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Vinaconex has set a consolidated revenue target for 2026 of VND 15,430 billion, down 22% from the level achieved in the previous year. The company will hold its 2026 annual general meeting of shareholders on April 25, 2026.
Alongside the revenue outlook, Vinaconex expects after-tax profit to decline sharply in 2026. After reporting profit at a record high in the previous year, the company’s after-tax profit target for 2026 is forecast to fall 73% year-on-year to VND 1,037 billion.
Vinaconex said geopolitical tensions in the Middle East are continuing to unfold, contributing to volatile crude oil prices and higher global energy costs. The company also expects construction and real estate firms in 2026 to face multi-pronged effects, with both challenges and opportunities.
On the positive side, Vinaconex noted that the macroeconomy is expected to remain stable. Public investment activity is continuing as the government intensifies efforts, particularly in transport infrastructure, urban development, and water resources, which the company said will create job opportunities for construction firms.
The company also pointed to improvements in the regulatory framework for real estate, including the Land Law and amendments to the Real Estate Business Law, which it said should enhance transparency and market confidence.
Vinaconex added that shifts in supply chains and international capital flows away from unstable regions could help Vietnam remain an attractive destination, supporting demand for industrial parks, logistics, and industrial real estate.
Despite the supportive factors, Vinaconex highlighted challenges in the construction sector, including material price volatility, rising labor costs, and competitive pressure on bid prices, which it said could erode profit margins.
The company also said real estate market recovery remains uneven across segments, with liquidity in some areas still low, making project deployment and sales more difficult.
In addition, Vinaconex cited cash flow and financing cost pressures, alongside a “double squeeze” from volatility in fuel prices, labor costs, and input material costs.
For 2025 profit distribution, Vinaconex proposed a total dividend payout of 16%, comprising 8% in cash (800 dong per share) and 8% in stock.
Under the stock dividend plan, the company expects to issue 51.7 million shares, with an issuance ratio of 100:8 (shareholders holding 100 shares would receive 8 new shares). After the capital increase, charter capital is expected to rise from about VND 6,465 billion to about VND 6,982 billion.
On personnel matters, Vinaconex proposed to dismiss two board members for the 2022–2027 term: Mr. Nguyễn Hữu Tới and Mr. Dương Văn Mậu, while nominating two new members.
Vinaconex previously drew investor attention after leadership changes. Two individuals were detained: Mr. Nguyễn Hữu Tới, a board member and Deputy General Director and former Chairman of Vinaconex, and Mr. Dương Văn Mậu, Deputy General Director.
Vinaconex stated that Mr. Nguyễn Hữu Tới was arrested on charges of violating bidding regulations causing especially serious consequences, including paying money to an investor to secure bidding opportunities. It said Mr. Dương Văn Mậu was detained for investigation into violations of bidding regulations causing especially serious consequences.
These events followed earlier changes at the top leadership of the company. On February 13, the Board of Directors approved the dismissal of the Chairman, and Mr. Trần Đình Tuấn was appointed to that role.
Vinaconex is among Vietnam’s leading construction companies and has attracted attention for participating in the Vietur consortium, which won a contract worth over VND 35,000 billion to construct and install equipment for the Long Thành airport passenger terminal project. The project is invested by the Civil Aviation Authority of Vietnam (ACV).
Regarding this project, the Supreme People’s Procuracy approved the indictment and custody for Mr. Vũ Thế Phiệt, Chairman of ACV’s Board, and Mr. Nguyễn Tiến Việt, ACV Board member and Deputy General Director, to investigate the crime of “Violation of bidding regulations causing serious consequences”.
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