Coteccons gets contract for $1 bln Lego facility in southern Vietnam
Leading construction firm Coteccons has secured a contract to build a modern manufacturing facility for Lego Group in which the Danish toymaker will invest more than $1 billion.
The solar power-driven facility, Lego’s first carbon-neutral run factory worldwide, is located in the Vietnam-Singapore Industrial Park III, Binh Duong province bordering Ho Chi Minh City.
The Danish giant expects the 44-hectare facility, its sixth factory in the world, to start production in 2024, enabling Lego to expand its global manufacturing footprint and support long-term growth in the Asia-Pacific region.
An artist’s impression of part of the Lego Group production site in Binh Duong, southern Vietnam. Photo courtesy of the group.
Coteccons said its construction work would cover 163,000 square meters of gross floor area, including an office building, energy center, molding and services building, packing workshop, warehouse, and entire outdoor infrastructure, as well as ring utilities, parking space, landscaping and other functional buildings.
“Though the project is very challenging, the Coteccons team is very excited to commence the next part of this journey and as one team with Lego, delivering an exceptional project,” Coteccons deputy CEO Chris Senekki said at Tuesday’s contract signing in Binh Duong.
The Lego Manufacturing Vietnam (LMV) factory will be a world-class flagship and showcase a unique working environment, according to the Danish giant.
Preben Elnef, Lego Group vice president and CEO of LMV, said: “After eight months of the tendering process, we are very happy to work with Coteccons, a partner that shares the same values and purpose in this signature project to create our very important milestone for the future.”
Executives of Lego and Coteccons celebrate after signing a contract to build a $1 billion facility in Binh Duong province, August 22, 2022. Photo courtesy of Coteccons.
Earlier this month, Binh Duong authorities pledged to hand over 22 hectares of land to Lego by this month-end for the project. Another 22 hectares would be available for construction works by the end of September.
Coteccons, Vietnam's leading private construction company, suffered a loss of VND23.8 billion ($1.02 million) in the second quarter of this year, against a $1.92 million profit in the same period last year.
The provision for bad debts from 2018 to 2020 which Coteccons called "past burdens", along with the current difficulties in the real estate and construction sector, exerted great pressure on the company's Q2 profit margins, according to its financial statement.
On August 4, the firm announced the appointment of Vo Hoang Lam as its new general director after leaving the position vacant for 18 months.
- Related News
- Read More
Firms need legal clarity, non-criminalization of business risks to invest boldly: lawyer
Businesses will only commit to large-scale investments and long-term strategies when the legal framework is transparent and consistent, without mechanical criminalization of business risks, said a lawyer at Baker & McKenzie.
Economy - Tue, April 14, 2026 | 8:58 am GMT+7
Generational transition must strengthen, not just transfer, leadership: SHB bank vice chairman
Do Quang Vinh, vice chairman of Vietnamese private bank SHB, said generational transition in Vietnamese companies should focus on strengthening capabilities rather than simply transferring authority, as firms enter a new phase of development.
Companies - Mon, April 13, 2026 | 10:33 pm GMT+7
Vietnam’s textile giant Vinatex posts 31% profit jump in Q1, braces for potential trade risks
Vietnam National Textile and Garment Group (UPCoM: VGT) reported Q1 profit rising 31% year-on-year, as improved yarn margins and stable garment orders helped offset a volatile global backdrop.
Companies - Mon, April 13, 2026 | 5:07 pm GMT+7
Private sector – 'one most important growth driver': legislator
After 40 years of Doi moi (reform), Vietnam's private sector has surged to become one of the most important growth drivers, helping build a more autonomous, self-reliant and resilient economy, says Phan Duc Hieu, a member of the National Assembly's Economic and Financial Committee.
Economy - Mon, April 13, 2026 | 4:37 pm GMT+7
Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln
Vietnamese conglomerate Thaco posted strong earnings growth in 2025, with net profit from its core operations surging over 65% on the back of its real estate segment, according to newly released disclosures from Singapore-based shareholder Jardine Matheson.
