The game has changed, advantage lies with whoever takes initiatives to change: HBC chairman

If you were to describe 2025 in one sentence, what would it be?

2025 is a new chapter of transition, where Vietnamese resilience in general and that of enterprises in particular are being tempered to prepare for takeoff into the open seas.

How do you assess the policies over the past year, including the Politburo's Resolution No. 68-NQ/TW and the simultaneous unblocking and commencement of numerous projects?

2025 left a strong mark thanks to decisive policy actions by the Government. I consider this a “golden” period for institutional reform, creating new vitality for the business community. Regarding Resolution 68, this is a strategic move focusing on modernization and enhancing the competitiveness of private domestic enterprises. For companies like ours, this resolution serves as a “compass”.

First, it is a driving force encouraging enterprises to accelerate digital transformation, a crucial factor in improving competitiveness. For contractors like Hoa Binh, digital transformation helps optimize processes, enhance labor productivity, and reduce waste.

Second, Resolution 68 encourages international expansion. The Government has begun to introduce more concrete support mechanisms for the export of construction services - an aspiration that has been close to my heart for decades.

The unblocking and simultaneous launch of many projects over the past year has brought three key impacts. First, it unlocked capital flows. When projects move forward, cash flows circulate throughout the construction ecosystem - from main contractors and subcontractors to material suppliers - relieving long-standing pressure from outstanding receivables.

Second, it restored confidence. Investor and business confidence has been rebuilt. Seeing authorities roll up their sleeves alongside enterprises to resolve difficulties reassures companies like ours that we are not alone.

Third, it created momentum for national infrastructure. The simultaneous launch of key projects not only generates jobs but also lays the foundation for reducing logistics costs and enhancing national competitiveness in the long term.

The Government’s companionship in 2025 has proven that when institutional reform aligns with business determination, no challenge is insurmountable.

How do you assess the outlook for the construction market in 2026?

2026 is a golden time for Vietnam’s construction industry. We are entering a new growth cycle driven by three main forces. First, public investment will peak. Major infrastructure projects - such as the North-South Expressway, Long Thanh International Airport, and metro lines - are entering their final acceleration phase, creating enormous demand for construction and materials.

Second, the revival of residential real estate. With the Land Law and the Law on Real Estate Business coming into effect, legal bottlenecks have been fully removed, triggering the restart of numerous urban development projects.

Third, strong inflows of FDI. Vietnam’s deeper integration into global supply chains continues to drive strong demand for factories and industrial infrastructure.

Is this “feast” open to everyone, in your view?

I believe this “feast” is not for everyone. While the market is “not short of work,” it is no longer a feast for enterprises that cling to outdated models, lack financial strength, or are slow to innovate. In the coming years, there will be a very harsh natural selection process.

The advantage will belong to enterprises that proactively change and restructure themselves in line with the times. Clients today do not look only at price; they look at execution capability and financial credibility.

Meanwhile, companies overly dependent on financial leverage or lacking professionalism will be left behind. This “feast” is reserved only for those who are well prepared in terms of resources, technology, and human capital.

What challenges remain?

In 2026, opportunities are vast, but challenges are equally significant. The first challenge is the shortage of high-quality human resources. With many projects starting simultaneously, the lack of skilled engineers and qualified workers will become acute. This is a human resource governance issue that construction enterprises in general and Hoa Binh in particular must prepare for early.

Second, material prices remain volatile, and domestic price competition is extremely fierce. Without solutions, this could lead to material shortages and increasingly thin profit margins for contractors. At the same time, most construction equipment must be imported, creating high foreign currency demand and exchange rate pressure.

Third, the pressure of “greening” and technology. ESG standards are no longer optional - they are mandatory. Without digital transformation and green construction technologies, the door to international markets will close.

I believe that unutilized construction resources are a great waste, but building for the right purpose is crucial. If projects are built but not effectively utilized - such as urban areas with no residents - the waste is even greater. Therefore, regulators need appropriate coordination to ensure sustainable economic development.

How has Hoa Binh changed over the past year? Last year, you said there was no shortage of work despite difficulties. What about 2026?

If 2024 was a period of “weathering the storm” while hanging by a thread, then 2025 was a “qualitative rebirth.” Hoa Binh fundamentally resolved its cash flow bottlenecks through debt restructuring and private share issuance. The group escaped losses and returned to profitability in several quarters of 2025.

At the same time, Hoa Binh shifted from a “defensive” stance to an “offensive” one. We successfully secured major projects such as Gold Coast Vung Tau and Eco Retreat.

Last year, I said we were “not worried about a lack of work,” and reality proved that true. Entering 2026, Hoa Binh has a completely different mindset - not just “having work,” but “choosing projects” and “expanding further.”

Accordingly, this year Hoa Binh will pay greater attention to profit margins, meaning we will be more selective in choosing projects with strong cash-flow feasibility and high technical requirements - where our strength as a general contractor can be fully leveraged to create higher value for shareholders.

