Not only affirming its position with a large domestic customer base and a chain of projects spanning across all three regions of Vietnam, Central General Contractor is confidently breaking boundaries and expanding its reach internationally.
Currently, Central is operating in six promising international markets, including Taiwan (China), Thailand, Cambodia, Kuwait, Israel, and Saudi Arabia, gradually marking Vietnam’s presence on the global construction map.
Over the past decade, Vietnam’s construction industry has grown strongly, not only keeping pace with international standards but also achieving exceptional milestones compared to many other countries. According to the Saigon Construction & Building Material Association (SACA), there was a period when large private contractors saw remarkable growth of 20-30%, driven by proactive, innovative, and technology-adopting approaches.
However, this rapid development has also posed significant challenges for the industry. The domestic market has become increasingly narrow and saturated, leaving little space for large enterprises to fully unleash their potential. Legal barriers and fierce price competition have made the domestic market even more difficult. Particularly after the COVID-19 pandemic, the bond crisis pushed the sector into a negative growth of 0.6% in 2021, according to the Ministry of Construction. AB Securities (ABS) also noted that the construction industry is highly cyclical and heavily influenced by input factors and project supply.
Targeting the Billion-Dollar Market
This is the time for general contractors having a solid financial position, with a robust workforce and exceptional expertise in management, to conquer international markets—a sector valued at thousands of billions of dollars globally in 2019. Some pioneering companies have taken the first steps toward “expanding into the global arena,” carrying with them the ambition to elevate their status. However, most are still limited to low-cost housing projects, social housing, or merely providing labor, without demonstrating their capabilities on iconic projects.
Meanwhile, Central Construction Joint Stock Company has not only asserted its leading position in Vietnam’s construction industry but has also proven its ability to take on a variety of projects, from residential buildings, shopping centers, offices, hotels, to multi-purpose sports complexes. Building on its domestic successes, Central has consistently expanded, embracing new challenges and broadening its global influence. In the past year alone, the company has boldly entered six promising international markets, from Taiwan, Thailand, Cambodia to Kuwait, Israel, and Saudi Arabia, affirming the name and ambitions of Vietnam’s construction brand. These successes are not only a testament to Central’s internal strength but also symbolize Vietnam’s rising construction industry on the world map.
In June 2024, Central made a historic milestone by bringing its materials to an international project, the Zhongya Anju Housing project in Taiwan. This project, consisting of two 21-story towers and 4 underground floors with a total floor area of 59,000 square meters, marks the beginning of Central’s journey to conquer major global construction markets.
In October 2024, Central not only maintained its pioneering position but also expanded its market with a second project in Taiwan, the “Taipei Twin Towers.” This project features five underground floors, two towers of 55 and 73 stories, standing at 369 meters, and a total construction area of 590,000 square meters, designed by the renowned American architectural firm SOM (Skidmore, Owings & Merrill). Located at the busiest subway station in the capital, Taipei, this project is the second tallest building in Taiwan, just behind the famous Taipei101, reaffirming Central’s prestige and stature in the construction industry.
Not stopping there, at the end of 2024, Central continued expanding into new markets. The company won the contract for the Sumou Towers project in Jeddah, Saudi Arabia, which consists of two towers of 63 and 71 stories, standing 310 meters tall, with a total floor area of 415,500 square meters. This project not only demonstrates Central’s expanded influence but also solidifies the brand’s presence on the global construction map.
In early 2025, Central further marked its progress in Cambodia with the Win Win Office & Apartment project, a 15-story building within a 3-hectare complex, including hotels, apartments, and shopping centers. This strategic move is set to further expand Central’s influence and open new opportunities in its global journey.
Central Pioneers with Near $200 Million International Contracts
Central Construction Joint Stock Company stands out not only for its diverse project portfolio but also for leading the charge in international markets, both in the number of projects and the range of countries. To achieve these remarkable accomplishments, Central’s leadership has shared that they have made thorough preparations, from legal matters, staffing, and management systems to financial and business strategies.
By completing the necessary legal procedures, Central has successfully established a strong foundation in international markets. “International projects require not only certification of the company’s capabilities but also the requirement that the direct managers have the appropriate certifications for each specialized role and safety standards,” a company representative shared.
In terms of staffing, Central skillfully combines local and international labor, maximizing the capabilities of every member at all levels of management. The company also places a high emphasis on fostering a spirit of continuous learning, encouraging participation in international training programs to meet the stringent requirements of local markets. Mr. Nguyen Cong Long, one of the employees working on the Taipei Twin Towers project, shared that although he initially faced challenges due to language and cultural differences, the company provided language courses and organized events to help him and his colleagues integrate better. “Even though I’m far from home, I always feel the warmth and friendliness of the working environment at Central in this Taiwan project,” he said.
To enter international markets, Central applies a streamlined management system, which has been refined in Vietnam according to international standards, combined with a flexible project management process that adjusts to the specifics of each country. The company also promotes the digitization of international projects into a centralized ERP management system, ensuring greater proactivity and efficiency in monitoring and implementation.
Financial Stability and Future Outlook Financially, Central places a high priority on cash flow stability and the financial efficiency of its projects. The company works closely with reputable international banks in the countries it operates in, as well as trusted Vietnamese banks, ensuring stable operations for payment guarantees, material payments, and worker wages.
In the future, Central aims for sustainable growth in its six international markets and will continue to leverage its strengths in structural construction, finishing, and MEP (mechanical, electrical, and plumbing) systems. It is expected that the total contract value from these international projects will bring in approximately $200 million, reinforcing Central’s position as a leading general contractor in Vietnam and the region.
The tireless efforts and relentless ambitions of CENTRAL have been justly rewarded. In 2024, CENTRAL was proudly recognized in the Top 50 Best Enterprises in Vietnam – VNR 500, published by Vietnam Report and Vietnamnet, and also made a strong mark by ranking in the Top 4 largest private construction companies. This recognition is not only a testament to the company’s ongoing contributions and innovations but also a source of pride for the entire CENTRAL team as it continues to assert Vietnam’s stature on the global stage.
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