The SOL E&C Advantage: A Leading Engineering Powerhouse in the Making

The Construction Industry’s “Holy Grail”

In early 2021, Vietnamese media dubbed SOL E&C as Nguyen Ba Duong’s new venture, marking his return to the industry after a hiatus following his departure from Coteccons. The industry veteran, assuming the role of Founding Chairman, confidently asserted that SOL E&C’s potential and opportunities far exceeded those of other construction companies in the market. The initial vision and goal were for SOL E&C to become one of the leading contractors in Vietnam.

And within just four short years, this vision has become a reality. SOL E&C is now ranked among the Top 5 most reputable contractors in Vietnam and has been recognized as the fastest-growing construction company in 2022 and 2024 by Vietnam Report. The company also secured a spot in the Top 10 contractors at the BCI Asia Awards 2024.

Amid a stagnant real estate market, a declining construction industry, and the challenges posed by the Covid-19 pandemic, SOL E&C has navigated through these difficulties with remarkable resilience. Starting with less than VND 500 billion, SOL E&C now boasts an annual revenue of over VND 4,200 billion, contributing significantly to the collective revenue of Nguyen Ba Duong’s business ecosystem, which exceeds USD 1 billion annually. With an impressive growth rate, SOL E&C has earned the moniker of the construction industry’s “Holy Grail” in modern-day Vietnam.

SOL E&C’s revenue from 2020 to 2024. Source: SOL E&C

Established in 2015, SOL E&C operates as a general contractor, offering design, construction, and MEP services. The company has made its mark in the industry with over 250 industrial and civil projects across Vietnam.

In 2023, media reports highlighted SOL E&C’s consecutive wins and groundbreaking projects in various provinces and cities nationwide, along with their expanding network of new investors. Notably, SOL E&C, as part of the VIETUR joint venture, secured a contract worth more than VND 35,000 billion for the passenger terminal at Long Thanh International Airport.

In the realm of FDI factories and industrial plants, SOL E&C has established itself as a market leader, having partnered with numerous multinational corporations such as Coca-Cola, Nestlé, Tetra Pak, Frasers Property, Cainiao Network (an Alibaba Group member), and TTI Group. Currently, SOL E&C is undertaking significant projects, including the Tetra Pak factory in Binh Duong and the Coca-Cola beverage plant in Long An, while also securing contracts for billion-dollar construction projects from renowned investors.

Nguyen Ba Duong’s SOL E&C commences construction on Lumière Springbay project by Masterise Homes, December 12th.

In early November 2024, SOL E&C, alongside two other companies within its ecosystem, Newtecons and Ricons, commenced work on the billion-dollar LUMI Hanoi project, developed by CapitaLand Development. SOL E&C also broke ground on the high-end apartment project LUMIÈRE SpringBay, a strategic partnership with Masterise Homes. With multiple key projects nearing completion by year-end, SOL E&C has demonstrated its capacity for expansion, underpinning its consistent revenue growth over the years.

The Making of SOL E&C’s Success

The rise of SOL E&C can be attributed to two critical factors: its talented personnel and substantial investment in technology.

Firstly, the reputation of Nguyen Ba Duong and his trusted lieutenants, such as Ngo Thanh Phong (former General Director of F.D.C, now Newtecons) and Le Chi Trung (former General Director of Unicons), instilled immediate “trust” in SOL E&C upon its market entry. The decades-long credibility of the industry veteran laid the foundation for the company’s brand value and stature in the eyes of investors nationwide, even in its infancy.

Nguyen Ba Duong (center), Ngo Thanh Phong (right), and Le Chi Trung (left) during SOL E&C’s signing ceremony in 2024. Image: SOL E&C

SOL E&C boasts exceptional corporate governance with a seasoned leadership team and a highly qualified workforce. The company currently employs nearly 600 personnel, including foreign experts, BIM engineers, and a team of experienced and skilled architects and engineers capable of executing Vietnam’s most challenging projects.

Committed to innovation and continuous improvement, SOL E&C has solidified its leading position in the construction industry by successfully implementing Building Information Modeling (BIM) technology across its projects. BIM optimization has not only enhanced the design, construction, and operation processes but also elevated the quality of their projects, meeting the highest client expectations.

Currently, the BIM model is integrated into all phases of a project’s lifecycle. Notably, in the construction of high-quality factories, investors often have stringent and demanding technical standards, requiring compliance with green building criteria (LEED/EDGE), FM Approval, and Vietnamese standards (QCVN and TCVN). SOL E&C, with its highly skilled personnel and world-class technical support, has successfully delivered on such projects, including the Coca-Cola factory in Long An, the Tetra Pak factory in Binh Duong, and the Milwaukee factory in Ho Chi Minh City’s High-Tech Park. This technical prowess underscores the company’s ability to match the world’s best practices.

Milwaukee factory in Ho Chi Minh City’s High-Tech Park, constructed by SOL E&C. Image: SOL E&C

Nguyen Ba Duong’s business ecosystem, comprising six companies – Newtecons, Ricons, SOL E&C, BM Windows, BOHO Decor, and DB – stands as a formidable “empire,” a testament to the visionary leadership of the veteran captain of Vietnam’s construction industry.