At the 2025 Annual General Meeting held on October 20th in Ho Chi Minh City, Vo Hoang Lam, CEO of Coteccons, addressed concerns about the risks and opportunities in Cambodia, a market plagued by cross-border fraud. He stated, “Navigating Cambodia’s market is challenging, but every overseas project presents its own hurdles. In Cambodia, we leverage our local expertise and established team. The risks extend beyond criminal groups to include capital management, personnel operations, rigorous risk assessments, and compliance with local laws.”
According to Mr. Lam, Coteccons has established a risk control committee and an EXCOM team comprising seven deputy CEOs to meticulously analyze each step in this market. “Despite the challenges, we are fully prepared to succeed in our neighboring country, Cambodia,” he affirmed.
Chairman of Coteccons’ Board of Directors.
Bolat Duisenov, Chairman of Coteccons’ Board, emphasized, “Coteccons operates professionally with a dedicated risk control committee. When we aim to move fast, the committee advises caution for safety. Each international expansion is meticulously planned, adhering to local laws and cultural norms.”
Mr. Bolat cited examples, such as the 15-month process to obtain a general contractor license in Taiwan (China) and the 18-month establishment of a new entity in Saudi Arabia, enabling Coteccons to participate in tenders.
“Many international clients recognize Coteccons’ quality and invite us to U.S. projects. However, this requires time for visa arrangements and understanding local dynamics. We’ve successfully completed projects in Laos, Cambodia, and India by deploying only management and engineers, not the entire workforce. In India’s VinFast project, our engineers managed 1,000 local workers. This phased approach yields positive results, and we’ll continue this strategy,” Mr. Bolat added.
Domestically, Coteccons has established its dominance, competing directly with foreign construction firms and achieving superior results. Internationally, the company faces similar competitors and requires time to establish its position. Currently, Coteccons focuses on three key markets: the U.S., Middle East, and Taiwan, with plans for India and Kazakhstan.
Optimizing Idle Cash Amid Surging Gold Prices
In response to a question about financial management amid rising gold prices, Chairman Bolat Duisenov stated that Coteccons has a professional financial management team. The goal is to ensure that as gold prices rise, the company’s financial performance also improves significantly.
Coteccons views rising gold prices as both a challenge and an opportunity.
“Gold price increases reflect global macroeconomic shifts, not rising extraction costs. We aim for Coteccons’ performance to rise with gold prices. Gold’s volatility is both a challenge and a motivator, as higher gold prices increase input costs but also signal a dynamic global economy,” he explained.
According to Mr. Bolat, Coteccons aims not only to preserve capital but also to optimize idle cash, linking financial management with sustainable growth to deliver long-term value to shareholders.
Record Backlog and 30,000 Billion VND Revenue Target
As of October 2025, Coteccons’ backlog reached over 51,000 billion VND, a historic high. The management targets 30,000 billion VND in revenue for 2026, with a gross profit margin increase to 4.3% from 4.1% in 2025.
Tran Ngoc Hai, Deputy CEO of Coteccons’ Commercial Division, stated, “The 30,000 billion VND target is ambitious but achievable with our detailed plan. Beyond revenue, sustainable development is key—each project must satisfy clients and benefit the community.”
Regarding infrastructure, Vo Hoang Lam noted Coteccons’ involvement in key public investment projects. “Profit is not the primary focus, but this segment maintains similar margins. With the government allocating 6–7% of GDP to infrastructure, Coteccons sees it as a responsibility to contribute to Vietnam’s development.”
Addressing the “7 CEO” model, Bolat Duisenov likened it to enlarging the pie rather than dividing it. “A 51,000 billion VND backlog requires immense effort to convert into revenue,” he said.
Coteccons is undergoing a transformative phase: internal restructuring, financial risk control, and international expansion. Amid rising gold prices and Cambodia’s challenges, the company opts for a cautious, controlled approach over shortcuts.
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