Category: Project News

As the new year of the Year of the Snake 2025 begins, Central Construction Joint Stock Company is pleased to announce its success in winning the contract for the Mandarin Oriental Da Nang project located in Hoa Hai Ward, Ngu Hanh Son District, Da Nang City. This marks an important milestone that heralds a promising year ahead.

The project is managed and operated by the Mandarin Oriental Hotel Group, a member of Jardine Matheson Holdings. This brand is recognized as one of the world’s top luxury hotel brands according to Luxury Travel Intelligence rankings. The group currently operates 38 hotels and 11 resorts with unique villas in 25 countries and territories, along with many other ultra-premium projects that are being implemented and developed.

PROJECT INFORMATION:

Project Name:	Mandarin Oriental Da Nang
Investor:	The Nam Khang Corporation
Land Area:	17,2 hectares
Project Management Consultant:	FQM Corporation
Architectural Consultant:	MH Architects Joint Stock Company (EU & Asia)
Landscape Consultant:	Intaran design (Indonesia)

The Mandarin Oriental Group, renowned for building only the most exquisite resorts and villas in the most coveted locations worldwide, proudly welcomes Mandarin Oriental Da Nang to its prestigious list. Located at Non Nuoc, one of the most beautiful beaches in the world as recognized by Forbes magazine, this project not only offers a luxurious experience but also serves as an ideal starting point for visitors to explore three UNESCO World Heritage Sites: Hoi An Ancient Town, My Son Sanctuary, and the Imperial City of Hue, along with international-standard golf courses.

With a commitment to excellence and extensive experience in constructing the finest luxury resorts, Central has established its strong position through iconic projects such as: the 6-star Fairmont Hanoi Hotel, the 5-star Marriott Hanoi Hotel, Alma Resort Cam Ranh, Grand World Phu Quoc, VinPearl Nam Hoi An, and the Mountain Flower Resort in Dalat, as well as Vega City Nha Trang and Westin Resort & Spa Cam Ranh. In Da Nang City, Central is also developing high-end residential projects, including the 30-story Sun Symphony Residence and The Estuary Tuyen Son comprising two 40-story towers over nearly 2 hectares. Winning the contract for the Mandarin Oriental Da Nang project not only marks a significant achievement in Central’s career but also serves as a vibrant testament to its reputation and outstanding capabilities in the construction industry, both in Vietnam and internationally.

Central believes that with its current resources and extensive construction experience, it will undoubtedly deliver the best services, built to international standards, ensuring high quality and meeting safety and progress requirements while providing sustainable value and creating a luxurious living space for investors and clients alike.

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.

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?

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.

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.

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.

Link:

• CafeF: https://cafef.vn/suc-manh-tai-chinh-cua-central-cho-cac-du-an-ngan-ty-188250124181817242.chn

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.

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.”

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.”

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:

The PMB for Vietnam National University Development of VNU-Hanoi has just announced the results of the contractor selection for the Construction Package of the University of Technology (Phase 1) (WB/VNUHN/CW/03). Accordingly, Central Construction Joint Stock Company is the winning contractor for this project.

The project is being constructed on an area of 887.9 hectares and utilizes credit funding from the World Bank. The total investment for Vietnam National University – Hanoi (VNU-HN) amounts to 123.18 million USD, equivalent to 2,894 trillion VND.

On the morning of December 17, 2024, at the Headquarters of the World Bank’s PMB, located in Headquarters Building – Center Zone of Vietnam National University, Hanoi, both Parties conducted a contract signing ceremony. Currently, the construction site has been prepared and is ready to commence construction at the end of December 2024.

PROJECT INFORMATION:

Project Name:	University of Engineering and Technology (UET) – Vietnam National University – Hanoi (VNU)
Address:	Thach Hoa Commune, Thach That District, Hanoi City
Investor:	PMB for Vietnam National University Development of VNU-Hanoi
Design Consultant:	Design Consultant And Investment Of Constructions One Member Limited Liability Company (DCCD)
Scope of Work:	Structure, Finishing, MEP, and Infrastructure Works
Land Area:	41,000m2

Vietnam National University – Hanoi, once officially operational, will become a symbol of the most modern and smart green university urban area in Southeast Asia. The university has invested in many prominent facilities such as lecture halls, libraries, indoor and outdoor sports areas, cafeterias, dormitories, and green landscape areas.

