Ahead of the Lunar New Year 2025, during the vibrant and warm atmosphere of the year-end days, Central Construction Joint Stock Company proudly received the announcement of winning the tender for the premium apartment project “Midori The Nest” in the new city of Binh Duong, with a contract value of VND 1,400 billion. This achievement is not only a great joy but also a testament to the relentless efforts and prestige that Central has built over the course of its development.
The Midori The Nest project, developed by the joint venture between Tokyu Corporation (Japan) and Becamex, further reinforces Tokyu’s strong presence in the Vietnamese market. As one of Japan’s leading real estate developers, Tokyu is renowned for its high-quality projects across the region and has maintained a pioneering position in the Vietnamese real estate market for more than a decade. This is particularly evident in Binh Duong, where Tokyu has contributed to the development of modern, sustainable urban areas.
The Midori The Nest project, consisting of two 25-story towers, is expected to become a new landmark in both architecture and lifestyle at the heart of the Binh Duong New City. Central is proud to be the main contractor for this project, entrusted with the responsibility of bringing to life a landmark development by Becamex Tokyu, blending superior quality with elegant design. This not only demonstrates Central’s capabilities but also reinforces the stature of Vietnam’s construction industry.
Perspective of Midori The Nest Project
PROJECT INFORMATION:
Project Name:
Midori The Nest
Location:
Hoa Phu Ward, Thu Dau Mot City, Binh Duong Province
Investor:
Becamex Tokyu
Architectural Design Consultant:
GSA Studio (Australia)
Tender, Quantity Consultant
Artelia (France)
Supervision Consultant:
Bureau Veritas (France)
Midori The Nest is the second project for which Central has earned the trust and confidence of this prestigious investor. Previously, within the Midori Park urban area, Central partnered with Becamex Tokyu to complete and deliver the Haruka 1DEF project in March 2022.
With a strong sense of responsibility, profound local expertise, and an experienced team, Central is committed to providing advanced technical solutions, combined with an optimized modern equipment system that meets the strict technical requirements of the project. Each phase of construction will be tightly managed to ensure superior quality and optimal efficiency, bringing this prestigious project to fruition.
Currently, the real estate market is undergoing a strong transformation, particularly in major cities such as Hanoi, Da Nang, Ho Chi Minh City, and especially in Binh Duong, where demand for high-end residential properties with a variety of integrated amenities is rapidly increasing. With meticulous investment and dedication, Midori The Nest is poised to become an ideal choice for those seeking a perfect and luxurious living space.
As the market shows signs of revitalization, a general contractor with a skilled workforce and strong financial health is poised for significant growth.
The vibrant sounds of construction sites for multi-billion-dollar projects are signaling the return of dynamic activity to Vietnam’s construction sector. After a prolonged period of stagnation, the industry has seen a strong comeback with a series of large projects being continuously launched. Leading contractors such as Coteccons, Central, Newtecons, and many others are tirelessly working to reposition themselves and build a foundation for sustainable development.
However, this recovery is not solely a matter of winning more projects; it is also a challenge of internal capabilities, particularly the financial strength of these enterprises. A major question arises: do the general contractors have the necessary capacity to execute and complete these multi-billion-dollar projects amidst fierce competition, stringent requirements on timelines, and quality?
Construction sites lit up for work following the recovery.Photo: CENTRAL
Reports from the Mirae Asset Vietnam Securities (MASVN) analysis team have highlighted a significant risk today: the shortage of capable contractors, leading to numerous issues such as project delays, decreased construction quality, and increased costs. In this context, the ability to maintain stable cash flow, control risks, and optimize resources becomes crucial to success.
Having consistently secured a series of projects worth billions of VND, Central Construction Joint Stock Company, with its sustainable development strategy, has affirmed its position thanks to its strong workforce and outstanding management capabilities. Currently, the company boasts nearly 900 experienced engineers and over 10,000 skilled workers from various regions, enabling optimal labor mobility and ensuring project timelines are met without obstruction, regardless of the project’s location.
Financially, Central continues to prove its stability through tight management and proactive cash flow control, avoiding the pitfalls of stagnant projects amid the recent turbulence in the bond market. Rather than chasing revenue, the company maintains a balanced approach between growth and risk control, ensuring that each project delivers long-term value.
Central continuously wins bids for multi-billion VND projects.Photo: CENTRAL
During the 2022-2024 period, as the construction market faced numerous fluctuations, Central demonstrated exceptional stability and superior management capacity. In 2022, the company achieved a post-tax profit of VND 233 billion, a positive result amid challenging circumstances. In 2023, despite the ongoing struggles in the real estate market, Central still maintained a profit of over VND 200 billion. By 2024, the company continued to hold steady with a post-tax profit exceeding VND 200 billion, reaffirming its sustainable development strategy and effective adaptability.
