Unveiling the Post-Restructuring Operational Model: How Coteccons Thrives as a Leaderless Corporation

During Coteccons’ 2025 Annual General Meeting of Shareholders, Ms. Nguyen Trinh Thuy Trang, Deputy CEO of the Operations Division, detailed the new operational model implemented post-restructuring.

According to Ms. Trang, Coteccons now operates under a functional structure with the Senior Management Committee (SCOM), comprising seven members who collectively assume the role of CEO.

“Many will wonder why such a large company doesn’t have a CEO. The truth is, we couldn’t find the right person, but that didn’t stop us. We formed the Senior Management Committee (SCOM), where each of the seven members is essentially a CEO,” Ms. Trang explained.

She noted that Coteccons has established clear boundaries among SCOM members to ensure effective delegation and coordination. Each member is responsible for a specific area: international markets and new ventures, regional operations (North, Central, South), EPC and public investment, finance, legal, and construction engineering, operations, HR, and corporate culture.

Ms. Trang emphasized that SCOM functions as a “collective CEO,” collaboratively listening, decision-making, and overseeing one another while maintaining clear accountability: “We empower individuals when they demonstrate autonomy, but empowerment doesn’t mean lax oversight. Trust must be paired with transparency.”

She highlighted that this approach harmonizes democracy and discipline in governance: every member has a voice, but once a decision is made, it must be executed without hesitation. “Listen to decide, but once decided, act without further debate,” she stated.

Ms. Trang also shared that in a large organization, conflicts and differences are inevitable. To manage these, Coteccons employs assessment tools to evaluate work styles and competencies, identifying individual strengths and weaknesses for more effective collaboration.

She revealed that the SCOM model not only enhances Coteccons’ operational flexibility but also lays the foundation for long-term talent development. Coteccons recruits and nurtures talent based on future potential, not just current abilities.

From a personal perspective, Ms. Trang views people as the core of all activities: “Coteccons has no natural resources or manufacturing plants. Our only asset is our people. They are our greatest wealth, the DNA of Coteccons.”

The 2025 financial year results showed Coteccons achieving net revenue of VND 24,885 billion and post-tax profit of VND 456 billion, up 18% and 47% year-on-year, respectively, fulfilling 106% of the annual plan.

At the meeting, the company set a 2026 financial year target of VND 30,000 billion in revenue and VND 700 billion in post-tax profit, representing increases of 21% and 54%, respectively. The current backlog stands at VND 51,600 billion.