•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
At the shareholder meeting on June 15, shareholders focused on how intensifying competition for construction personnel could affect Coteccons’s near-term operations, including whether higher labor costs could pressure margins and staffing. The discussion also covered the company’s expanding role in turnkey contracting through VinCons (a unit of Vingroup), plans to grow overseas revenue, and strategic directions beyond traditional construction.
Shareholders asked whether the trend of VinCons deepening its participation in turnkey contracting could raise labor costs, pressure Coteccons’s margins, and affect staffing in the near term.
Nguyen Chi Thien, Deputy General Director of Coteccons, said Vingroup has long been one of the company’s strategic customers. He noted that the volume of work from this group has continued to grow and remains substantial. He also said VinCons’s establishment is understandable given the large scale of projects and the difficulty for external contractors to handle the entire scope.
Coteccons is still delivering several key projects for Vingroup. On the PVF Stadium project, the company said it is progressing rapidly, with the concrete and steel structure completed roughly 3.5 months after the project began in early March.
On the labor market, Coteccons leadership acknowledged that competition for skilled personnel is intensifying. However, the company said it remains attractive due to competitive compensation, a flexible and safe working environment, and a focus on developing people.
Another topic was Coteccons’s plan to expand its presence in overseas markets. The company said international revenue currently runs only to a few hundred billion dong per year, representing a small share of total revenue.
Bolat Duisenov, Coteccons chairman, said that Vietnamese contractors face challenges when competing internationally because each country applies its own legal framework, technical standards, and contractor requirements. Despite this, he said Coteccons views overseas expansion as a long-term direction and aims to increase overseas revenue in fiscal year 2027 to three to four times the current level.
In addition to traditional construction, Coteccons is seeking opportunities tied to the new wave of investments in technology infrastructure, particularly data centers and facilities serving AI development. Company leadership described this segment as still early but with significant growth potential, and said it has proactively prepared resources and capabilities to participate in both domestic and overseas projects.
Regarding the possibility of entering real estate, Bolat said Coteccons will not become a competitor to its clients. He stated that if the company were to establish a real estate company and become a developer, it would violate its philosophy, adding that Coteccons will remain a construction company with core strengths that have built the group’s reputation over the years.
According to Coteccons’ consolidated financial statements for the third quarter of the 2025-2026 financial year, revenue exceeded VND 6,409 billion, up 28% year-on-year. Gross profit reached VND 287 billion, up 84%, lifting gross margin from 3.12% to 4.48%. After-tax profit rose to nearly VND 119 billion, up 108% year-on-year.
Looking ahead to the 2026 financial year (July 1, 2025 to June 30, 2026), Coteccons expects favorable business results. The company projected revenue to rise about 30% year-on-year, surpassing VND 30,000 billion. It said this would mark the fourth consecutive year of robust growth since the Covid-19 period, with average annual revenue growth around 25%. Along with scale expansion, Coteccons forecast profit to rise by more than 50% from the previous year and exceed the targets set.