Moreover, Central has maintained a leading position in terms of Return on Equity (ROE). As of the end of September 2024, this ratio significantly outpaced its industry competitors, reflecting the company’s exceptional business efficiency.
Risks from the Short-Term Revenue Race
While Central focuses on sustainable development, many other contractors are engaging in a revenue race at all costs. This includes strategies like bidding at low prices or even advancing funds to investors to secure contracts. While these tactics may boost short-term revenue, they come with significant risks, including cash flow imbalances—particularly when projects face legal issues or delays as seen in recent times. Advancing funds to investors not only puts pressure on budgets but also reduces a company’s financial flexibility.
Additionally, undercutting bid prices in order to win contracts may lead to cost-cutting on construction expenses, which severely impacts the quality of the final product. Some projects, once completed, have resulted in a range of negative consequences—from increased operational and maintenance costs to a tarnished reputation for the contractor.
A Safe Choice for Investors
Unlike high-risk strategies, Central maintains a healthy capital structure and a sustainable financial strategy. The company’s debt-to-equity ratio has consistently remained among the lowest in the industry, standing at 12.3%, 5.7%, and 11.8% in 2022, 2023, and 2024, respectively. This not only alleviates interest payment pressures but also enables the company to reinvest its internal resources, positioning itself to expand into new sectors and markets. Central’s current ratio also reflects its stable financial capacity, achieving 1.15x, 1.17x, and 1.43x over the past three years. This ensures the company can settle debts promptly, reinforcing trust among partners and asserting its reputation in the industry.
Central: A trusted partner for investors. Photo: CENTRAL
In a volatile market, Central’s cautious approach and sustainable development strategy have made it a reliable partner for investors. Its strong financial position is not only the key to securing multi-billion-dollar projects but also serves as a solid foundation for long-term stability and growth.
In conclusion, as the construction industry witnesses a strong rebound thanks to public investment projects and the recovery of the real estate market, companies with robust financial health—such as Central—are becoming increasingly valuable partners, providing reassurance to investors. As the economy enters a new growth cycle, the demand for timely project completion, exceptional quality, and long-term impact will be more critical than ever. Therefore, choosing reputable and high-quality contractors is not only essential for ensuring the success of a project but also for cementing the long-term value and standing of each building or infrastructure development.
Building on the success of theYear-End Review Meeting 2024in the South, on January 9, 2025, Central Construction Joint Stock Company organized a ceremony to honor its Northern region employees. The event took place at the Almaz Convention Center in Hanoi, with the participation of the leadership team and over 200 employees.
The leadership team of Central raised a toast in celebration during the event.
View of the ceremony to honor the employees of Central Northern Vietnam
The ceremony showcased an emotional video, reflecting on Central’s “second entrepreneurial journey.” The stories of sacrifice, team growth, and the breakthroughs made to surpass personal limits and achieve extraordinary results were vividly depicted. During the ceremony, Mr. Tran Dang Khoa – Executive Director – highlighted Central’s outstanding achievements and remarkable awards from the past year. He emphasized the company’s plan to expand into international markets and explore other sectors within the domestic construction industry. He also acknowledged the challenges ahead, which would require further investment from the leadership and strong commitment from employees to achieve the company’s 2025 goals.
Mr. Tran Dang Khoa – Executive Director – delivers his speech.
To acknowledge the efforts and contributions of the employees in 2024, the leadership team awarded and recognized the best-performing individuals and teams as a token of gratitude and encouragement.
Recognition of Outstanding Teams and Individuals for 2024
The ceremony concluded with a warm and intimate employee appreciation party, where everyone celebrated the achievements of the past year, participated in a lucky draw with valuable prizes, and committed to striving for a new journey of strength and breakthroughs.
On January 8, 2025, at the JW Marriott Hotel in Hanoi, the announcement ceremony for the Top 500 Largest Enterprises in Vietnam for 2024 (VNR500) was held. The event, organized by Vietnam Report Joint Stock Company in collaboration with VietNamNet newspaper, saw the participation of nearly 500 representatives from leading enterprises in Vietnam, economists, and media representatives.
At the event, Central Construction Joint Stock Company was honored in the Top 50 Excellent Enterprises in Vietnam. Notably, Central achieved an impressive ranking as one of the Top 4 Largest Construction Companies in Vietnam (according to VNR500’s report for the private sector).
A representative from Central Construction Joint Stock Company received the certificate and commemorative trophy for being listed among the Top 50 Excellent Enterprises in Vietnam.
The ranking results serve as a testament to Central’s solid position as one of the leading construction enterprises in the industry, delivering quality services that meet the trust and expectations of clients and partners. Moreover, the company has maintained stable and sustainable business performance throughout 2023-2024. Central has contributed to stabilizing the national economy by overcoming challenges and consistently supporting and partnering with the community and society.
