Vinaconex executives arrested as company outlines a cautious 2026 business plan

According to Vinaconex’s 2026 annual general meeting documents, the company targets total revenue and income of VND 15,423 billion, down 22% from 2025. Net profit after tax is expected at VND 1,037 billion, down 73% year-on-year from the previous year’s record.

Targets for the parent company

For the parent company, Vinaconex sets a target total revenue and income of VND 10,740 billion. After-tax profit is projected at VND 1,018 billion, down 29% and 70% respectively compared with 2025.

Management outlook for 2026

Management said that amid ongoing geopolitical tensions in the Middle East—continuing to drive oil price volatility and global energy costs—Vinaconex’s construction and real estate businesses in 2026 will face multi-dimensional impacts, bringing both challenges and certain opportunities.

Potential positives

Management expects macroeconomic conditions to remain stable. It also noted that public investment is expected to be accelerated by the government, particularly in transport infrastructure, urban development, and energy projects, which could create more job opportunities for construction companies.

In addition, the real estate-related legal framework is described as increasingly complete, including the Land Law and the amended Real Estate Business Law, which management said can improve market transparency and confidence. Housing demand—especially in major urban areas and affordable segments—remains high, supporting a market recovery.

Management also pointed to the possibility that shifting supply chains and international capital away from unstable regions may help Vietnam remain an attractive destination, boosting demand for industrial parks, logistics, and industrial real estate.

Key risks and constraints

For construction, management highlighted volatility in raw material prices, rising labor costs, and bid-price competition as factors likely to squeeze margins. It also said stricter technical, environmental, and digital transformation standards will require additional resources to adapt.

In real estate, management said recovery is uneven across segments, with liquidity remaining low in some areas, making project implementation and sales more difficult. It also cited cash-flow pressures and financing costs amid credit controls on real estate, adding that looseness has not been fully achieved.

Vinaconex also faces dual pressures from volatile fuel prices and higher labor and input material costs, which management said negatively affect business performance.

2025 profit distribution and dividend plan

For 2025, Vinaconex proposed a total dividend of 16%, comprising 8% in cash (800 VND per share) and 8% in stock.

To pay the stock dividend, the company plans to issue 51.7 million shares. The exercise rights ratio is 100:8, meaning shareholders holding 100 shares will receive 8 new shares. After the capital increase, charter capital is expected to rise from nearly VND 6,465 billion to nearly VND 6,982 billion.

Board personnel changes and related investigation

At this year’s AGM, Vinaconex will present the dismissal and appointment of two Board members for the 2022–2027 term. The company plans to dismiss Nguyen Huu Toi and Duong Van Mau and appoint two new members.

In early March, the Investigative Police Agency under the Ministry of Public Security temporarily detained Nguyen Huu Toi (a Board member and Deputy General Director) and Duong Van Mau (a Board member and Deputy General Director) to assist investigations.

According to the investigators, Toi is alleged to have engaged in bidding irregularities causing especially serious consequences, including paying money to an investor to secure bids. Mau is also under investigation for bidding violations causing especially serious consequences.

AGM time and venue

Vinaconex’s annual general meeting will be held on April 25 at the 21st-floor hall of the Vinaconex 34 Lang Ha Building, Lang Ward, Hanoi.