The 50th Anniversary Ceremony Of The Establishment Of Vinaconex 1 Company

Just 50 years ago, on November 16, 1973, the Moc Chau Construction Company, now known as the Construction Joint Stock Company No. 1) was established under Decision No. 1969 of the Ministry of Construction to undertake the construction of technical infrastructure projects in order to support the development of the Moc Chau economic zone, under the economic development policies of the Party and State, specifically focused on the Northwest region of the country. The Company's employees, with the responsibility entrusted by the Party, State, and leaders, have diligently devoted, completed tasks, and made a contribution to the construction and economic development of the Northern Western region.

Vinaconex 1, which was initially named Construction Company No. 11 under the Ministry of Construction in 1977, underwent various name changes throughout different periods; In January 1981, it became Construction Company No. 11 under the Song Da Hydropower Construction Corporation, only to be transferred back to the Ministry of Construction in July 1981. Then, in December 1982, its name was altered to “Large Housing Construction Complex No. 1 under Hanoi Construction Company”. In 1984, it separated from Hanoi Construction Company and was renamed as “Large Housing Construction Complex No. 1” under the Ministry of Construction.

In 1990, the company changed its name to the Construction Complex No. 1 under the Ministry of Construction. Over a span of more than 20 years, the Company has contributed significant value in numerous key national projects in both pre and post-renovation eras. This included the first works on the Moc Chau plateau, the Hoa Binh Hydropower Plant, and the Xuan Mai Concrete Plant, dormitories of Nghia Tan, Thanh Xuan Bac, and Thanh Xuan Nam (which were the first to utilize assembly technology in Hanoi), Cocacola Ngoc Hoi Factory, the 254 Thuy Khue Residential Area, the Australian Embassy, the French Embassy, Hoang Gia Hotel and so on. Throughout this period, the Company upheld a strong reputation and brand, establishing itself as one of the Ministry of Construction's leading units.

On April 15, 1995, the Ministry of Construction, as part of the Government's program aimed at reorganizing state-owned enterprises in the construction sector, issued Decision No. 704 on merging of Construction Complex No. 1 into Vietnam Construction Import-Export Corporation (Vinaconex), with the name changed to Construction Company No. 1. As a member of the Vinaconex family, Construction Company No. 1 experienced significant growth, becoming one of the leading units within the Corporation and contributing to the success and reputation of the Vinaconex 1 brand in the market. The company implemented various large-scale civil construction projects, including the Melia Hotel, The Lien Ho Tay Hotel, Gouman Hotel 83 Ly Thuong Kiet, V Tower, Ford Lang Ha Headquarters, Trang Tien Shopping Center, My Dinh National Stadium, Sai Gon Ha Long Hotel, and the Headquarters of People's Committee of Ha Long City - Quang Ninh province, etc as well as numerous industrial and technical infrastructure projects, such as constructing the Canon Factory in North Thang Long Industrial Park, Chua Ve Port in Hai Phong city, reviving the Kim Nguu River, the overpass of Nation Highway 5, the Quy Cao Bridge and so on.

Implementing the policy of equitization of SOEs, on August 29, 2003, the Minister of Construction issued Decision No. 1173/QD-BXD on transforming Construction Company No. 1 under Vinaconex into the Construction Joint Stock Company No. 1 (Vinaconex 1 JSC) with a charter capital of VND11 billion. The name Vinaconex 1 has endured since then until the present.

Throughout this period of stable economic development, accompanying the development of the Corporation, Vinaconex humans have made contributions to the country through projects of material, spiritual, cultural, social security, national security, and defense significance. Some notable projects undertaken by Vinaconex 1 include the Trung Hoa - Nhan Chinh new urban area, Thang Long Boulevard, Da River clean water supply system in Hanoi city, Cam Pha Cement Factory, Yen Binh Cement Factory, Bac An Khanh New Urban Area, Corporation Headquarters at 34 Lang Ha street, Terminal T2 at Noi Bai International Airport, National Convention Center, My Dinh National Stadium, the Hanoi Museum, etc. Apart from collaborating with the Corporation, VINACONEX 1 has also executed major contracts with various investors including Nam Cuong Group, Dabaco Group, SUNSHINE Group, Lung Lo Corporation, and Tan Hoang Minh Group, etc., carrying out large-scale and technically complex projects.

In November 2018, in line with the Government's SOE restructuring policy, Vinaconex Corporation changed its ownership structure. The State divested all capital contributions, resulting in the Corporation transforming into a 100% non-state-owned joint-stock enterprise. It means Vinaconex 1 and other affiliated units also experience shifts in their ownership structure and development orientation.

The ownership transformation brought about certain disruptions in organizational structures and personnel, leading some long-serving personnel to change jobs due to incompatible attitudes, mindsets, or capabilities in the new environment.

Despite these challenges, the transition from state to non-state ownership has resulted in significant benefits and improvements in the Company's production and business activities. With support and favorable conditions in terms of mechanisms, finances, and employment from the Corporation, the collective leadership and employees of Vinaconex 1 keep striving to fulfill the assigned production and business objectives by overcoming financial challenges and actively pursuing opportunities in the market to secure the wellbeing of the Company's workforce.

After 5 years of restructuring the ownership model, Vinaconex 1 has achieved stable growth under new production and business conditions, earning trust from Investors and Corporations to carry out civil construction projects, which can be named the Anland Nam Cuong Apartment Building (with 2 basements and 27 floors), the Dai Dong A Building (with 1 basement and 27 floors), Villas & semi-detached villas in the Do Nghia and Duong Noi urban areas, Flamingo Cat Ba Resort which features 3 high-rise buildings and over 1,000 apartments, Cat Ba Amatina Urban Area, etc. Additionally, the Company has undertaken industrial construction projects such as the Bac Giang Garment Corporation Factory (30,000sqm), the factory cluster for Thanh Cong Group's automotive supporting industry complex in Quang Ninh (with a phase I area of 60,000sqm and phase II of 50,000sqm), and the factory cluster of Tsuki Ha Nam Co., Ltd. (5 hectares), as well as technical infrastructure projects, including the technical infrastructure of the Pho Noi House Urban Area (21 hectares) and the technical infrastructure and roads in the Tien Hai Industrial Park in Thai Binh province(50 hectares), etc.

In step with the production and business development, Vinaconex 1, under the guidance of the Corporation, consistently fosters the growth of its affiliated party organizations and unions. With a membership of over 100, the Company's Party Committee keeps leading in successfully accomplishing all tasks, earning praise from upper-level and serving as a source of young officials for the Company's development. Other organizations including Trade Unions and Youth Unions, receive ongoing attention and favorable conditions to actively contribute to the Company's management, addressing the material and spiritual needs of workers, and motivating them to actively engage in production, business, and collective activities. Since its privatization Vinaconex 1 has spearheaded the establishment and implementation of corporate culture regulations, instilling pride and strengthening solidarity, faith, and determination among the company’s workforce.

The effective leadership, the direction of relevant agencies and local authorities where the Company is headquartered and projects, coupled with the support of credit institutions, investors and partners, have been instrumental in the Company's current achievements.

The Board of Directors of Vinaconex 1 Company would like to extend sincere gratitude to every leader and employee who has devoted their capabilities, enthusiasm, and energy to the company’s growth and development. Their continuous hard work on ongoing projects reflects their commitment to contributing to the overall development of VINACONEX Corporation and Vinaconex 1 Company.