2026 will also be the year Hoa Binh further accelerates its expansion into overseas markets. We are not merely building structures; we are exporting the essence of Vietnam’s construction industry.

Could you elaborate on the plan for strong revenue growth in 2026 while profits remain modest?

In 2025, Hoa Binh’s revenue was only around VND5 trillion ($191.17 million), comparable to the low levels before 2015 and less than one-third of pre-pandemic figures. Previously, hotel and resort projects accounted for up to 60% of revenue, but there have been no new projects in the past four to five years. Although international tourism is recovering, hotel and resort supply remains excessive.

Meanwhile, residential real estate stagnated for several years and only began to recover in 2025. We expect revenue this year to return to around VND10 trillion as projects signed last year enter the revenue recognition phase.

Despite the strong revenue target, we do not yet expect a sharp profit improvement, estimating only around VND250 billion ($9.56 million), as market risks remain difficult to fully assess - particularly weak purchasing power.

After such a difficult period, even facing survival pressure, what did you and the group do to maintain the trust of customers, partners, employees, and shareholders?

This question truly touches the heart of anyone in business. For me, this period was not just about surviving severe hardship, but also a test of character and corporate culture.

For customers and partners, when cash flow was tight, what they feared most was not unpaid debts, but being avoided. Hoa Binh did not choose silence. My colleagues and I met each subcontractor and supplier to share the reality and jointly seek solutions.

We implemented debt-to-equity swaps. Turning long-term partners into shareholders not only eased financial pressure but also aligned their interests with the group’s recovery. We were all on the same boat, heading toward the same destination.

For employees, I believe people are the “root” of Hoa Binh. What retained our people during the most difficult times was empathy. We held frank dialogues so that all staff could understand the challenges and the recovery roadmap.

For shareholders, they needed to see light at the end of the tunnel. We accepted cutting off ineffective segments, selling non-core assets to recover capital, and refocusing on our greatest strength - general contracting.

Beyond that, Hoa Binh is not reviving to repeat the past, but to venture into the open seas. The aspiration to export construction services is the “lighthouse” sustaining shareholders’ long-term confidence.

No matter how difficult things became, Hoa Binh never compromised on quality. Our reputation is an invaluable asset, and we protect it at all costs on every project.

In your entrepreneurial journey, how do you view the importance of “credibility” in business?

In construction, we build skyscrapers on reinforced concrete foundations. In business, we build brands on trust.

Many ask me why, during Hoa Binh’s most difficult times - when cash was depleted - suppliers and subcontractors agreed to accept shares and become shareholders, and why banks continued to stand by us.

The answer lies in the credibility accumulated over more than 38 years. Without a history of fairness and sincerity, partners would have turned away. But they believed in our integrity and execution capability, and they were willing to weather the storm with us.

Credibility unlocks deadlocks. When you uphold trust, you are not alone. During survival pressure, stakeholder confidence gave Hoa Binh the time and space to turn the situation around.

A business may rise and fall, but once it loses credibility, it is effectively “dead” in terms of market position. A credible enterprise naturally attracts talent, capital, and new opportunities.

Internationally, people may not know who Le Viet Hai is; they look only at your track record of honoring commitments. Credibility is the most powerful “passport” for Vietnamese enterprises working with multinational corporations.

My belief is: losing money is losing little, losing health is losing much, but losing credibility is losing everything.

In this new era of heightened transparency, what advice would you give to the next generation of entrepreneurs starting their journeys?

Looking at today’s young entrepreneurs, I see agility, energy, and strong technological capabilities. However, in a world of flattened information and transparency as a core rule of the game, I would like to share a few reflections drawn from both success and hard-earned lessons.

First, view transparency as a competitive advantage, not a burden. In the digital age, nothing can be hidden forever. Rather than resisting scrutiny, be transparent from day one.

Be transparent with partners and shareholders - it makes mobilizing resources easier. Be transparent with employees to build deep loyalty. Be transparent with yourself to understand your true capabilities and take steady, realistic steps.

Second, put “integrity” before “talent.” Talent helps you go fast, but integrity helps you go far. In business, decency is one of the most sustainable strategies. When you act with dedication and honesty, you create an ecosystem of willing and committed partners.

Third, do not fear failure, but “fail with integrity.” Startups inevitably face risks. You may fail, but if you preserve credibility and treat employees and partners fairly to the very end, that failure is merely a “rest stop” for learning. With your reputation intact, opportunities to start again will always exist.

Fourth, nurture the ambition to go global. Do not confine yourself to a small pond. The world is vast and waiting for Vietnamese intelligence. Learn foreign languages, international rules, and global-standard governance from the outset. Position yourself as a “global citizen” so that when your enterprise grows, expanding abroad becomes a natural process.

Our generation laid the foundation with perseverance and hard work. Your generation has technology and transparency as leverage. Combine them to write the next chapter of Vietnam’s position on the global economic map.