Viettel Construction plans expansion into metal trading, ore, and energy storage with a 27% dividend proposal

Viettel Construction has released materials for its 2026 annual general meeting, outlining plans for record revenue and a strategy to expand into new business areas including metals trading, ore, and renewable energy-related activities. Based on audited consolidated financial statements, 2025 delivered stable growth amid macroeconomic fluctuations and natural disasters, with total consolidated revenue rising to 14,058 billion VND (+11% year-on-year) and reaching 101% of the company’s target.

Net profit after tax in 2025 increased to 599.7 billion VND (+11.4% year-on-year). Return on equity remained strong at 30.5%. During the year, Viettel Construction completed the installation of 6,452 5G base stations, supporting the parent group’s network infrastructure build-out.

Expansion of the value chain into metals and new energy

For 2026, Viettel Construction targets total consolidated revenue of 15,653 billion VND, up 11.4% versus 2025. Net profit after tax is expected to reach 622.4 billion VND, up 3.8%.

To achieve these goals, the board plans to seek shareholder approval to add several strategic lines of business. These include wholesale trading of metals, metal ore, and various fuels, with the stated rationale that the move will enable deeper participation in the supply chain supporting civil works, electrical, and energy projects.

The company also proposes entering the energy storage system (ESS) installation sector. It cites a domestic ESS market forecast of 10,000 MW to over 16,000 MW by 2030, positioning the segment as a growth opportunity within the renewable energy ecosystem.

Revenue targets in USD terms and an attractive dividend policy

Beyond engineering and trading, Viettel Construction is studying social housing investment projects in Phu Tho and Bac Ninh. The company also plans to expand its civil construction portfolio nationwide, targeting housing projects with average project value above 1 billion VND. It is additionally pursuing research and feasibility studies for the Dominican Republic market.

For profit distribution, the board proposes a total dividend of 27% for 2025, comprising 15% paid in cash and 12% in shares. If the stock dividend option is approved and implemented, the company expects to issue more than 13.7 million new shares in 2026.

Multi-industry strategy and growth outlook

Viettel Construction said its multi-industry strategy is expected to support a shift from a pure contracting firm toward a diversified conglomerate with an integrated ecosystem. The company targets a USD revenue milestone by 2030, with a stated target of 28,790 billion VND and an expected average annual growth rate of 15.6%.