Being recognized among the Top 50 Excellent Enterprises in Vietnam marks a significant milestone, affirming Central’s commitment to the strategic development of sustainability that it has been pursuing. In the face of a continuously fluctuating market, the company has consistently focused on innovation, creativity, and adaptation to build a lasting position and earn the trust of its clients.
Representatives of the Top 50 Excellent Enterprises in Vietnam
2024 marks the 18th consecutive year that Vietnam Report, in collaboration with VietNamNet newspaper, has published the VNR500 ranking to honor large-scale enterprises that maintain effective business operations, demonstrate resilience in the face of unexpected global challenges, and cope with the slowdown of national economic growth. With a transparent and scientific methodology, being included in the VNR500 ranking serves as a launching pad to enhance the position and prestige of Vietnamese businesses both domestically and internationally.
Central Construction Joint Stock Company extends its sincere gratitude to its valued clients, partners, and the dedicated staff for their contributions to the collective success of the company.
On January 2, 2025, Central Construction Joint Stock Company held its Year-End Review Meeting 2024 with the theme “Unlocking Inner Strength” at the White Palace Convention Center, Hoang Van Thu. The meeting was a great success, taking place in a solemn yet warm atmosphere, with the participation of distinguished guests and more than 850 employees.
During the ceremony, Central reflected on the achievements made in 2024 through relentless efforts and perseverance. With the current internal strength — a highly skilled workforce, strong financial stability, digital transformation, enhanced technical capabilities, and expanded business operations — the leadership shared the goals and directions for the upcoming year.
The discussion session featured a conversation between Central’s leadership and guest speakers Mr. Pham Thanh Dien, Chairman of 620 Infrastructure Development and Investment Joint Stock Company, and Mr. Duong Dinh Thanh, Expert in Restructuring and Digital Transformation.
2024 marked “the second entrepreneurial journey” for Central, summarized in an emotional video highlighting the company’s relentless efforts, intertwined with the silent sacrifices of employees. The growth of the team, the courage to exceed personal limits, and the readiness to face challenges and conquer new milestones were all reflected.
One key highlight in Central’s business activities was the company’s initial foray into the infrastructure sector, beginning with projects such as the Can Tho – Hau Giang Expressway, Rang Đông Aurora Industrial Park in Nam Dinh, The Global City infrastructure and landscape, and The Rivus. These projects lay the foundation for us to continue asserting our infrastructure construction capabilities in the future.
At the event, CEO Tran Quang Tuan shared a message with all employees: “I, along with you, commit to creating a ‘Happy Work Environment.’ Central is not just a place to work but a place to belong, where every engineer can build a long-term career. As a founder and leader, I urge all leaders and managers to lead by example, adopt the right mindset, learn and grow every day, take responsibility in decision-making, UNLOCK THE INNER STRENGTH OF YOURSELF AND YOUR TEAM, and practice the principle of EFFECTIVE WORKING [5 Rights]: Right Task; Right Person; Right Contact; Right Time; Right Result.”
CEO Tran Quang Tuan’s speech
A special feature of this year’s meeting was an inspiring session with Speaker Thanh Nguyen, CEO and Chief Happiness Officer of Anphabe, who led a discussion on the topic “Building Happiness, Securing the Future.” Through this session, each employee was encouraged to step out of their comfort zones, continuously learn and grow, turn fear into opportunity, and pursue passion and purpose. This approach is essential to developing personal happiness, fostering empathy between staff and leadership, and ultimately creating a happy work environment.
Speaker Thanh Nguyen, CEO and Chief Happiness Officer of Anphabe, leading the discussion on “Building Happiness, Securing the Future” and creating a happy work environment.
Employees engaging with Speaker Thanh Nguyen
Building upon the successes of 2024, the Central team is committed to pursuing its goals more systematically, decisively, thoroughly, and with greater depth. During the presentations by the Directors of Divisions/Departments, the action plans for 2025 were outlined: focusing on human resources development, optimizing operational systems, accelerating digital transformation, enhancing technical capabilities, expanding the infrastructure sector, offering comprehensive solutions to clients, and particularly, developing international markets to reach global opportunities.
Directors of Divisions/Departments sharing insights on internal resources
In recognition of the contributions made by Central’s employees in 2024, the leadership decided to reward and personally present awards to the most outstanding individuals and teams in various categories: Best Digital Transformation Department, Outstanding Project Achievements, Breakthrough Projects, Outstanding Site Managers, Outstanding Deputy Site Managers, Outstanding Department Heads, Outstanding Supervisors, and Outstanding Office Staff.
