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Top 5 largest construction companies in Vietnam (2022 update)

Top 5 largest construction companies in Vietnam (2022 update)

Thursday 23, 06 2022
After two years of facing difficulties caused by the Covid-19 pandemic, business community in general and construction companies in particular have been severely affected. This is clearly shown in their financial results.

Thus, the order in the list of top largest construction companyies in Vietnam, which is prepared annually by VietnamCredit, also experienced huge changes compared to the previous years.

Below is detailed information about 5 largest company in Vietnam’s construction industry (2022 update).

1. HOA BINH CONSTRUCTION GROUP JOINT STOCK COMPANY

In 1987, Hoa Binh Construction Office was established. At that time, it was specializing in civil construction works. On December 1, 2000, Hoa Binh Construction and Real Estate Trading Joint Stock Company, and in 2007, the company changed its name to Hoa Binh Construction Group Joint Stock Company.

From construction of housing projects, Hoa Binh has become one of the leading general contractors in Vietnam. So far, Hoa Binh has left its mark with more than 400 sustainable projects spreading from North to South, contributing to the development of Vietnam.

The revenue of the company has grew strongly since its establishment. From 2006 to 2019, the company's revenue increased by 91.8 times (from VND 205 billion in 2006 to VND 18,822 billion in 2019).

As one of the largest construction contractors in Vietnam, Hoa Binh has made great contributions to the domestic construction market in terms of the number of construction works and the quality of the construction industry with high technical expertise.

Hoa Binh Construction Group

Hoa Binh's net revenue in 2021 reached VND 11,355 billion, reaching 84% of the plan, up 1% compared to 2020. Its profit after tax was VND 103 billion, reaching 42.7% of the plan, up 19.2% compared to 2020. However, Hoa Binh's total winning value in 2021 reached VND 16,471 billion, 18% higher than the plan.

For 2022, Hoa Binh set a target total revenue of VND 17,500 billion, an increase of 54.1% compared to the results of 2021. The profit after tax of the company is projected to reach VND 350 billion, an increase of 261% compared to the result in 2021.

In 2021, the total assets of Hoa Binh increased by VND 1,025 billion to VND 16,576.6 billion, equivalent to an increase of 6.6% compared to 2020.

2. RICONS CONSTRUCTION INVESTMENT JOINT STOCK COMPANY

Ricons Construction Investment Joint Stock Company was officially established in 2004. Initially, the company's name was Phu Hung Gia Investment Joint Stock Company With a wealth of experience, and having conducted many large and small projects across the country, Ricons is among the top reputable construction contractors in Vietnam. Its fields of activity include real estate investment, project consulting, construction and installation.

In the coming time, the company plans to strongly develop the Ricons Group ecosystem along with a variety of other prominent brands. The long-term goal of the enterprise is to become a corporation with a closed value chain in the construction industry.

RICONS CONSTRUCTION INVESTMENT

According to VietnamCredit’s in-house source of information, Ricons has changed its headquarters from Floor 1, No 53-55, Ba Huyen Thanh Quan Street, Vo Thi Sau Ward, District 3, Ho Chi Minh City to No. 96, Phan Dang Luu Street, Ward 5, Phu Nhuan District, Ho Chi Minh City.

In addition, in order to increase profits, in 2022, the company planned to invest in real estate besides construction activities.

According to the financial report for the first quarter of 2022, Ricons recorded revenue of VND 2,015.76 billion and profit after tax of VND 20.78 billion, up 65.7% and down 12% respectively over the same period last year. Its gross profit margin dropped sharply from 5.9% to only 2.6%.

The company’s gross profit decreased by 26.9% over the same period, corresponding to a decrease of VND 19.43 billion to VND 52.9 billion; financial revenue increased by 28.5%; unexpected financial expenses recorded VND 4.88 billion; selling and administrative expenses decreased by 22.9%, from VND 11.73 billion to VND 39.5 billion.

In terms of core business activities (gross profit – financial expenses – selling and administrative expenses), in the first quarter of 2022, the company recorded a 59.6% decrease in core profit compared to the same period last year, equal to a decrease of VND 12.58 billion to VND 8.52 billion.

Thus, core operating profit dropped sharply while profit after tax only decreased by 12% mainly because the company increased financial revenue and recorded a sharp increase in other profits.

