stock code: CTD) approved the Decision to revise the business plan for fiscal year 2024 (spanning from July 1, 2023 to June 30, 2024). Specifically, Coteccons sets a new revenue target of 20,000 – 20,500 billion VND, replacing the earlier-approved goal of 17,793 billion VND. This adjustment also translates into a revised post-tax profit goal, shifting from the previous aim of 274 billion VND to 288 – 296 billion VND.  Coteccons announced the decision to raise its new business goal after assessing positive results that maintained the growth trend during the first 9 months of the new fiscal year.  By the end of March 2024, Coteccons’ revenue reached 14,400 billion VND, completing 81% of the planned target. Additionally, profit after tax amounted to 240 billion VND, occupying 88% of the proposed plan. Other financial indicators also demonstrate growth trends, both financially and operationally. Notably, Coteccons has enhanced the quality of accounts receivable by allocating provisions of 180 billion VND for bad debts. Moreover, general and administrative expenses have decreased by 16 billion VND, marking a 7% reduction over the same period. Based on the revised fiscal year, the reviewed financial statements for the first nine months of 2024 reflect Coteccons’ total assets amounting to 20,900 billion VND, of which cash and short-term financial investments account for 14%. Furthermore, adding to its roster of successful bids, Coteccons – Unicons has secured a series of substantial bid

New movements of Coteccons Amidst signs of a recovering business environment, Coteccons (stock code: CTD) – rated BBB by Finnratings with a stable outlook – is experiencing accelerated growth with impressive revenue and profit growth. The company’s robust balance sheet has propelled profits to grow multiply, resulting in a sharp increase in total accumulated profit over the past 6 months compared to the same period last year. In the new fiscal year, Coteccons’ audited financial report for the first 6 months of 2024 shows that the company’s total assets are VND 21,652 billion. Out of this, cash reserves have reached VND 4,304 billion, accounting for 20% of total assets (excluding stock investments and other financial investments). Coteccons has also improved the quality of its receivables from reputable clients, resulting in a decrease of VND 44 billion, or 46%, in bad debt provisions. Furthermore, cost optimization measures have led to a significant reduction in selling, general and administrative expenses by VND 81 billion, or a 28% decrease compared to the same period. By the end of the first half of 2024, Coteccons had achieved revenue of VND 9,784 billion and profits of VND 136 billion, completing 55% and 50% of the set plan, respectively. Besides impressive financial indicators, Coteccons is continuously recognized and honored in other prestigious rankings such as: VNSI Ranking – Top 20 Vietnam Sustainable Index – demonstrates Coteccons’ commitment to actively contribute to the community and social environment. Top 10 reputable contractors and Top 50 Vietnam the

“In general, the market has not had many clear developments in the real estate sector, even in big cities such as Ho Chi Minh City and Hanoi. Only a few new investment projects are licensed. Therefore, our reports also show caution, considering market trends to make revenue and profit forecasts.” This was the first comment of Mr. Bolat Duisenov – Chairman of the Board of Directors of Coteccons Construction Joint Stock Company (CTD) at the 2023 Annual General Meeting of Shareholders that took place on the afternoon of October 17. For the year of 2023, Coteccons expects revenue to reach 6,744 billion VND, consolidated profit after tax to reach 52 billion VND. Meanwhile, in the 2024 fiscal year (from July 1, 2023 – June 30, 2024), Vietnam’s No. 1 Construction Group sets revenue and profit after tax targets of VND 17,793 billion and VND 274 billion, respectively. billions dong. However, according to the “captain” of Coteccons, the business still has certain strengths, with much better results than other companies in the same industry. Mr. Bolat also emphasized Coteccons’ spirit of transparency and willingness to meet and answer any questions from shareholders. We failed but not defeated! Coteccons aims to participate in the fields of infrastructure and renewable energy. While there are many works and projects in this field, Coteccons is still only a spectator. The goal of reaching 3 billion USD in revenue and 1 billion USD in market capitalization by 2025 is just an empty slogan. So can

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