In the field of education, Central has affirmed its position with a series of international standard school projects across the country. In the northern region, notable projects include: Singapore International School (Hai Phong), Dewey International School Ocean Park (Gia Lam, Hanoi), Chadwick International School, and Edison International School (Ecopark, Hung Yen), along with Phenikaa University (Ha Dong).

In the southern region, Central has successfully handed over projects such as Emasi Nam Long School (District 7) and Blue Sky Mega Residence School (District 9). Notably, the Emasi Plus International School – Water Point Campus in the Waterpoint Urban Area, Nam Long, Long An, has become a pioneering symbol in applying energy-saving green technology and using materials according to green building standards – LEED.

Central is proud to accompany this large-scale educational project. With a strong technical expertise foundation and a diverse accumulation of experience, Central has asserted its leading position through the application of modern technology and a professional project management process. We are committed to implementing the project with the highest determination, ensuring quality construction and timely delivery as committed.

Central not only aims to construct buildings but also aspires to make significant contributions to the development of education in Vietnam. Participating in international standard educational projects is part of our long-term strategy, with the goal of enhancing education quality and providing a modern and comfortable learning environment for future generations. Central continuously strives to contribute to building a better education for everyone. We are proud to contribute to the nation’s educational development.

On the morning of November 30, 2024, at Lot D1, Tan Thuan Export Processing Zone, District 7, Ho Chi Minh City, Central Construction Joint Stock Company and the investor, Tan Thuan Co., Ltd. (TTC), solemnly organized the topping-out ceremony for the TTC Business Incubator Project – Office Building C. This event marks an important milestone as the project has been topped out 1.5 months ahead of schedule, bringing great pride to all parties involved.

Attendees at the ceremony included:

From the Investor:

• Mr. Nguyen Tan Phong – Deputy General Director
• Mr. Yuan Dong – Director of the Service Department
• Mr. Hoang Bao Quoc – Deputy Director of the Service Department
• Mr. Hoang Duc Thinh – Construction Manager

From SCQC Saigon Construction Quality Control Joint Stock Company:

• Mr. Tran Hai Minh – Chief Supervisor

From Sino-Pacific Construction Consultancy Co.,Ltd:

• Ms. Thai Anh Ngoc – Chief Designer

From Central:

• Mr. Nguyen Thien Thuat – Project Director
• Mr. Nguyen Duc Hau – MEP Project Director
• Mr. Do Tran Duy Vinh – Project Manager
• Mr. Do Van Phuc – MEP Project Manager

For this project, Central Construction JSC is serving as the General Contractor for the complete execution of the following works: structure, finishing, interiors, façade, MEP systems, infrastructure, and landscaping. Commencing in February 2024, the project has overcome numerous challenges and achieved significant milestones. Notably, the excavation work for the basement was completed one month ahead of schedule, and the final slab pour for the roof was carried out 1.5 months earlier than planned.

“The TTC Business Incubator – Office Building C” will provide office space for businesses operating in software, design, commerce, and startups. This project continues the success of the investor following the operational launch of buildings A and B.

In response to the trust placed in them by the investor and to express gratitude to the partners involved, Mr. Do Tran Duy Vinh – Project Manager on behalf of Central stated: “During the construction process, conflicts and challenges are inevitable. However, with the professionalism of a reputable general contractor and the seamless coordination among all parties, every issue has been resolved. The success of a project is a collective effort, uniting the strength of all of us here.”

Following the topping out ceremony, the project team will continue to accelerate the finishing works: complete the mock-up floor as planned; finalize the interiors and construct the facade; and simultaneously implement the surrounding infrastructure. We are committed to completing the project on time, ensuring the highest quality, and handing it over to the investor for operations as per the established plan. This not only demonstrates Central’s capabilities and reputation but also reflects the trust and expectations that the investor has placed in us.

Some images from the ceremony: