Mr. Bolat Duisenov, Chairman of Coteccons, said that although he was sad to lose, the Long Thanh airport terminal contract accounted for a small proportion of the company's business plan.
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 the 5.10 package - Long Thanh airport will not affect the company's future. In CTD's business plan, this package accounts for a small proportion because this enterprise has set a bigger goal when participating in the infrastructure construction sector.
"Long Thanh Airport is a great opportunity that we missed. I am very sad and emotional when we did not win the bid. But that does not mean we will go home and give up," Mr. Bolat shared.
Mr. Bolat Duisenov - Chairman of Coteccons, speaking at the annual meeting on the afternoon of October 17. Photo: CTD
Package 5.10 includes construction and equipment installation for the passenger terminal of Long Thanh International Airport (Dong Nai). This is the most valuable item in the project, worth 35,000 billion VND.
Coteccons led the Hoa Lu Joint Venture as one of three bidders, along with the Vietur Joint Venture and CHEC-BCEG-Vietnam Contractors. After the first round of bidding in which Vietur won, the Hoa Lu Joint Venture accused the contractor of violating regulations and not meeting the technical requirements. After that, the ministerial agencies intervened to handle the complaint. The final result was that the Vietur Joint Venture won the bid to build the Long Thanh airport terminal.
According to CEO Vo Hoang Lam, the company had an inappropriate approach to public investment projects in the past. After losing the bid, the company conducted a process of learning from experience. The company studied and researched a new approach, similar to international general contractors. CTD will seek to submit the best construction method at the most suitable price, thereby providing the best solution to the government to have the opportunity to build key projects. He believes that if the approach continues to improve, opportunities will come to Coteccons.
As CTD expands into infrastructure construction, some shareholders question the company’s chances of participating in future projects. One of them said that there have been many infrastructure projects implemented over the past time, but so far Coteccons has “only been a spectator”. This person asked the company’s leadership to prove its 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 the economy strongly in the next 3-5 years, Vietnam will have to invest in many large infrastructure projects. At the same time, the urbanization rate is taking place rapidly, foreign investment capital is also pouring in massively, requiring many serving works. Thanks to that, CTD forecasts that the construction industry will grow by 40-45% and the company can hold a very large market share in it.
In addition to airports, infrastructure construction also includes highways, road traffic routes, urban railways and many other public projects. Coteccons is studying to participate and only focuses on large-scale projects.
In recent times, the company has been consolidating its staff, resolving outstanding issues and optimizing operational capacity. After the bidding phase of 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 said that it will take another 6-18 months for the results of the infrastructure segment to be recorded, depending on the general development situation of public investment in Vietnam.
In addition to infrastructure, Coteccons is planning to expand into social housing and renewable energy. At the same time, the company is also preparing to attack foreign markets. First, CTD will follow its loyal customers when they go abroad. The company will proactively explore the market to expand its 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 doubted that the above target was just an "empty slogan" of the company's leaders because the business situation has not grown significantly so far. In response, Mr. Bolat affirmed that he would "certainly complete" the above two milestones, but it would take more time than the original estimate of 2025.
Siddhartha
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