Image caption: Coteccons’ quarterly revenue nears full-year profit
On May 16, 2025, Ricons received Decision No. 84/2025/QD-PQTT dated May 8, 2025, from the Ho Chi Minh City People’s Court regarding CTD’s request to annul the Arbitration Award in the dispute between Ricons and Coteccons over construction contracts for the Regina projects in Hai Phong and Hung Yen.
The Ho Chi Minh City People’s Court decided not to annul the Arbitration Award. This decision is final and enforceable from the date of signing. The parties and the arbitral tribunal have no right to appeal, and the prosecution has no right to protest.
According to the effective Arbitration Award, Coteccons is obliged to pay Ricons nearly VND 170 billion, including the full principal debt claimed by Ricons, late payment interest according to the contract from January 1, 2021, to September 24, 2024, lawyer fees, arbitration fees, and travel and accommodation expenses for the arbitrator.
Image caption: Timeline of events in the dispute between Ricons and Coteccons
The above amounts must be paid within 30 days from October 24, 2024. From November 24, 2024, as Coteccons has not voluntarily made the payment, additional late payment interest is due on all the above amounts, with the interest rate specified in the Arbitration Award. This additional amount will continue to accrue until Coteccons makes the payment.
