Coteccons announces overseas expansion

October 13, 2023 | 10:25
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Coteccons is set to make its maiden foray into the overseas market with the establishment of a new subsidiary.
Coteccons announces overseas expansion

Coteccons Corporation, one of Vietnam's leading construction group, announced a resolution from its Board of Directors on October 6 to establish a subsidiary overseas, marking a significant shift in its investment strategy.

Coteccons' decision to invest abroad comes with the establishment of a subsidiary, Coteccons Constructions Inc., which will focus on construction services. The investment will be financed through equity, with no debt capital being utilised.

Although the exact investment figure and target country were not specified in the resolution, as of June 30, Coteccons operated two direct subsidiaries and five indirectly owned companies, none of which were located overseas.

To better position itself for this international expansion, the company has undergone some internal restructuring. "The aim is to ensure the company adapts to market changes and heightens its competitive edge," a statement read.

Chris Senekki, former CEO of Turner Construction Vietnam and now deputy CEO of Coteccons, will lead this international foray while also supporting the business development of Coteccons' foreign investment ventures in Vietnam.

Senekki joined Coteccons in April 2021 and comes with an impressive track record. With over 22 years of experience in the construction industry, he has been instrumental in several national and international projects, including in Qatar's oil and gas sector, the international ports and airports in Cyprus, and the Hilton Hotel in Ho Chi Minh City.

Coteccons has also entered into a partnership with local partner Le Phong to develop The Emerald 68, a housing project located in the southern province of Binh Duong that is set to be the company's maiden endeavour as a property developer.

The Emerald 68 project represents a considerable investment of over VND47.4 trillion (approximately $2 billion). Situated on a plot of nearly 8,000 square metres, this luxury development boasts a prime location on Binh Duong Avenue, only about 1km from Ho Chi Minh City and adjacent to Thu Duc city.

The housing complex will comprise two 39-storey blocks and offer close to 800 apartments, ranging from one to three bedrooms each. Prospective residents can expect a slew of amenities, from healthcare and educational facilities to entertainment and shopping options.

According to the developers, The Emerald 68 has received the requisite approvals for investment, 1/500 scale planning, and construction. Coteccons, Le Phong, and the design and construction firm Unicons have pledged to complete the project on schedule, with delivery expected in 2026.

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By Tri Lam

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