On the eve of the Year of the Horse in 2024, Chairman of Son Hai Corporation shared with all employees about some seemingly simple numbers but the happiness of a business person – the leader, that is: No insurance debt, no tax debt, no bonus debt, no overdue bank debt.
“It may sound simple, but the work process is extremely difficult, it is the result, sweat, tears, and intelligence of the collective and the leaders of Son Hai Corporation”, Mr. Nguyen Viet Hai, emotionally shared.
“Companies may encounter difficulties, but we cannot owe the salaries of our comrades. Why are there many other companies that want to take advantage of capital to make a profit for themselves, but Son Hai doesn’t do that!” Mr. Hai, the owner of Son Hai Corporation, affirmed.
Chairman of Son Hai Corporation, Mr. Nguyen Viet Hai
Son Hai Co., Ltd. (the predecessor of Son Hai Corporation today) was established in April 1998 with total assets of less than 1 billion VND.
At that time, the company faced numerous challenges when the production equipment consisted of only 1 Soviet-made bulldozer, 1 old Daiwoo wheeled excavator from South Korea, the director’s car for work and transactions using an old U-boat vehicle.
The initial team of officers and employees numbered only 5-7 people, and the company’s office was the director’s residence. Everything was in short supply and had to face, fight, and compete unevenly with the businesses in the area that had been established earlier.
Despite all that, after 26 years, Son Hai Corporation has become one of the largest private enterprises in Quang Binh. In 2023, Son Hai Corporation’s revenue reached nearly 4,000 billion VND, paying more than 106 billion VND to the state budget, being the unit with the largest corporate income tax payment in the province, providing stable livelihoods for more than 1,700 workers with an average income of 24 million VND/month.
Son Hai Corporation requesting a 10-year warranty for the ongoing highways
Son Hai Corporation’s reputation became known in 2014 when the project to expand National Highway 1A was executed throughout the North-South route. At that time, the quality of construction and the solution to prevent tire tracks from damaging the road surface were the issues that made investors and construction contractors in the Central region extremely worried. Contractors nationwide at that time only signed 2-year warranties for road sections.
Son Hai surprised everyone by offering a 5-year warranty for the two packages that it had executed, which were Package 10 and Package 14 in Quang Binh province, with a total length of 15 km.
Subsequently, in October 2022, Son Hai continued to create a stir with a proposal for a 10-year warranty for road sections that the company had been implementing, including Package 10-XL under the Mai Son – National Highway 45 project; package XL-01 under the Nghi Son – Dien Chau project; the entire Nha Trang – Cam Lam project and the subsequent packages of Phase 2 on the North-South highway that this unit was in charge of.
Son Hai Corporation does more than just road construction
Famous for its high-quality roads, Son Hai Corporation’s revenue does not only come from infrastructure. Currently, Son Hai is a diversified business, operating in various fields such as energy, real estate, hotels, and tourism.
In the energy sector, Son Hai has the Dak Rong 4 hydropower project with an extraction capacity of 28 MW, a total investment of 1,400 billion VND.
The Dak Rong 3 hydropower project with an extraction capacity of 8.8 MW, a total investment of 400 billion VND; Khe Song hydropower plant with an extraction capacity of 4.5 MW, a total investment of 180 billion VND.
In addition, Son Hai is also investing in the Hướng Sơn 1234 hydropower plant with an expected capacity of 120 MW, a total investment of 5,000 billion VND.
In real estate, Son Hai has the Nam Cau Dai urban area project with an area of over 40 hectares, including 141 villas, 420 terraced houses, and houses combined with commercial businesses, with a total investment of over 5,000 billion VND.
The Truong Phuc Phan urban area with an area of 10 hectares, including 245 terraced houses and houses combined with commercial businesses, with a total investment of 500 billion VND.
In addition, Son Hai Corporation is also investing in a 25-story 5-star hotel; high-class apartment complex in Da Nang, with a scale of 22 floors; a 5-star resort on the Bao Minh beach with an area of 22.6 hectares, with a total investment of 2,300 billion VND.
Rendering of Son Hai Corporation’s 5-star hotel and high-class apartment complex
Although the current scale of revenue and personnel of Son Hai is many times larger, the company still operates with a family-owned structure, closely associated with the main role of Mr. Nguyen Viet Hai – Chairman of the company’s Board of Directors.
According to information on the business registration portal, Mr. Viet Hai is the controlling owner, holding up to 99.912% of the charter capital of 2,338.4 billion VND of this company.
Trong Nghia
