Management responds to new competitors
At its October 20 annual shareholder meeting, Coteccons executives addressed questions about VinCons and Tân Minh Nhân entering the construction market. Chairman Bolat Duisenov declined to rank contractors against each other, stressing humility and the need to identify areas for improvement.
Management framed the company's priorities around becoming clients' first choice, retaining talent and diversifying revenue. Finance and operations executives said competition could improve recognition of professional contractors' value and increase opportunities for workers. Those are management assessments, not established market outcomes.
The broader strategic shift is from expansion in scale towards operating efficiency, payment discipline and higher-value services.
Results, targets and project selection
For fiscal 2026, Coteccons reported net revenue of 34.34 trillion dong, up 38%, and after-tax profit of 788 billion dong, up 73%. New contract wins reached 60.307 trillion dong, while backlog stood at 70 trillion dong.
The fiscal 2027 plan targets revenue of 42 trillion dong and profit of 1.05 trillion dong. Those figures are objectives, not completed performance. Contract wins and backlog are also distinct from revenue already recognised.
Management said new first-quarter contracts of 14.519 trillion dong reflected stricter choices involving clients, payment terms, cooperation history and legal status. Completing construction is only part of the task if payments cannot be collected.
Coteccons also wants specialised products and services beyond traditional general contracting. Executives acknowledged that diversification requires resources, governance and time to demonstrate effectiveness; it does not remove competitive risks automatically.