Vinaconex Corporation – “Big Brother” in civil construction and real estate trading industries
Vinaconex Corporation
“Big Brother” in civil construction and real estate trading industries


(HNM) – 2006-2011 marked a period when Vinaconex Corporation transferred from SOE to a shareholding company. Beside new opportunities and forces, Vinaconex now has to face many challenges regarding new organizational model, uncompleted legal framework regulating unprecedented 100% equitization of the biggest and most complicated SOE into a shareholding company.

The most visible success of the Vinaconex’s transfer from 100% state-owned company to a multi-ownership company model is the attraction of domestic and foreign investors, the significant revenue brought to Government from assessment of existing assets of Vinaconex, and the extra revenue in form of differences between auctioned value and par value of shares sold at Hanoi and Ho Chi Minh City Stock Exchanges. Successful transfer of Vinaconex served as sample for many state owned banks, corporations, for their own equitization. After becoming a shareholding corporation, Vinaconex continues to be one of the leading enterprises of Vietnamese civil construction industry. Acting as general contractor or as investor, Vinaconex, together with its member-companies, had completed in time many construction projects of national significance. Most outstanding among those are: Dung Quat Oil Refinery Factory, Cua Dat hydropower and hydrolic work, Buon Khop hydropower complex, Buon Tua Srah hydropower plant, etc. or construction projects serving 1000th celebration of Thang Long – Hanoi, Thang Long Avenue, Hanoi Museum, Peace Park, Hanoi-Amsterdam highschool facilities, Hanoi advanced sport  training Center, Hanoi Plaza, etc. Rows of completed important projects all over the country contributed to raising the prestige, capacity and power of the Vinaconex trade name.
 
In line with the civil construction, the real estate trading also brought to Vinaconex added values in total revenue. Currently, in the real estate market, Vinaconex is a big trade name that attaches to well-known projects such as Trung Hoa – Nhan Chinh, Tran Duy Hung, Northern An Khanh, Thao Dien (HCMC) New Urban Quarters, or Cai Gia- Cat Ba Tourist Urban Area (Haiphong city). Especially, Vinaconex has become one of the vanguard companies of civil construction industry to take social security housing projects for low income people. Together with the profits, these projects also bring new social value to Vinaconex trade name.
 
After the equitization, Vinaconex Corporation had successfully implemented financial solution, successfully issued shares of total value VND 3000 billion (in 2007 and 2010). It increased its chartered capital to VND 1850 billion in 2008 and to VND 3000 billion in 2010 by way of share issuance. To date, Vinaconex had totally or partly withdrawn its capital from 28 member companies and thereby, reduced the number of member companies to 65. Compared to 2007, when total revenue of the corporation was VND 7200 billion, the same indicator for 3 quarters of 2011 is VND 10500 billion, making total asset of the company to increase from VND 19200 billion in 2007 to VND 31177 billion in 3rd quarter, 2011. In 2012-2016 period, Vinaconex Corporation will continue to implement successful measures with the view to become the leading business in construction and real estate trading; at the same time, it also establishes core member companies in civil construction, real estate trading; and focuses on other business activities at subordinate companies. Vinaconex corporation is trying to maintain the growth rate of 10-15% a year during 2012-2016 period and to increase ratio of revenue from its key business segments, which are civil construction and real estate trading.
(Source: HANOIMOI ONLINE http://hanoimoi.com.vn)
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