On May 27, 2025, the Ho Chi Minh City Department of Civil Judgment Enforcement issued Decision No. 319/QD-CTHADS to freeze the bank account of Coteccons Construction Joint Stock Company, located at 236/6 Dien Bien Phu, Ward 17, Binh Thanh District, Ho Chi Minh City.
The decision entails freezing VND 169,930,590,168 (One hundred sixty-nine billion, nine hundred thirty million, five hundred ninety thousand, one hundred sixty-eight) in account number: 10220059508022 at Techcombank Saigon Branch, located at 23 Le Duan, Ben Nghe Ward, District 1, Ho Chi Minh City.
Techcombank Saigon Branch, the judgment debtor, and other relevant parties with rights and obligations are responsible for executing this decision, as stated in the Ho Chi Minh City Department of Civil Judgment Enforcement’s decision.
This decision is based on the Arbitration Award No. 279/23 HCM dated October 24, 2024, issued by the Arbitration Council of the Vietnam International Arbitration Centre based in Ho Chi Minh City, regarding a dispute.
Decision to Freeze the Bank Account by the Ho Chi Minh City Department of Civil Judgment Enforcement
Prior to this, on May 8, 2025, Ricons Construction Joint Stock Company received a notification from the Ho Chi Minh City People’s Court regarding Decision No. 84/2025/QD-PQTT related to a dispute with Coteccons Construction Joint Stock Company.
The court reviewed Coteccons’ request to annul the arbitration award in the dispute between the two companies, which began in 2024, but decided not to accept the request. The court’s decision is immediately enforceable, and neither party may appeal or complain; the prosecution also has no right to protest.
According to the arbitration award, Coteccons is obligated to pay Ricons a total amount of nearly VND 170 billion as of November 24, 2024. This amount includes principal debt, late payment interest from January 1, 2021, to September 24, 2024, legal fees, arbitration fees, travel expenses, and accommodation costs for the arbitrators.
Additionally, Coteccons must also pay supplementary late payment interest on the total amount above, calculated using the interest rate specified in the arbitration award, from the day after November 24, 2024, until the company fulfills its payment obligations.
Previously, on July 24, 2023, Ricons had filed a petition with the court to initiate bankruptcy proceedings against Coteccons due to its inability to pay due debts. However, the court rejected this request.
According to Ricons’ audited financial statements for 2024, the company still recognized nearly VND 323 billion in receivables from Coteccons, of which over VND 227 billion had been provisioned for short-term difficult-to-recover debts related to this partner.
The dispute between the two parties stems from construction contracts for the Regina projects in Hai Phong and Hung Yen. The issue dates back to the period before 2019, when Coteccons and Ricons were part of an ecosystem of seven interconnected member companies: Coteccons, Unicons, Ricons, Newtecons, BM Windows, Sol E&C, and Boho. At that time, Mr. Nguyen Ba Duong was in charge of the overall management.
During their collaboration within the ecosystem, Coteccons, as the main contractor for some projects, engaged Ricons as a subcontractor. As a result, outstanding debts arose between the two parties regarding the Newtaco, Regina Phase 4-5-6, Vinfast factory, and Simco projects, which have not yet been settled.
According to Coteccons, the reason for the non-payment of these debts is that they have not received payment from the project owners. Meanwhile, the signed contracts between the two parties stipulate that Coteccons will only make payments to subcontractors once they receive payment from the project owners.
About Entrepreneur Nguyen Ba Duong
Mr. Nguyen Ba Duong was born on April 22, 1959, in Nam Dinh Province. He studied at the Kiev Institute of Construction in Ukraine and graduated in 1984 with a degree in Architecture.
In 1985, he returned to Vietnam and worked for five years at the Institute of Industrial Construction and Phu Lam Shoe Company under the Ministry of Construction.
In May 1990, Mr. Nguyen Ba Duong joined Light Industry Company No. 2 – DESCON and held various positions, including Deputy Director of the Construction and Interior Decoration Enterprise, Director of Construction Enterprise No. 1, and Deputy Director of DESCON Construction Company.
From June 2002 to August 2004, he served as Deputy Director and Director of the Construction Division at the Construction and Building Materials Company (COTEC).
Since August 2004, he has been the Chairman and General Director of Coteccons Construction Joint Stock Company. Under his leadership, Coteccons grew significantly, increasing its charter capital from a mere VND 15 billion to VND 792 billion. The company also became a prominent contractor for major projects in Vietnam, such as Vinhomes Central Park, Landmark 81, and Goldmark City.
In October 2020, Mr. Nguyen Ba Duong resigned from his position as Chairman of Coteccons’ Board of Directors. He is currently the Founding Chairman of SOL E&C Solutions and Materials Joint Stock Company.
