VINACONEX SUCCESSFULLY HELD THE ANNUAL GENERAL MEETING 2023

The Annual General Meeting of Shareholders in 2023 of VINACONEX Corporation (stock code: VCG) took place successfully. With high consensus, all proposals were approved in the AGM. VCG strives to achieve a 70% increase in consolidated revenue in 2023.
The meeting was chaired by the Presidium including Mr. Dao Ngoc Thanh, Chairman of the Board of Directors; Mr. Nguyen Xuan Dong, Member of BOD, General Director; and Mr. Duong Van Mau, Member of Member of BOD, Standing Deputy General Director.

Winning bids for a number of large-scale projects
In 2022, the total winning value of the Corporation exceeded VND 11,000 billion, in which the holding company’s reached over VND 9,700 billion. The implemented projects are in the fields of civil and industrial construction, transportation infrastructure, and so on, such as the infrastructure construction project of the Hung Yen Clean Industrial Park, Vung Ang 2 Thermal Power Plant Project, and some bidding packages of component projects under the North-South Expressway investment construction project (phase 2), etc.

Despite facing many obstacles due to lack of leveling materials, fluctuating prices of material, high financial expenditures, and tight credit, Vinaconex Corporation is still committed to completing the North-South Expressway project phase 1 with set forth progress and quality that was recognized by the government and the Ministry of Transportation. On that basis, at the beginning of 2023, the Ministry of Transport continues choosing Vinaconex as the contractor to execute a number of bidding packages for the North-South Expressway project in the 2021-2025 period. Vinaconex was most recently chosen to implement package no. 03-XL of Ha Giang - Tuyen Quang Expressway (phase 1), with a construction value of close to VND 900 billion and a construction time of 30 months.. 

Some other key construction projects such as the Long Son - Vung Tau Refinery and Petrochemical Complex, Cheng Long Project (Binh Duong), Vinh Tuy bridge phase 2 (Hanoi); The Hanoi People's Court Project, the K Hospital Project, Hanoi Children's Palace project, the T2 terminal of Phu Bai Airport (Hue), etc. are all carried out to ensuring quality, progress, and efficiency. 

Investment activities: Keep up the stability and efficiency

Dakba Hydropower Plant invested by Bach Thien Loc Joint Stock Company (with 99% of the capital owned by Vinaconex Corporation) had been executed with light speed and connected to the national power grid within two years when most similar projects would take three to five years. The plant has generated stable electricity since December 2022, generated revenue and profit since 2023, and contributed to socioeconomic development in remote areas of Quang Nam province

Investment activities focus primarily on projects that address actual demands in Hanoi and other localities, such as the Green Diamond luxury apartment at 93 Lang Ha Street, Cat Ba - Amatina resort urban area, Cho Mo Trade Centre, KM3, KM4 Urban Area in Hai Yen Ward, Mong Cai city, Quang Ninh (43.8 hectares); the Expanded Hoa Binh boulevard urban area project in Quang Ninh (48.8 hectares); Hoa Lac Hi-Tech Park (270.8ha); Thien An new urban area (Da Nang), etc. 

In order to focus resources on growing three core areas of construction - real estate investment - financial investment since 2019, Vinaconex also paid special attention to conducting effective M&A activities, with a scientific financial management strategy prioritizing capital adequacy.

Promoting production & business activities in three core areas, with a goal of increasing total consolidated revenue by 70%

The Corporation's BOD intends to keep focusing on the three core areas of construction, real estate, and financial investment, completing construction projects on schedule and with high quality, looking for sources of construction work in public investment and foreign-invested projects, particularly traffic and infrastructure ones to retain, gain market share and to enhance VCG brand; develop production and business plans with high growth in comparison to 2022. In which the consolidated revenue and holding company’s revenue in 2023 would increase by 70% and 25% respectively; consolidated profit after tax would increase by 92%; and the holding company’s profit after tax increase by 22% compared to the outcomes in 2022. When compared to the implementation in 2022, the dividend rate is 10%, same as in 2022.
In his sharing with the shareholders, the Chairman of BOD – Mr. Dao Ngoc Thanh also affirmed the ambition and determination of BOD, BOM, and employees of Vinaconex to be named among the national leading enterprises in the field of construction and real estate, taking good care of the well-being for employees and providing benefits to the shareholders. The Corporation's production and business activities consistently achieve strong and stable growth, with total revenue, profit, and contributions to the state budget and social welfare growing.