A New Era for Vimeco: Focusing on Construction and Real Estate Post-Vinaconex Divestment

At the shareholder meeting, Mr. Dang Van Hieu, CEO of Vimeco Joint Stock Company, reported that in 2024, the Company recorded revenue of 1,118 billion VND, equivalent to 92% of the plan. Pre-tax profit reached 8.55 billion VND, achieving 74% of the plan.

Assessing the overall business performance of the Company in 2024, Mr. Hieu shared that although the set targets were not fully met, the Company’s business operations remained profitable, with consolidated revenue and that of the parent company in 2024 continuing to surpass 1,100 billion VND. The main reason for this achievement was the lower-than-planned revenue from construction activities due to delayed schedules and slow progress in several projects and constructions.

At the meeting, the Vimeco management board also presented to the AGM the 2025 business plan, which targets a consolidated revenue of 1,160.28 billion VND, representing a 3.77% increase compared to the 2024 results. Pre-tax profit and after-tax profit are expected to rise by 10.52% and 26%, respectively, to 9.45 billion VND and 4.05 billion VND.

In 2025, the Company will continue to focus on construction and real estate sectors. Notable construction projects to be implemented include: North-South Expressway in the Vung Ang – Bung section, North-South Expressway in the Van Phong – Nha Trang section, Ha Giang – Tuyen Quang Expressway Phase 1, Dai Lo Hoa Binh – Mong Cai Urban Area Phase 2, and Bang Lang Hai Duong Urban Project. The Company will also proceed with several packages of the Tuyen Quang-Ha Giang Expressway and Long Thanh Airport projects.

Regarding real estate investment and business activities, the Company will continue to explore investment projects and collaboration models with economically potent investors. It will also enhance its efforts in studying, sponsoring planning, and proposing real estate investments in various provinces and cities nationwide, such as Hanoi, Bac Ninh, and Kon Tum.

At the meeting, shareholders raised concerns about whether Vimeco would lose its inherent advantages after Vinaconex’s divestment. In response, the Board of Directors assured that beyond their ownership relationship, Vinaconex has also been a long-term business partner and strategic ally. Mr. Tran Dinh Tuan, Vice Chairman of Vinaconex, remains a member of Vimeco’s Board of Directors. Vinaconex still values the unique strengths and potentials that Vimeco possesses, and these advantages will remain unaffected. On the contrary, Vimeco will enjoy enhanced autonomy in its business operations.

At the conclusion of the meeting, 100% of the shareholders approved the proposal to issue 2.613 million shares to increase the charter capital from the owner’s equity source, with a 10% issuance ratio. Following this issuance, Vimeco’s charter capital will increase from 261.3 billion VND to 287.5 billion VND.

The AGM also approved the resignation of Mr. Duong Van Mau from the position of Chairman of the Board of Directors and Mr. Nguyen Khac Hai from the Board of Directors, as well as the resignation of Mr. Nguyen Tien Khanh from the Supervisory Board. Additionally, Mr. Vu Minh Hoang and Mr. Nguyen Dac Truong were elected as new members of the Board of Directors.

At the end of the meeting, the Board of Directors unanimously elected Mr. Tran Dinh Tuan, a member of the Board of Directors, as the new Chairman of the Board of Directors of Vimeco Joint Stock Company.