With Strategic Partners: For Mutual Development

Vietnam Construction and Import-Export Corp (VINACONEX) was renamed from Overseas Labour Service Company set up in 1988 with the main functions of sending labourers and experts to work abroad in fixed terms. The major initial markets of VINACONEX were Soviet nations, Eastern European countries, Iraq, Libya, Algeria and others. Together with manpower export, VINACONEX also scaled up its importation and exportation of commodities and production materials with major markets of Japan, South Korea and Taiwan.

 

VINACONEX had advantageous conditions to get familiar with foreign markets and work with foreign partners in the fields of common concerns. With cooperation with foreign partners, VINACONEX and its employees had chances to learn the business administration experience and industrial modern working style. This is one of the crucial prerequisites for VINACONEX to build its corporate culture and collective working manner of both officials and employees.

 

After the collapse of the Soviet Union and socialist bloc in Eastern Europe and the Gulf War in 2001, the sooner return of thousands of VINACONEX labourers put heavy pressure on the employment creation for them. Before that situation, VINACONEX extended to other business scopes such as construction, investment and trading. These were new fields needed not only efforts of VINACONEX but also the exploitation of cooperation with foreign partners. VINACONEX’s foreign partners comprised of the Hong Kong-based Leighton (setting up VINALEIGHTON Joint Venture Company) or Japan-based TAISEI (setting up VINATA Joint Venture Company). Besides, the corporation also had many other foreign partners such as namely Dong Ah (South Korea), EBARA (Japan), RODIO (Italy), Kolon (South Korea), Shimizu (Japan), ROSE (Belgium), HOK (the US) WSP (Hong Kong) and PTW (Australia). Arguably, the successful cooperation with these partners enabled VINACONEX to create a strong momentum for the development of VINACONEX in the Vietnamese market.

 

In its development strategy for the coming time, VINACONEX will continue boosting up and further developing the cooperative relationship with domestic and foreign strategic partners. Especially, VINACONEX will pick up strategic partners with strong financial capacity, reputation and experience in the upcoming capital increase. Thus, VINACONEX can grasp the maximum assistance from those partners to develop VINACONEX into a leading corporation in Vietnam as well as in Southeast Asia.

 

To implement the policy of equitisation of State-owned corporations, VINACONEX was picked up as one of the three companies to be completely equitised and transformed into a holding company form and operated under the Enterprise Law. Right from the construction of equitisation plan, VINACONEX attached special importance to seeking and choosing strategic partners to call them to become strategic shareholders when the company issued its shares to the public. Those strategic partners will support and help VINACONEX in various fields, including financial assistance for investment projects, experience and business administration sharing, product marketing, market expansion and other technical supports.

 

From these criteria with reference to the Vietnamese laws, the current strategic shareholders of VINACONEX include Bank for Investment and Development of Vietnam (BIDV), the Agricultural Bank Transaction Department, Hanoi Housing Development Bank (Habubank), Vietnam Technological and Commercial Bank (Techcombank), BITEXCO Co. FICO Corp and MASSAN Investment Co.

 

Apart from the above strategic shareholders, VINACONEX also developed relationships with many foreign and domestic strategic partners such as VNPT Group, Viettel Corp., EVN Group, PetroVietnam, DRAGON CAPITAL Investment Fund, VINACAPITAL and JACCA. Besides, VINACONEX also set up relationship with TEMASEK (Singapore), TPG Investment Fund (the US), TTáºp Korea Investment and Securities Group (KIS) and POSCO Group (South Korea). Recently, during the visit of State President Nguyen Minh Triet to Australia and New Zealand, VINACONEX signed deals to export premium floor tiles worth of over US$60 million to WK Company of Australia.

 

During its development process, VINACONEX always pays attention to the relationship development with domestic and foreign partners. Via this cooperation, VINACONEX have taken huge gains for its ceaseless development process. Arguably, the cooperation with domestic and foreign strategic partners in the past time and in the coming time is crucial for the development of VINACONEX, especially after Vietnam joined the World Trade Organisation (WTO) as well as the international economic integration.
Le Hien