After 50 years of development, PetroVietnam Nghe An Construction Joint Stock Corporation (PVNC) has been a reliable brand for domestic investors. To become a leading corporation in real estate sector in Central Vietnam, the company has unceasingly upgraded its capacity and quality of human resources and corporate governance.
At the Review Conference of 5 years implementing the cooperation between PetroVietnam and Nghe An province in June 2011, PVNC is regarded as a most efficient company in Central Vietnam and consequently will receive greater support from its economic group and Nghe An province in the years to come.
Director General Nguyen Ngoc Bang said that four years after affiliating into the economic group, the company has recorded unprecedented achievements. Its capital increased from VND4.5 billion in 2005 to VND100 billion in 2009 and is expected to be VND600 billion by November 2011. Since becoming a member of PetroVietnam, the company has increased its turnover year by year. For instances, in 2010 the turnover was VND891 billion, with VND100.9 billion in profit and VND77.3 billion for budget revenue and per capita income of the workers of VND4.5 million.
Presently, the company is investing in four big real estate projects and EPC of three projects with total investment capital of VND1,600 billion: living quarter for workers in Vung Ang Thermal Power 1, technology transfer of Cement plant 12/9 to increase output to 1,500 tonnes of clinker a day; and living quarter of Truong Thi oil and gas project. The three projects will be completed by Quarter IV of 2011. In the first nine months of 2011, the company has attained VND640.5 billion, or 132.3 percent of the same period last year. Turnover was VND518.3 billion, or 120.2 percent that of 2010.
To upgrade its brand, the company has increased its capacity, purchased modern equipment such as tower crane, concrete mixing station and related equipment with total investment f over VND150 billion. The company can now act as EPC and investor for big projects such as Hoang Mai industrial zone valued at VND812 billion, twin tower of Nghe An Oil and Gas with VND650 billion, Quang Trung living quarter of VND935 billion.
The company is improving its management with network of sister companies and reorganizing the structure to be in line with the operation of the new system.
Alongside with business activities, the company takes good care of social welfare. From 2007 up to now, the company has donated over VND20 billion to different localities in Nghe An and Ha Tinh provinces. Due to its contribution, on March 1, 2011, President of Vietnam awarded the company Labour Order First Class. It is a worthy award and big encouragement for managers and workers of the company.
The company is increasing its statute capital from VND100 billion to VND600 billion by the end of November 2011. To this end, the company will improve its management and organization increasing its capacity, attracting more skilled workers and managers, applying new technology and modern software. In construction work, the company will mobilize all the resources to implement the projects on schedule meeting the demand of the investors. In real estate sector, the company will focus on big and efficient projects creating more jobs and stable income, at the same time reviewing other projects to ensure stable and long-term turnover. The company will continue to increase statute capital to ensure stable financial resources and the development of the company. The company will ensure maximum legal interests of shareholders as well as income and working conditions of all workers in the company.
As a successful entrepreneur in Nghe An province, Mr. Nguyen Ngoc Bang said that though with big difficulties, Nghe An has applied preferential treatment and favourable conditions regarding administrative formalities, taxation and land use right to attract investors inside and outside the province. To improve further investment environment, the province should accelerate administrative reform with one-stop service saving time and money of investors. The province should review and improve in time related policies and provide investors information and business opportunities. Also, the province should meet exchange and listen to business community in order to remove their difficulties and hurdles and improve the policy and mechanism of the province.
Due to its correct policy and sustainable development, PVNC has become an exemplary company in the construction sector of Vietnam.
What PVNC has achieved is attributed to the support of Petrol Vietnam Corporation, local authorities, and the whole effort of the PVNC. It is now striving to become the leading corporation in Nghe An Province and the Central Vietnam as well.
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