Answering VnExpress 's question at today's Annual General Meeting of Shareholders, Mr. Bolat Duisenov - Chairman of Coteccons Construction Joint Stock Company (CTD), affirmed that the failure of bid package 5.10 - Long Thanh airport does not affect enjoy the future of the company. In CTD's business plan, this bidding package accounts for a small proportion because this enterprise sets a larger goal when participating in the infrastructure construction segment.
"Long Thanh Airport was a big opportunity that we missed. I was very sad and had many emotions when we didn't win the bid. But that doesn't mean we will go home and give up," Mr. Bolat shared.
Mr. Bolat Duisenov - Chairman of Coteccons, spoke at the annual meeting on the afternoon of October 17. Photo: CTD
Package 5.10 includes construction and installation of passenger terminal equipment at Long Thanh International Airport (Dong Nai). This is the class with the highest value in the project, worth 35,000 billion VND.
Coteccons leads Hoa Lu Joint Venture as one of three units participating in the bidding, besides Vietur Joint Venture and CHEC-BCEG-Vietnam Contractors. After the first round of bidding with Vietur winning, Hoa Lu Joint Venture accused this contractor of violating regulations and not meeting the standards to meet technical requirements. After that, ministerial-level agencies step in to handle complaints. The final result is that Vietur Joint Venture won the contract to build Long Thanh airport terminal.
According to CEO Vo Hoang Lam, in the past, the company had an inappropriate approach to this type of public investment project. After losing the bid, this business conducts a process of learning from experience. The company studies and researches new approaches, similar to international general contractors. CTD will seek to submit the best construction method at the most suitable price, thereby providing the best plan for the government to have the opportunity to build key projects. He believes that if we continue to improve our approach, opportunities will come to Coteccons.
As CTD expanded into infrastructure construction, some shareholders questioned the company's opportunities to participate in future projects. Among them, one opinion is that many infrastructure projects have been implemented over the past time, but up to now Coteccons has "only been a spectator". This person requested the company's leadership to demonstrate their ability to pursue the above field.
Responding to shareholders, Mr. Lam used the word "passion" to talk about this plan and reiterated that Long Thanh airport is just one of many key public investment projects in the coming time. To develop strongly economically in the next 3-5 years, Vietnam will have to invest in many large infrastructure projects. At the same time, the pace of urbanization is rapid, foreign investment capital is also pouring in massively, requiring many service projects. Thanks to that, CTD forecasts that the construction industry will grow by 40-45% and the company can hold a large market share in it.
In addition to airports, infrastructure construction is also located on highways, road transport routes, urban railways and many other public projects. Coteccons is researching to participate and only focuses on large-scale projects.
Recently, the company has strengthened its team, resolved outstanding problems and optimized operating capacity. After the bidding phase for Long Thanh airport, this enterprise has built a working apparatus specializing in infrastructure - public investment to serve the future. CTD's goal is to find a foothold in the infrastructure segment, similar to its position in the civil and industrial segments. Mr. Bolat believes that it will take another 6-18 months for the results of the infrastructure segment to be recorded, depending on the general development of public investment in Vietnam.
In addition to infrastructure, Coteccons is planning to expand into social housing construction and renewable energy. At the same time, this business is also preparing to attack foreign markets. First of all, CTD will follow loyal customers when they go abroad. The company will proactively explore the market to expand business activities outside of Vietnam.
The above diversification activities will be one of the strategies for Coteccons to complete the previously set revenue target of 3 billion USD and capitalization of 1 billion USD. A shareholder suspects that the above goal is just an "empty slogan" of the company's leaders because up to now the business has not grown significantly. In response, Mr. Bolat affirmed that he will "definitely complete" the two milestones mentioned above, but it will take more time than the original estimate of 2025.
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