Ecosystem of Coteccons former chairman earns $1 bln in 2022
SOL E&C Investment Construction JSC, Newtecons and Ricons have earned total revenue of over $1 billion for the ecosystem related to Nguyen Ba Duong, former chairman of construction giant Coteccons.
Nguyen Ba Duong, former chairman of construction giant Coteccons. Photo courtesy of the company.
SOL E&C, the construction company founded by Duong, reported a revenue of nearly VND4,500 billion ($190.4 million) in 2022, up 3 times year-on-year.
The company, formerly known as S.M.A.R.T Materials and Solutions JSC, was established in November 2015. It had an initial charter capital of VND18 billion ($761,600) with three founding shareholders namely Huynh Nhat Minh 70%, Nguyen Xuan Dao 29.9%, and Pham Thi Thu Huyen 0.1%.
At the end of May 2017, all the three founding shareholders divested all their stakes. Data by November 2020 shows that the charter capital of SOL E&C reached VND305 billion ($12.9 million), but the shareholder structure and ownership ratio were not disclosed.
In October 2020, Nguyen Ba Duong attracted attention when he appeared at the signing ceremony of SOL E&C's 2021 business plan. This was his first return to the market after four months leaving as chairman of Coteccons, being the founding chairman of SOL E&C.
Newtecons Investment Construction JSC, another construction company founded by Duong, also recorded an outstanding revenue exceeding VND10 trillion ($423 million) targeted at the beginning of the year.
At Ricons Group Investment Construction, in the third quarter of 2022, net revenue reached VND3,591 billion ($152 million), up 84% year-on-year. Its pre-tax profit hit VND43 billion ($1.82 million), up 4.5 times.
In the first nine months, the company's net revenue reached VND8,356 biillion ($353.5 million), up 67%, and after-tax profit hit VND80.5 billion ($3.41 million), up 29%.
In 2022, Ricons set a revenue target of VND10 trillion ($423 million) and after-tax profit of VND100 billion ($4.23 million), up 24% and 25% compared to 2021, respectively.
With the above 9-month business results, Ricons is likely to record revenue of VND10 trillion for the first time.
- Related News
- Read More
MBBank partners with Visa, Kotra to launch new MB Visa Hi BIZ corporate card
MBBank (MB) on Wednesday launched a new version of its MB Visa Hi BIZ corporate card, offering enhanced spending management tools and cross-border payment capabilities through partnerships with Visa and South Korea’s trade promotion agency Kotra.
Banking - Thu, November 20, 2025 | 9:38 pm GMT+7
Germany looks to Vietnam's largest tungsten mine for critical mineral supply diversification
Germany is turning its attention to Vietnam’s Nui Phao mine, one of the world’s largest tungsten deposits outside China, as part of efforts to diversify supplies of strategic minerals.
Industries - Thu, November 20, 2025 | 5:27 pm GMT+7
Vietnam's tech firms should pursue end-to-end product strategy, avoid ‘halfway’ innovation: minister
Vietnamese technology firm ought to pursue a product-driven strategy and sustain long-term global ambitions, said Minister of Science and Technology Nguyen Manh Hung.
Economy - Thu, November 20, 2025 | 5:23 pm GMT+7
Vietnam’s gaming market needs more than just a 'pho restaurant'
To keep up with the booming gaming industry, Vietnamese developers must innovate by embracing stronger technology adoption while still forging a unique identity, and sometimes, that unique identity could simply be represented by a humble bowl of pho (noodle soup).
Economy - Thu, November 20, 2025 | 4:14 pm GMT+7
F88 named among Best Managed Companies 2025 by Deloitte
Vietnam’s consumer finance major F88 has been recognized by Deloitte as one of the “Vietnam Best Managed Companies 2025”, meeting international governance standards.
Companies - Thu, November 20, 2025 | 2:47 pm GMT+7
PTC1 unit assesses information security at 220kV northern Vietnam substations
The Northeast Power Transmission Team 3, a unit of Power Transmission Company No.1 (PTC1), coordinated with Cyberspace Operations Command (Command 86) to conduct an information security (IS) assessment at the 220kV Lang Son and Bac Quang substations from November 10-14.
Companies - Thu, November 20, 2025 | 1:12 pm GMT+7
Vietnam’s largest listed firm to double charter capital
Vingroup, the biggest company by market capitalization on Vietnam's bourses, said it will double its charter capital to more than VND77 trillion ($2.92 billion) after issuing nearly 3.9 billion bonus shares to existing shareholders at a 1:1 ratio.
Companies - Thu, November 20, 2025 | 11:50 am GMT+7
Consortium plans $12.8 bln boulevard-landscape project in Hanoi
A consortium including Vietnam’s transport infrastructure giant Deo Ca Group has proposed developing the VND338 trillion ($12.81 billion) Red River boulevard and landscape, which could become Hanoi’s largest-ever infrastructure project.
Infrastructure - Thu, November 20, 2025 | 8:58 am GMT+7
Viettel, UAE-based EDGE partner on defense, dual-use technologies
Military-run Viettel, Vietnam’s largest telecommunications and technology group, has signed an MoU with EDGE, one of the world’s leading advanced technology and defence companies, in a move that underscores the country’s ambition to expand high-tech manufacturing.
Companies - Thu, November 20, 2025 | 8:53 am GMT+7
Maersk eyes building major container ports in Vietnam
A.P.Moller - Maersk (Maersk) is exploring investment opportunities to develop large, modern and low-carbon container ports in Vietnam.
Infrastructure - Wed, November 19, 2025 | 4:36 pm GMT+7
Taiwan semiconductor giant Panjit acquires 95% of Japan-based Torex’s Vietnam arm
Panjit International Inc, a Taiwan-listed semiconductor major, has approved the acquisition of a 95% stake in Torex Vietnam Semiconductor, a subsidiary of Japan-based Torex.
Companies - Wed, November 19, 2025 | 3:59 pm GMT+7
Vietnam PM urges Kuwait Petroleum to expand Nghi Son refinery, build bonded fuel storage facility
Prime Minister Pham Minh Chinh on Tuesday called on Kuwait Petroleum Corporation (KPC) to expand the Nghi Son oil refinery and build a bonded fuel storage facility in Vietnam.
Industries - Wed, November 19, 2025 | 3:18 pm GMT+7
Southern Vietnam port establishes strategic partnership with Japan’s Port of Kobe
Long An International Port in Vietnam’s southern province of Tay Ninh and Japan’s Port of Kobe on Monday signed an MoU establishing a strategic port partnership which is expected to boost trade flows, cut logistics costs, and deliver greater benefits to businesses across the region.
Companies - Wed, November 19, 2025 | 10:14 am GMT+7
Thaco's agri arm seeks to expand $44 mln cattle project in central Vietnam
Truong Hai Agriculture JSC (Thaco Agri), the agriculture arm of conglomerate Thaco, looks to aggressively expand its flagship cattle farming project in the central Vietnam province of Gia Lai.
Industries - Wed, November 19, 2025 | 9:56 am GMT+7
Japan food major Acecook eyes new plant in southern Vietnam
Acecook, a leading instant noodle maker with 13 plants operating in Vietnam, is studying a new project in the southern province of Tay Ninh.
Industries - Wed, November 19, 2025 | 9:39 am GMT+7
Vietnam’s largest Aeon Mall to take shape in Dong Nai province
Authorities of Dong Nai province, a manufacturing hub in southern Vietnam, on Monday awarded an investment registration certificate to Japanese-invested Aeon Mall Vietnam Co., Ltd. for its Aeon Mall Bien Hoa project.
Industries - Tue, November 18, 2025 | 8:17 pm GMT+7
