The NO1 leadership team anticipates that 2025 will continue to present challenges for the company’s core business, as macroeconomic indicators still point to potential global recession risks, significantly impacting the construction machinery and parts market. The construction machinery market in 2025 is predicted to decline by 5-10% compared to 2024.
Low and medium-tech construction machinery products will be most affected by macroeconomic factors. In contrast, the segment of construction machinery with advanced technology used for key national projects still has significant growth potential. Although the premium product segment continues to grow in volume, its value does not account for a large proportion of the entire construction machinery industry, leading to a projected decrease in the supply of construction machinery in 2025 in both quantity and value.
Given this context, the NO1 Annual General Meeting (AGM) approved the 2025 business plan, targeting 880 billion VND in net revenue, a 10% increase, and 18 billion VND in after-tax profit, similar to the 2024 performance. NO1 plans to pay a 6% cash dividend for 2024.
Approving a transaction exceeding the company’s total assets
The NO1 AGM also approved a proposal to enter into a transaction with Vincons Development and Construction Investment Joint Stock Company, a subsidiary of Vinhomes Joint Stock Company (HOSE: VHM), with an expected value of 680 billion VND. In contrast, NO1‘s total assets as of March 31, 2025, were nearly 652 billion VND. The transaction primarily involves the sale of goods and supplies for construction and installation activities.
According to the meeting minutes, when sharing about the deal with Vincons, Chairman of the Board, Nguyen Manh Hai, stated that based on some ongoing and negotiated contracts, the company anticipates that Vincons will initiate several projects soon. As a result, NO1 foresees increased opportunities and presents the above figure to the AGM for convenient negotiation with Vincons.
911 Taxi launch expected in Q3 2025
Regarding the Vingroup (HOSE: VIC) conglomerate, Mr. Hai mentioned that NO1 had signed a deal to purchase 400 vehicles from Vinfast for its taxi project. Currently, 100 vehicles are in operation, with an additional 100 being received, and the remaining 200 expected by the end of Q3 2025. At that time, NO1 will hold a market launch for 911 Taxi. The company has already launched the 911 Taxi app and established a taxi service management team in Bien Hoa. They are also finalizing a Vinfast 2S service workshop by the end of May.
According to the 2024 Annual Report, the 911 Taxi project has a scale of 500 billion VND and will mainly operate in Dong Nai, Binh Duong, and Ho Chi Minh City. The investment objective is to increase the fleet size to 800 vehicles by 2026 and establish four 2S workshop complexes + charging stations + sales outlets, and lease old GF cars.
The 911 Taxi plan was initiated by the former Chairman, Luu Dinh Tuan. At the memorandum of understanding signing ceremony with Green and Smart Mobility Joint Stock Company (GSM) on October 26, 2024, Mr. Tuan stated that the decision to choose electric taxis when expanding into the taxi sector was based on the investment efficiency recognized by pioneering transport enterprises in the country. Per the agreement, NO1 will lease and purchase 2,200 Vinfast electric vehicles, with the first 200 to be delivered in Q4 2024 and the remainder by the end of 2025.
Mr. Nguyen Van Thanh, Global Director of GSM Company (left) and Mr. Luu Dinh Tuan, Chairman of 911 Group, at the MoU signing ceremony.
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Regarding the plan to restart the project in collaboration with Z-TON Group (South Korea) to build an assembly plant for self-propelled cranes in Ha Nam province, the Chairman of NO1 shared that the partner, who is also a major shareholder, wishes to shift their production to Vietnam. Accordingly, NO1 has finalized a 300 billion VND investment plan to open a factory in Ha Nam Industrial Park. The proposal for this project has been agreed upon, and the partner has consented to transfer the entire production line technology to Vietnam. Regarding the market, the South Korean partner will ensure supply for overseas markets, while NO1 will focus on the domestic market.
– 16:55 19/05/2025