As of March 31, 2022, Ricons' total assets increased by 1.4% compared to the beginning of the year, to VND 6,315.5 billion.

3. CONSTRUCTION CORPORATION NO 1 JOINT STOCK COMPANY

Construction Corporation No. 1 - JSC (CC1 JSC) is one of the most experienced and reputable construction companies in Vietnam. Since its official establishment in 1979, as a domestic subcontractor for construction and installation projects, the company has grown continuously to be a leading construction service provider.

Regarding the business performance in 2021, CC1's net revenue reached VND 5,670 billion, down 17% compared to 2020. The company's net profit was more than 11 times higher than the same period when reaching VND 573 billion.

Construction Corporation No. 1 - JSC (CC1 JSC)

Accordingly, in the first quarter of 2022, CC1 recorded revenue of VND 1,175 billion, profit after tax of VND 16.48 billion, down 9.2% and up 307.9% respectively over the same period last year.

The company’s gross profit increased by 32.2% over the same period, equivalent to an increase of VND 17.7 billion to VND 72.67 billion; financial revenue increased by 162.4%, equivalent to an increase of VND 63.25 billion, to VND 102.2 billion; financial expenses increased by 71.7%, equivalent to an increase of 30.7 billion VND, to 73.54 billion VND; selling and administrative expenses increased by 106.3%, equivalent to an increase of VND 40.3 billion, to VND 78.2 billion and other activities did not change significantly.

In terms of core business activities (gross profit – financial expenses – selling and administrative expenses), in the first quarter of 2022, core profit was negative VND 79.07 billion over the same period.

For 2022, CC1 set a target revenue of VND 11,252 billion, pre-tax profit of VND 396 billion.

As of March 31, 2022, CC1's total assets increased by 33% compared to the beginning of the year, to VND 15,986.4 billion. In particular, short-term receivables account for the largest proportion, reaching VND 8,272.7 billion.

4. VIET NAM CONSTRUCTION AND IMPORT - EXPORT JOINT STOCK CORPORATION

Vietnam Construction and Import-Export Joint Stock Corporation, formerly known as Foreign Service and Construction Company, was established on September 27, 1988. On November 20, 1995, Vietnam Construction and Import-Export Corporation (Vinaconex) was established. On May 13, 2004, Vinaconex was selected as one of the first State Corporations to pilot the equitization.

On November 27, 2006, the General Meeting of Shareholders to establish a Joint Stock Corporation was conducted and the company was officially put into operation in the form of a Joint Stock Company.

Currently, Vinaconex has over 40 affiliated focal units, and participates in 5 joint venture companies and 14 affiliated companies operating in many fields across all parts of the country. The company staff is more than 40,000 people, including many officers, engineers, experts and employees who have been trained and worked abroad.

Vietnam Construction and Import-Export Joint Stock Corporation

In 2021, the company recorded revenue of VND 5,741.8 billion. Its profit after tax reached VND 531.47 billion, up 3.4% and down 68.6% respectively compared to the results in 2020.

For 2021, the company planned to achieve revenue of VND 12,230 billion and profit after tax of VND 1,008 billion. Thus, at the end of the financial year, it only achieved 52.7% of the target profit.

As of December 31, 2021, total assets of Vinaconex increased by 59.1% compared to the beginning of the year, to VND 31,194.8 billion.

In addition, in 2021, total short-term and long-term debt increased by 172.4% compared to the beginning of the year, and accounted for 37.4% of total capital.

5. UNICONS INVESTMENT CONSTRUCTION COMPANY LIMITED

Unicons Investment Construction Company Limited was established in 2006 and is a member company of Coteccons Group. After nearly 16 years of establishment and development, Unicons has made steady progress in the market with impressive revenue growth.

Currently, Unicons is one of the leading contractors in Vietnam pioneering with the Design and Build model, bringing customers quality, modern works and achieving maximum commercial value.

Unicons has diversified construction experience through a series of large-scale projects including high-class industrial factories by prestigious FDI investors such as Coca-Cola, PepsiCo, Tetra Pak, Accredo Asia, GE, etc.

Unicons Investment Construction Company Limited

With a team of talented engineers, a strong construction force and advanced technology, Unicons is committed to meeting the highest requirements in terms of safety, progress, quality and project value.

Henry Tran - VietnamCredit

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