According to Bolat Duisenov, Coteccons currently holds a 14.43% stake in Ricons Construction Investment JSC (Ricons), yet lacks representation on its board of directors or supervisory board, leaving them feeling “unwelcome.”
He noted a mismatch in values and culture between the two companies, with no synergy and even direct competition. As a result, Coteccons is determined to divest from Ricons at a fair and reasonable price. “We’ve wanted this for a long time. We wanted it yesterday, we want it today, and we’ll want it tomorrow,” stated the CTD Chairman.
 Bolat Duisenov – Chairman of CTD Board of Directors at the September 20 dialogue
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Three Drivers of the Construction Industry
Discussing Vietnam’s prospects, Mr. Bolat identified three major trends shaping the construction sector.
First, urbanization. By 2024, Vietnam’s urbanization rate reached 40%, mirroring China’s in 2004. This signals two more decades of robust growth ahead, not just in housing but also in infrastructure like roads, bridges, airports, hospitals, and schools—a vast ecosystem for construction.
Second, industrialization. Vietnam is increasingly attracting FDI, particularly in high-tech sectors, which now account for 60% of foreign investment. With its young workforce, skilled labor, strategic location, and government support, Vietnam has become a magnet for investment. This presents opportunities for well-prepared construction firms.
Lastly, globalization. Vietnam’s global standing is growing, and this trend will continue. With major construction players from China, South Korea, Turkey, and Egypt, Vietnam is well-positioned to compete on the international stage.
Coteccons has already gained international experience with projects in Myanmar, Cambodia, Laos, and recently completed one in India. The company has secured three major contracts in Taiwan, obtained a U.S. operating license, launched a project in Kazakhstan, and is finalizing procedures in Saudi Arabia. Despite challenges, Mr. Bolat is confident Coteccons can overcome them and embark on its journey to become a global company.
Shareholder dialogue on September 20 by CTD
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No Additional Provisions in 2026
According to Nguyễn Chí Thiện – Deputy CEO of CTD, the goal for the 2026 fiscal year is to avoid new bad debts and additional provisions, historically tied to civil construction. With market recovery and a diversified portfolio spanning industrial, infrastructure, and international projects, Coteccons is on more stable footing.
Võ Hoàng Lâm – Board Member and Deputy CEO, noted that construction profit margins are shrinking due to fierce competition and material price volatility. Post-restructuring, Coteccons prioritizes “trimming the fat” to ensure a lean, efficient operation.
With revenues around $1 billion, Coteccons leverages its strong supply chain. The company secures multi-year material contracts, reducing risks and sharing price fluctuations with partners in a “win-win” approach.
Additionally, Mr. Thiện highlighted Coteccons’ proven capabilities in high-stakes projects like Pandora, Lego, and Logos, setting the stage for future high-tech centers. Amid intense competition, Coteccons commits to transparent bidding, optimizing costs, and delivering real value to clients, rather than undermining competitors.
– 11:37 20/09/2025
Why Haven’t Coteccons Shares Surged Yet? Chairman of the Board Responds to Shareholder Inquiry
In response to shareholder concerns about Coteccons’ stock not experiencing a sudden surge, Chairman Bolat Duisenov emphasized that the company’s primary focus is on delivering consistent business performance to ensure long-term stock growth, rather than pursuing short-term market fluctuations.
The Emerald 68: Future Residents Experience the Project’s Quality Firsthand
With the strategic partnership between the dynamic duo of developers, Lê Phong and Coteccons, The Emerald 68 has swiftly emerged as the focal point of Northeast Ho Chi Minh City. This exceptional project seamlessly combines a prime location, transparent legal framework, superior quality, and an unparalleled price point, setting a new benchmark in the region.
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Coteccons, Vietnam’s leading construction contractor, celebrated its 21st anniversary with a grand gala event, themed “Coteccons 20+1: Leading through Service.” This special occasion, dubbed Coteccons Day, marked a significant milestone in the company’s journey, highlighting its commitment to excellence and leadership in the industry.
A Letter from the Boss: Reflecting on Coteccons’ 2025 Financial Year Performance and Generous Bonuses for High-Performing Staff
Coteccons is proud to announce its financial results for the fiscal year 2025. In a letter to all staff members, Ms. Nguyen Trinh Thuy Trang, Deputy CEO of Operations, shared the leadership team’s excitement about the company’s achievements.
Coteccons Profits Soar to $85 Million in H1 of 2025 Fiscal Year
The first half of the 2025 financial year (July 1st to December 31st, 2024) saw the Construction Joint Stock Company Coteccons (HOSE: CTD) achieve impressive financial results. The company recorded a net profit of nearly VND 200 billion, a remarkable 47% increase compared to the same period last year, and successfully fulfilled 46% of its annual plan. Additionally, new contract wins amounted to VND 16.8 trillion, showcasing the company’s strong performance and promising future prospects.