Companies - Mon, April 13, 2026 | 2:58 pm GMT+7
Vietnamese private economic groups: Achievements, efforts and paradoxes
If we place Vietnam's private sector in the context of the region and the world, a clear paradox emerges: numerous but not yet strong, dynamic but not yet profound, making significant contributions but maintaining a modest position in the global value chain, writes Dau Anh Tuan, deputy secretary general of the Vietnam Federation of Commerce and Industry (VCCI).
Economy - Mon, April 13, 2026 | 1:57 pm GMT+7
Dung Quat oil refinery operator BSR posts strong Q1 profit amid energy market volatility
Binh Son Refining and Petrochemical JSC (HoSE: BSR), the operator of Vietnam’s first oil refinery Dung Quat, reported estimated Q1 net profit of nearly VND3.35 trillion ($127.1 million), more than eight times higher than a year earlier, despite global energy market disruptions linked to Middle East tensions.
Companies - Mon, April 13, 2026 | 11:57 am GMT+7
The Investor to host conference '40 years of reform: The leading role of economic groups' today
The Investor (www.theinvestor.vn) and Nha dau tu (www.nhadautu.vn) will host a conference titled "40 years of reform: The leading role of economic groups" at 1:30 p.m. Monday, April 13 in Hanoi.
Economy - Mon, April 13, 2026 | 11:15 am GMT+7
Unlocking and mobilizing resources for the development of Vietnam’s leading economic groups in new growth era
Only when a development structure where large firms lead, SMEs diffuse growth, and the State enables development is formed, can Vietnam build a sufficiently strong enterprise foundation for a new growth model, write deputy director Dr. Bui Thanh Minh and researcher Tran Duc Anh at the Private Sector Development Research Board (Board IV) Office.
Economy - Mon, April 13, 2026 | 8:00 am GMT+7
VinSpeed starts work on Hanoi-Quang Ninh high-speed railway project
VinSpeed High-Speed Railway Investment and Development JSC, an arm of Vietnam’s leading private conglomerate Vingroup, on Sunday broke ground on the Hanoi-Quang Ninh high-speed railway project in Quang Ninh province, northern Vietnam.
Infrastructure - Sun, April 12, 2026 | 3:58 pm GMT+7
Investment deal signed for $2 bln LNG power project in central Vietnam
The Trung Nam-Sideros River consortium on Friday signed a business and investment contract for the VND57.4 trillion (approximately $2.18 billion) Ca Na LNG-fired thermal power plant project, unlocking new development momentum for an integrated energy-industrial complex in the south-central province of Khanh Hoa.
Energy - Sun, April 12, 2026 | 1:49 pm GMT+7
Vietnam's taxi operator Vinasun forecasts 16% profit fall amid tough competition
Vietnam's major taxi operator Vinasun expects profit to decline further in 2026 even as it plans to modestly grow revenue and upgrade its fleet, highlighting the continued pressure from ride-hailing platforms and rising operating costs.
Companies - Sun, April 12, 2026 | 10:26 am GMT+7
Vietnam banks cut deposit rates as state lenders join easing trend
Vietnamese banks have begun lowering deposit rates in a coordinated move following guidance from the State Bank of Vietnam, with major state-owned lenders joining the trend to help steer market conditions.
Banking - Sun, April 12, 2026 | 8:00 am GMT+7
Sun Group, Dragone partner to elevate Vietnam’s live entertainment scene
Sun Group on Friday entered into a strategic partnership with Dragone, a Belgium-based creator and producer of large-scale live entertainment, marking a new chapter for Vietnam’s cultural and entertainment industry and the beginning of a flagship show envisioned for APEC 2027.
Companies - Sat, April 11, 2026 | 9:05 pm GMT+7
BIN Corporation proposes $3 bln high-tech project in central Vietnam
BIN Corporation, a Vietnamese multi-sector group headquartered in Ho Chi Minh City, has proposed to invest $3 billion in an AI data, renewable energy, and high-tech workforce training complex in the central province of Dak Lak.
Industries - Sat, April 11, 2026 | 5:17 pm GMT+7
Gelex Electric plans 75% bonus share issue to boost capital
Gelex Electric (HoSE: GEE) plans to issue 274.4 million bonus shares to existing shareholders in a move to increase its charter capital by 75%.
Companies - Sat, April 11, 2026 | 10:08 am GMT+7
