According to the 2023 Financial Statements of Newtecons JSC, revenue reached VND 11,480 billion, up 3% compared to the previous year. Profit after tax reached VND 112.3 billion, down 59% compared to 2022.
Newtecons is closely associated with Mr. Nguyen Ba Duong, a well-known entrepreneur in Vietnam’s construction industry.
Although he does not hold any position in the company, Mr. Duong is present at most of Newtecons’ important events. According to the company’s establishment registration in 2003, Mr. Duong was a founding shareholder with a 49% ownership stake.
In 2023, Mr. Nguyen Ba Duong’s ecosystem, including Newtecons, Ricons, BM Windows, Boho Décor, and DB, generated revenue of over $1 billion. Newtecons alone contributed nearly half of this amount.
The revenue of the leading company, Newteccons, saw a significant jump in 2022 when Mr. Duong focused his resources on his own ecosystem after leaving Coteccons (CTD) the previous year.
Newtecons has replaced Coteccons as the main contractor in many projects in prime locations, such as the luxury apartment complex Masterise Homes (in front of Nguyen Huu Canh Street, District 1, Ho Chi Minh City) and Masteri Waterfront (Hanoi). The company has also won contracts from investors such as T&T, Nam Long, and An Gia.
In 2023, media reports stated that Newtecons consecutively won bids and commenced construction on a series of landmark projects in provinces and cities across the country, expanding its network of cooperation with new investors. Notably, this was also the year that Newtecons, as part of the VIETUR joint venture, won a bid worth more than VND 35,000 billion for the Long Thanh International Airport passenger terminal.
According to Vietnam Report, Newtecons is currently one of the five largest contractors in Vietnam. Even more impressively, the company has risen to second place in the construction industry in terms of revenue, second only to Coteccons and surpassing Hoa Binh and Vinaconex (in the construction segment).
Due to the difference in financial years (Coteccons’ financial year runs from July 1 to June 30 of the following year), Coteccons’ 2023 figures in this comparison are for the four quarters corresponding to the other companies.
(Vinaconex figure represents only the construction segment)
Despite a 59% decrease compared to the previous year, Newtecons’ profit of over VND 100 billion in a challenging year for the construction industry is still a positive figure. Both revenue and profit in 2023 show that Newteccons is catching up with Coteccons.
Founded in 2003, Newtecons specialized in construction and initially took on small and medium-sized projects. The year 2016 marked a significant turning point for Newtecons as it collaborated with Coteccons on several large-scale projects, including Masteri Thao Dien CT5, Vinhomes Thang Long, D’.Capitale, and Vinhomes Golden River. Notably, the company, together with Coteccons, constructed the core and elevator section of Vietnam’s tallest building, The Landmark 81, and the Nam Hoi An Casino, the largest investment project in Quang Nam Province.
Newtecons has also been involved in other prominent projects, such as Vinhomes Times City – Park Hill 5, Vinhomes Golden River – Aqua 2 Tower, and industrial park projects like the C Kyocera Document Factory in VSIP Hai Phong, the Barett Food and Beverage Factory in Hung Yen, and Project No. 08 in My Phuoc 4 Industrial Park (Binh Duong)…
As of the end of 2023, Newtecons’ owner’s equity stood at VND 1,243 billion, including VND 350 billion in charter capital and VND 893 billion in undistributed post-tax profits. Total assets amounted to nearly VND 6,000 billion, nearly half of which comprised short-term receivables of VND 2,559 billion.
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