In late July 2024, Mr. Nguyen Ba Duong sent a heartfelt letter to all employees across his ecosystem, marking a traditional day. This was also the first time Mr. Duong publicly revealed his new ecosystem, comprising six members that he likened to “a family of six siblings”: Newtecons, Ricons, SOL E&C, BM Windows, BoHo Decor, and DB.
In his letter, Mr. Duong commended the success of BM Windows and BoHo in exporting to demanding markets such as Canada, Australia, and Japan. Notably, BM Windows recently signed a strategic partnership with Starke Façade, a leading company in the field of aluminum and glass façade in New Zealand. Through this collaboration, BM Windows will cooperate with Starke Façade in the New Zealand market and expand into the Pacific Islands, encompassing nine countries.
A month ago, BM Windows became the first Vietnamese enterprise to participate in an international event in Toronto, Canada, as an Asian façade supplier after winning a bid in this market…
Mr. Duong also described Newtecons as the flagship of the entire ecosystem. Notably, last year, Newtecons (part of the Vietur joint venture) won a bid worth over VND 35,000 billion for the Long Thanh International Airport passenger terminal.
At the 2023 year-end review, Newtecons is estimated to have achieved a total revenue of VND 11,500 billion, exceeding the year’s plan by 12%. In 2022, Newtecons recorded revenues surpassing the VND 11,000 billion mark according to estimates.
“In the context of an unpredictable construction market, I believe that a company need not grow too quickly, nor should it chase after revenue at all costs. Instead, stability is the most important criterion,” expressed Mr. Nguyen Ba Duong.
Despite his statement about not pursuing growth at all costs, the performance of the new ecosystem is relatively impressive, especially when compared to the challenges faced by competitors. In 2022, two years after leaving Coteccons, Mr. Duong announced that his new ecosystem generated revenue of over USD 1 billion. Notably, the youngest member, SOL E&C, recorded revenue of nearly VND 4,500 billion, a threefold increase compared to the same period in 2021.
