Vinaconex 2: Fellow of Big Projects

Vinaconex Construction Joint Stock Company No. 2 (Vinaconex 2) was set up from the upgrade of Xuan Hoa Construction Company set up in 1970. In September 2003, the Ministry of Construction transformed the company from a state-owned company under the Vietnam Construction and Import-Export Corp. (Vinaconex) into a joint stock company. After nearly 40 years of development, the company has made significant contributions to the national construction and development.

 

Vinaconex 2 has built many import projects in Vietnam, including the diplomatic quarter, national standard institute, the guest house of Government Inspectorate and upgraded many others such as Vietnam-Soviet Friendship Place. As a leading constructor, the company took over the building of many highly-valued projects such as Building A11 of Hospital 108, State Treasury Building (32 Cat Linh Street, Hanoi City) and Ministry of Trade headquarter. Besides, Vinaconex2 also built up close relationship with foreign customers from Japan and South Korea. Thus, the company has built many projects for joint venture companies such as Canon factory 04 in North Thang Long Industrial Park, Mabuchi Motor factory in Hoa Khanh Industrial Zone (Da Nang City) and FuJikasui factory in Bac Ninh Province.

 

After going public, the firm restructured its production and business administration method. Currently, Vinaconex 2 has five committees, one branch, 17 builder teams, one construction material production team and chiefs of projects. All business operations of member units are under strict supervision, from the bidding work to the supervision of building quality and capital recovery. Especially, in late 2006, the shares of the company were listed and traded at the Hanoi Securities Trading Centre (HASTC), a good capital mobilisation channel for the company. The issuance of new shares in the first six months of 2007 enabled Vinaconex2 to raise its chartered capital from VND20 billion (US$1.25 million) to VND32.05 billion (US$2 million). Currently, business operations and development prospects make shares of Vinaconex2 very attractive to investors.

 

The human resources training is always of special concerns of Vinaconex 2. The Company has built up a richly experienced and highly skilled workforce to take over large projects with demanding quality and aesthetic. Engineers from the Company to subordinated units can tackle all activities from the bidding to quality supervision and capital recovery. The company also pays special attention to developing human resources in the long term by supplementing young engineers with well-trained skills and introducing attractive treatments to draw talents and make its employees believe in the company’s prospect.

In the first six months of 2007, the total production value of Vinaconex 2 reached VND195.82 billion (US$12.23 million), fulfilling 42.91 per cent of the full-year target. Mr Vu Quy Ha, director of the Company, said his company set the production value target of VND283.33 billion in the last six months of 2007, bringing the total revenue to VND261.37 billion, a 5-per cent rise against the target in 2007. Vinaconex 2 has drawn up detail plans and measures to realise its targets.

 

To date, Vinaconex 2 is one of leading units under Vinaconex and is a reliable constructor for construction investors in Vietnam.