Construction giant Vinaconex plans rights issue, capital base hike in 2024
Vinaconex, among Vietnam’s top construction companies, plans to issue nearly 120 million shares to existing shareholders at VND10,500 ($0.41) apiece this year.
The proceeds from the offering will be earmarked for paying off debts due in 2024 and 2025, its general director Nguyen Xuan Dong said at the firm’s AGM on Wednesday.
This year, Vinaconex, listed on the Ho Chi Minh Stock Exchange as VCG, is gunning for VND15 trillion ($590 million) in consolidated revenue and VND950 billion ($37.3 million) in net profit, up 15% and 140% year-on-year, respectively.
The firm also plans to hike its charter capital to VND7.18 trillion ($282.6 million) from the current VND5.34 trillion ($210.27 million). To implement the plan, it will issue 64.1 million shares, or 12% of its stake, for a 2023 dividend payout.
Last year, VCG reaped VND396 billion ($15.5 million) in net profit, down 57% year-on-year and equivalent to 46% of the year’s target. It earned VND12.96 trillion ($510.03 million) in revenue, up 35% year-on-year and reaching 79% of the plan.

Vinaconex chairman Dao Ngoc Thanh answered shareholders' inquiries at the company AGM on April 24, 2024. Photo courtesy of the firm.
In response to shareholders’ inquiries regarding the Cat Ba-Amatina tourism project in the northern city of Hai Phong, Vinaconex’s chairman Dao Ngoc Thanh stated that the project has completed its legal procedures and basic amenities. It is seeking parners for sale this year and may sell part of the project, subject to the appropriate price.
VCG will continue to inject capital into the project’s owner Vinaconex Tourism Development and Investment Joint Stock Company, or Vinaconex-ITC (HoSE: VCR), Thanh added. He clarified that Vinaconex’s withdrawal of VND2.2 trillion ($86.5 million) from its cooperation with VCR is intended to cover bond yields, rather than to exit the Cat Ba project.
In reference to VCG’s capability to achieve its 2024 objectives, Thanh stated that the firm would try its best, particularly in increasing its charter capital, to undertake significant contracts. For example, Vinaconex has signed a deal with China Pacific Construction Group for the construction appraisal of the Tu Lien bridge and metro line No.5 in Hanoi, totaling $4 billion. Additionally, the company aims to enhance the skills of its staff to participate in bidding for a high-speed railway project in the coming years.
Regarding the Dong Anh Industrial Park, since Vinaconex received in-principle approval for the project from the government nearly two months ago, no details are available for disclosure at this time.
Speaking of the Green Diamond apartment project at 93 Lang Ha street, Hanoi, general director Nguyen Xuan Dong said that the 342-apartment project has basically had its sales work completed.
Among them, the first 86 apartments are awaiting the issuance of red books, which serve as housing ownership certificates. This year, the project is expected to generate VND906 billion ($35.6 million) in revenue and VND275 billion ($10.85 million) in pre-tax profit, compared to the corresponding figures of VND1.73 trillion ($68.2 million) and VND447 billion in 2023.
Dong affirmed that the company will reach its 2024 targets, with a projected profit of VND400 billion ($15.74 million) in Q1. He added that Vinaconex aims to achieve a profit margin of at least 2% this year, ensuring no losses.
Regarding its engagement in the Long Thanh airport project in the southern province of Dong Nai, standing deputy general director Duong Van Mau said that Vinaconex is in charge of two bidding packages, making up 11% of the project’s capital. It has properly prepared and planned material inputs required for construction despite the closure of some stone quarries and material price surges.
- Read More
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7
S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO
South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.
Companies - Wed, March 26, 2025 | 8:30 am GMT+7
Vietnam, Singapore seek cooperation chances in semiconductor industry
The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition
Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
Vietnam Deputy PM discusses financial center development with ECB
Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.
Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7
Indonesia keeps commitment on energy transition
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.
Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7
Malaysia’s electric vehicle sales surge
Malaysia’s automotive industry is gaining momentum, with electric vehicle (EV) sales soaring over the past two years and continuing to rise in 2025, driven by both domestic and international manufacturers.
Southeast Asia - Tue, March 25, 2025 | 10:23 pm GMT+7
Japan turns to Vietnam, Indonesia to tackle truck driver shortage
Logistics and transportation companies in Japan have begun recruiting foreign nationals as drivers now that their industries qualify for a special employment visa amid a severe labor shortage.
Southeast Asia - Tue, March 25, 2025 | 10:19 pm GMT+7
Malaysia expected to achieve economic growth of 4.5-5.5% in 2025
The Malaysian economy is projected to expand between 4.5% and 5.5% in 2025, underpinned by resilient domestic demand and ongoing investment activity, despite external uncertainties, according to the country’s central bank Bank Negara Malaysia (BNM).
Southeast Asia - Tue, March 25, 2025 | 10:10 pm GMT+7
Singapore’s core inflation falls in Feb
Singapore’s core inflation declined for the fifth straight month in February after falling sharply in January as most spending categories saw smaller year-on-year price increases.
Southeast Asia - Tue, March 25, 2025 | 10:01 pm GMT+7
China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam
China-headquartered Texhong, among the largest core cotton textile suppliers in the world, will “unwind” the expansion of its Texhong Industrial Park (Texhong Hai Ha Industrial Park) in the northern Vietnam province of Quang Ninh, the firm said on Monday.
Industrial real estate - Tue, March 25, 2025 | 9:28 pm GMT+7