“Many people think we are racing against our competitors, but in fact Coteccons is just on our own marathon track,” said Mr. Bolat Duisenov (Chairman of the Board of Directors of Coteccons).
Why marathon?
At the end of July this year, the world witnessed a historic event when the Paris 2024 Olympics opened on a river for the first time. Among billions of hearts beating together towards the Paris 2024 Olympics, Eliud Kipchoge - a Kenyan Marathon athlete, has the aspiration to break his own record, making history with 3 consecutive Olympic championships.
He set an unprecedented marathon record in October 2019: completing 42.195 km in less than 2 hours in Vienna (Austria). He also won Full Marathon Gold Medals at the 2021 Tokyo Olympics and the 2016 Rio Olympics.
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| GreenUP Marathon: Long An Half Marathon 2024 starts on August 24, 2024 in Can Giuoc district, Long An province |
At the same time, Coteccons organized the third GreenUP Marathon called Long An Half Marathon 2024, with the theme “The finish line is the starting point”. This annual race is Coteccons’ way of expressing its desire to promote a healthy, happy, green lifestyle, spreading values and sustainable energy to the community. But why a marathon and not another sport? Simply because the philosophy of “long-distance running” is very similar to the development orientation of the enterprise.
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| Mr. Bolat Duisenov (middle) – Chairman of the Board of Directors of Coteccons Construction Joint Stock Company (stock code: CTD) |
Like Eliud Kipchoge, Coteccons has never compromised on victory. “The finish line of this race is the beginning of another race” is the philosophy that helps Coteccons keep the fire burning to rise and continuously develop over the past 20 years.
Speed up or slow down and Coteccons' strategy
Coteccons was established in 2004, from a member unit of Fico Corporation. Just 2 years later, Coteccons undertook a series of large projects and successfully IPOed after 5 years of establishment. By the age of 11, Coteccons achieved a record revenue of 1 billion USD and maintained a revenue of over 10,000 billion VND. In the period 2016-2018, Coteccons achieved after-tax profit of 1,400 - 1,600 billion VND/year with a series of large projects such as The Landmark 81, VinFast, Casino Nam Hoi An, ...
The 20-year race has been filled with brilliant achievements, but there have been times when Coteccons had to slow down. In the 2020-2021 period, the company was caught up in internal strife, brand damage and revenue plummeted. Amid the storm, Coteccons strongly restructured from its business model to its corporate culture. By the end of 2021, Coteccons announced that it was "back in the race" with new project contracts worth tens of thousands of billions of VND.
Mr. Bolat Duisenov shared: “Like a marathon runner, Coteccons has maintained hard training. Over the past 20 years, whether at the peak of glory or when slowing down, Coteccons' perseverance has never changed. Running slowly or speeding up is all to maintain sustainable performance.”
The Coteccons leadership team has inspired thousands of employees to innovate their thinking and actions. At the construction site, Coteccons people work selflessly out of responsibility and desire to contribute valuable projects to the country.
Coteccons has exceeded the expectations of major investors, successfully applying the “Repeat sales” strategy. A typical example is that partner VinFast directly assigned Coteccons to implement phase 3 of the Hai Phong Factory Complex project. Vinhomes and Ecopark also trust Coteccons with a series of major projects. This strategy brings many “double” effects such as increasing revenue, reducing bad debt risks and saving effort and time in the bidding process.
Coteccons has returned to the race and made a spectacular comeback. While the world witnessed inflation and recession after Covid-19, Coteccons still grew steadily. In 2022, Coteccons returned to the No. 1 position in the construction industry in terms of revenue. In the first 9 months of 2023, Coteccons recorded revenue of VND 10,868 billion and profit after tax of VND 118 billion. The company signed a series of large contracts worth nearly VND 18,000 billion and the backlog for the 2024-2025 period is VND 24,000 billion.
The business leader affirmed that although in business, profit and revenue figures are what everyone cares about. However, Coteccons attaches more importance to the race to create a new type of construction enterprise both internally and externally. “Internally, there is the spirit of progress, daring to face challenges, ready to step forward with the will to overcome challenges and the desire to succeed. Externally, there is serving the community associated with sustainable values”.
Use the finish line to start
Whether on the marathon, in business or in life, individuals or organizations, there are different “Finish lines”. With Eliud Kipchoge, he always continues with the mindset of “striving for the best possible results”. The same goes for Coteccons, running does not necessarily mean leading or winning, the important thing is to focus on the inside, be steadfast and persistent. “The winner is not the one who takes everything, the winner is the one who can bring as many associates and partners to success and move forward together. That is the image of “Industry Leader” that we pursue”, said Mr. Bolat.
The Vietnamese construction industry is highly divided and solidarity among contractors is rare. Coteccons is ready to cooperate with the mindset: “Coteccons has only one competitor, and that is Coteccons itself.”
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| Coteccons commits to building a sustainable working environment for construction workers through the project "Building Tet" |
Coteccons paid all workers before Tet and gave gifts to 17,000 workers. “Build Tet” events were held at construction sites with many activities to show gratitude to workers. Mr. Bolat Duisenov said it was a way to “show sincere gratitude to the smallest and most vulnerable people in the construction industry value chain”.
Coteccons strives to connect partners and supporting businesses to create a green ecosystem. The company has completed software to manage greenhouse gas emissions and trained human resources to measure emissions at a number of projects. Coteccons has 46 projects certified with LEED/LOTUS out of a total of 305 green buildings nationwide and has built a network of 57 partners and suppliers with green product certification.
For ESG to truly become the DNA of a No. 1 construction contractor in Vietnam and move towards the position of “Industry Leader”, Coteccons still has a lot of work to do. But Mr. Bolat affirmed: “With the spirit of conquering marathon stages, we believe that nothing is impossible”.
This third season, Coteccons and its “green” partners such as Faslink, Schneider Electric, Dong Tam Group, Jotun, BIM Group, Lim Kim Hai, Viet Nu… convey the ESG spirit, bringing to each athlete participating in the race the most spiritual values and positive energy.
Quickly register to participate in the GreenUP Marathon - Long An Half Marathon 2024 to experience the unique 1-0-2 route with your relatives and friends here:
https://actiup.net/event/coteccons-greenup-long-an-half-marathon-2024?lang=en
https://ticket.irace.vn/greenup-marathon-long-an-half-marathon-2024
Source: https://baodautu.vn/coteccons—20-years-ben-bi-trong-cuoc-dua-voi-chinh-minh-d222484.html
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