Leading builder Hoa Binh Construction to enter U.S. market with 5 projects
Hoa Binh Construction Group, listed on the Ho Chi Minh Stock Exchange as HBC, has signed a deal with Keystone DCS to jointly implement five projects in the U.S. states of California and Oregon.
Under the memorandum of understanding, the two sides will also cooperate in other construction projects in the U.S., not limited to residential developments but also industrial facilities.
An under-construction project of Hoa Binh Construction Group in Ho Chi Minh City. Photo courtesy of the company.
California-based Keystone DCS (Development, Construction & Services), under Keystone Group, provides core products and services in real estate, including residential, commercial, and remodeling.
Hoa Binh Construction Group is a leading construction contractor in Vietnam. The firm reported a net loss of over VND1.14 trillion ($48.34 million) in 2022, the first loss in its history, due to bad results in the fourth quarter.
Its net revenue last year reached VND14.122 trillion ($598.83 million), up 24% and fulfilling 80% of its target, according to the company's consolidated financial statement.
In Q4, Hoa Binh recorded net revenue of VND3,218 billion ($136.46 million), down 16% year-on-year. It suffered a gross loss of VND426 billion ($18.06 million) in the quarter, while posting a gross profit of over VND265.5 billion ($11.26 million) in the same period of 2021.
A power struggle is taking place among HBC’s board members related to the position of chairman. In January, the Ho Chi Minh City Department of Civil Judgment Enforcement issued a decision forcing HBC to cease enforcing three resolutions that caused an internal conflict among its board members.
HBC shares dropped 7% to their floor price at VND8,380 ($0.36) on Monday.
- Related News
- Read More
Petrovietnam shipyard arm's pre-tax profit surges over 10-fold
Petrovietnam Marine Shipyard JSC (PV Shipyard), a subsidiary of state-owned giant Petrovietnam, reported a strong first quarter of 2026, with revenue rising sharply and pre-tax profit increasing more than 10-fold year-on-year.
Companies - Mon, May 4, 2026 | 3:49 pm GMT+7
Petrovietnam, Samsung Heavy Industries sign cooperation deal
Petrovietnam and Samsung Heavy Industries have signed an MoU to establish a cooperation framework in shipbuilding, energy industry, and related sectors.
Companies - Mon, May 4, 2026 | 2:11 pm GMT+7
Imprisoned entrepreneur, spouse hold over 6.3% stake in Vietnam private lender ACB
The combined stake held by imprisoned businessman Nguyen Duc Kien and his spouse in the Asia Commercial Bank (ACB) is valued at nearly VND7.62 trillion ($289.23 million), based on the ACB market price of VND23,500 ($0.89) per share last Wednesday.
Banking - Mon, May 4, 2026 | 1:10 pm GMT+7
Vietnam manufacturing purchasing managers' index drops to 7-month low in April
Vietnamese manufacturers recorded a drop in new orders in April as inflationary pressures hit 15-year highs amid increased costs for fuel and oil in particular, according to S&P Global.
Economy - Mon, May 4, 2026 | 12:08 pm GMT+7
Vietnam bank profits diverge in Q1, favoring large lenders
The Vietnamese banking sector’s profits in Q1/2026 showed a clear divergence, with growth seen among large lenders with strong capital and asset quality while smaller banks facing mounting pressure from rising funding costs and credit risks.
Banking - Mon, May 4, 2026 | 10:51 am GMT+7
Gelex invests $304 mln in Gia Binh airport project
Gelex Group has invested VND8 trillion ($303.54 million) in a company developing the Gia Binh International Airport in northern Vietnam, driving a sharp increase in its investments in associates in the first quarter of 2026.
Companies - Mon, May 4, 2026 | 8:07 am GMT+7
PV Drilling profit accelerates, Brunei bottleneck persists
Petrovietnam subsidiary PV Drilling reported strong earnings growth in the first quarter of 2026 on the back of a recovery in the oil and gas market, but continued to face profitability challenges in Brunei, a market with sizable assets that has yet to deliver commensurate returns.
Companies - Mon, May 4, 2026 | 8:00 am GMT+7
Vietnam’s auto industry paradox: Fast growth, but localization remains 'near zero'
Vietnam’s automobile market expanded rapidly in 2025, yet localization rates - particularly for passenger cars - remain stubbornly low, highlighting a structural gap in the industry’s development.
Economy - Sun, May 3, 2026 | 3:17 pm GMT+7
China’s retail giant Meiyijia enters Southeast Asia with first stores in Vietnam, Malaysia
China’s largest convenience store chain Meiyijia has made its first move into Southeast Asia with initial outlets in Vietnam and Malaysia under a new brand, signaling intensifying competition in the region’s fast-growing retail market.
Companies - Sun, May 3, 2026 | 8:07 am GMT+7
Vietnam’s e-commerce sales surge 47% to $5.64 bln in Q1
Vietnam’s online retail market continued its rapid expansion in the first quarter of 2026 as total gross merchandise value (GMV) across four major platforms, Shopee, TikTok Shop, Lazada, and Tiki, reached about VND148.6 trillion ($5.64 billion), up 47% year-on-year, according to data from analytics firm Metric.
Economy - Sun, May 3, 2026 | 8:00 am GMT+7
Vietnam, Japan agree to target $5 bln annual investment, $60 bln trade by 2030
Prime Ministers Le Minh Hung of Vietnam and Takaichi Sanae of Japan have signed six bilateral co-operation documents following summit talks at the Government headquarters.
Economy - Sat, May 2, 2026 | 4:01 pm GMT+7
Vietnam's top dairy producer Vinamilk posts Q1 profit of nearly $93 mln
Vinamilk (HoSE: VNM) reported a net profit of nearly VND2.46 trillion ($93.26 million) in the first quarter of 2026, up 55% from the same period last year, as the dairy producer met about a quarter of its full-year target after three months.
Companies - Sat, May 2, 2026 | 3:26 pm GMT+7
Vietnamese PM hosts welcome ceremony for Japanese counterpart
Prime Minister Le Minh Hung on Saturday morning hosted an official welcome ceremony for Japanese Prime Minister Takaichi Sanae, who is on a three-day official visit to Vietnam.
Politics - Sat, May 2, 2026 | 12:37 pm GMT+7
PV Oil completes 81% of full-year profit target in Q1
PV Oil, a subsidiary of state-owned Petrovietnam, reported a sharp surge in first-quarter earnings, achieving 81% of its full-year profit target within the first three months of 2026, driven largely by favorable inventory dynamics.
Companies - Sat, May 2, 2026 | 8:17 am GMT+7
Major players eye Vietnam’s wastewater treatment market
Vietnam’s wastewater treatment sector is entering a transition phase as a growing number of large corporations signal plans to enter or expand investments, driven by rising environmental infrastructure demand and expectations of clearer wastewater pricing mechanisms.
Companies - Sat, May 2, 2026 | 8:00 am GMT+7
Work on $92 mln eco-urban resort project starts in northern Vietnam tourist hotspot
A consortium of Hong Phong ID Co. Ltd. and Ecopark Hai Duong JSC has broken ground on a VND2.42 trillion ($91.97 million) eco-urban tourism project in Vietnam's northern border province of Lao Cai.
Real Estate - Fri, May 1, 2026 | 9:08 pm GMT+7
