Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Vietnam Construction and Import-Export JSC, or Vinaconex, stood out with a net profit of VND147.5 billion ($5.83 million) on revenue of VND2.67 trillion ($105.7 million) in Q3, up 5.4-fold and 12.3% year-on-year, respectively.
During the first nine months of this year, the construction giant, listed on the Ho Chi Minh Stock Exchange as VCG, posted a net profit of VND766 billion (3.03 million) and VND8.14 trillion ($321.7 million) in net revenue, reaching 80.6% and 54% of the year's targets, respectively.

Vinh Tuy bridge 2 in Hanoi, capital city of Vietnam, built by Vinaconex. Photo courtesy of the firm.
Another standout performer is PC1 Group JSC (HoSE: PC1), which recorded a net profit of VND259 billion ($10.24 million) on revenue of VND2.23 trillion ($88.2 million) in Q3, up 6.6-fold and 3% from the same period last year, respectively.
During January-September, PC1 earned VND7.53 trillion ($298 million) in revenue and VND587 billion ($23.2 million) in net profit, up 47% and 521% year-on-year, respectively. With these results, the firm fulfilled 70% of its 2024 revenue target and surpassed the profit goal by 10%.
Other firms showing positive growth include Lizen JSC (HoSE: LCG) with a 73.81% rise in Q3 profit, Deo Ca Traffic Infrastructure Investment JSC (HoSE: HHV) with 5.98%, and Coteccons Construction JSC (HoSE: CTD) with 39.64%.
In contrast, Fecon Corporation (HoSE: FCN) and Dat Phuong Group JSC (HoSE: DPG) experienced profit declines in June-September.
FCN made only VND29.3 million ($1,160) in profit in the period, down 7.2-fold year-on-year, while DPG saw its net profit drop nearly 28% to VND22.2 billion ($877,470).
Commenting on the 2024 outlook for construction enterprises, analysts with DSC Securities (HoSE: DSC) project that reputable firms with robust construction capacity and stable financial health will secure the majority of public investment contracts.
However, they note several ongoing challenges in the sector, including material shortages, fluctuations in construction material prices, complex administrative procedures, and site clearance stagnancy, though these issues have gradually improved recently.
DSC analysts emphasize that enhancing the effectiveness of both private and public investment capital is critical, citing Vietnam’s high incremental capital-output ratio (ICOR) of 5.9 during 2011-2019 and a sharp increase in 2022 due to the Covid-19 impact.
According to a government report, public investment disbursement from January to September reached an estimated 47.29% of the year’s target, lower than the same period last year, which was 51.38%.
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