Outstanding Individuals & Teams recognized at the Year-End Review Meeting 2024
Central’s leadership raising a toast to the success of the Year-End Review Meeting 2024
The ceremony concluded with a sense of joy among the employees, leaving behind many emotions, united in the mission to “Unlock Inner Strength” and accomplish the set objectives for 2025. Together, we are determined to ensure that Central continues to grow stronger in the future.
On the morning of Dec. 24, 2024, Central Construction JSC, in collaboration with the Project Management Unit (PMU) of the “Development of Vietnam’s National Universities – Vietnam National University Hanoi Subproject” hosted the ground-breaking ceremony for the University of Engineering and Technology at Thach Hoa Commune, Thach That District, Hanoi City. The project is being built on the Vietnam National University Hanoi campus, covering 887.9 hectares and is funded through a World Bank’s credit fund. The total investment amounts to USD 123.18 million, equivalent to VND 2,894 trillion.
The event was attended by distinguished delegates, including:
From Vietnam National University-Hanoi (VNU-HN):
Mr. Le Quan, Secretary of the Party Committee, President
Professor, Academician Dao Trong Thi, Former President
Mr. Nguyen Hieu, Permanent Vice President
Mr. Nguyen Hoang Hai, Vice President
Mr. Pham Bao Son, Vice President
Dr. Vu Minh Giang, Former Vice President
From the University of Engineering and Technology (UET):
Mr. Chu Duc Trinh, Rector
Mrs. Nguyen Thi Bich Ha, The spouse of the late Professor, Academician Nguyen Van Hieu
Mrs. Nguyen Thu Huong, Vice Rector
From the PMU “Development of Vietnam’s National Universities – VNU, Hanoi Subproject”:
Mr. Nguyen Thanh Tuan, Director of the Board
From Central Construction Joint Stock Company:
Mr. Tran Quang Tuan, CEO
Mr. Tran Dang Khoa, Executive Director
Mr. Nguyen Thanh Luan, Project Director
In collaboration with APAVE Vietnam & Southeast Asia consultancy company, the design consultants’ team, faculty members from VNU-Hanoi, esteemed partners, clients, and media agencies supporting communications of this important project.
The UET project consists of several key facilities such as: administrative buildings, lecture halls, training and practice areas, a multifunctional laboratories building, and essential technical infrastructure such as road, power stations, water supply, and wastewater treatment systems. CENTRAL serves as the General contractor for Structural, Finishing, MEP systems and Infrastructure
The ground-breaking ceremony for the UET marks a significant step in VNU-Hanoi’s commitment to modernizing and synchronizing its facilities, contributing to the national innovation ecosystem, and, most importantly, advancing the development of human resources for semiconductor integrated circuit technology research in Vietnam.
Leaders of VNU-Hanoi, UET and CENTRAL performing the Ground-breaking Ceremony
Delegates attending the Ground-breaking Ceremony
Mr. Nguyen Hieu, Permanent Vice President of VNU Hanoi speech at the ceremony
At the groundbreaking ceremony, Mr. Nguyen Hieu, Permanent Vice President of VNU Hanoi, shared: “The ground-breaking of the UET marks a milestone in the school’s development, with a larger scope and a commitment to becoming the leading center in the country for training and research in technology, especially in developing the workforce for research in semiconductor integrated circuit technology in Vietnam.”
Mr. Chu Duc Trinh, Rector of the UET speech at the ceremony
On behalf of the UET’s Board of Administrators, Mr. Chu Duc Trinh, the Rector of the university, spoke: “This groundbreaking ceremony is a landmark event celebrating the 25th anniversary of the University’s establishment. It signifies not only the dream of VNU Hanoi and the UET but also the aspiration of Vietnam’s higher education system. Moving forward, the University is ready to accompany VNU-Hanoi in spearheading efforts to train high-quality, advanced technical professionals and cultivate exceptional talent for the nation, the region, and the world”
In response to the trust from the Owners, Mr. Tran Quang Tuan, CEO of CENTRAL, stated: “Central is honored to collaborate with VNU-Hanoi in this large-scale educational project. The trust placed in us by the Owners is a powerful motivation for Central to continuously strive for excellence, complete the project to the highest standards, and contribute to enhancing the nation’s human resource development. We firmly believe that this partnership will establish a strong foundation and open-up many new opportunities for the future, enabling our company to continue contributing to the development of Vietnam’s education sector.”
Mr. Tran Quang Tuan, CEO of Central Construction JSC speech at the ceremony
Once completed, the project will meet the educational needs of 4,400 students, aligning with the strategic vision of the UET. It aims to position the university as a leading research university in science and applied technology in Vietnam, meeting the core standards of advanced research universities across Asia. In particular, several programs and disciplines will meet international benchmarks, making significant contributions to the nation’s industrialization and modernization efforts.
Some images from the ceremony:
MC Thao Van and Mrs. Mai Thi Kim Dung, CFO of CENTRAL, taking a commemorative photo
