Hoa Lu combo leads pack for Long Thanh

July 19, 2023 | 08:00
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The Hoa Lu consortium, comprising major domestic and international firms, brings a blend of diverse expertise, adaptable capacity, and robust finances to the Long Thanh International Airport project, which it said renders it a compelling choice for this landmark venture.
Hoa Lu combo leads pack for Long Thanh
Work on the Long Thanh terminal is slated to begin in August

Prime Minister Pham Minh Chinh last week urged a swift contractor selection process. Package 5.10, an integral part of the airport’s phase 1 focusing on the construction and installation of the passenger terminal building, has a budget allocation of VND35 trillion ($1.46 billion). The selection process has attracted interest from three consortia, with the Hoa Lu consortium, led by Vietnam’s largest construction firm, Coteccons, emerging as a notable contender.

The Hoa Lu consortium consists of domestic and foreign contractors, including UNICONS Investment, Thanh An General Company, DELTA Construction Group, Central Construction, An Phong Construction, Hoa Binh Construction Group, and Thai firm Power Line Engineering (PLE).

Hoa Binh Group, also part of the consortium, is renowned for large-scale projects like passenger terminals and expansions at Noi Bai and Tan Son Nhat airports. Meanwhile, An Phong Construction has contributed to key infrastructure undertakings such as Cat Lai Port and Cua Dai Bridge.

Coteccons is also known for deploying several projects closely linked to residential areas, industrial zones, and large-scale hotels. Partners of Coteccons include names such as Vinhomes, Inter Continental, Hoa Phat, and most recently Lego Group.

Despite only being founded in 2017, Central Cons boasts an illustrious portfolio, featuring partnerships with heavyweights like Hoa Phat, Vingroup, Masterise, Son Kim Land, Ecopark, and TTC Land.

According to Viet Dragon Securities, the consortium is a strong one.

“Coteccons, one of the top two listed enterprises within this grouping, has established itself as a force to be reckoned with in infrastructure construction. Simultaneously, Hoa Binh has carved a niche for itself, owing to its diligent attention to the minutiae of the finishing process, setting a high bar in the market with its scrupulous standards,” the brokerage noted.

“This evidence of proficiency among domestic companies reiterates Vietnam’s growing prominence in the construction industry, suggesting a promising trajectory for both the sector and the nation’s broader economic landscape.”

PLE, the only foreign member, brings a wealth of experience with accomplishments such as the $404 million satellite airport in Bangkok and the Thai Parliament House.

Chairman Swake Srisuchart said, “The Long Thanh airport project presents an exhilarating opportunity for PLE to harness its prowess in electromechanical work. It represents a new and exciting challenge for us, driving us to push our boundaries even further.”

When discussing the role of foreign contractors, Tran Quang Tuan, chairman and CEO of Central Cons, emphasised the indispensability of collaborative efforts for a project of this complexity. “The integration of international specialists in mechanical, electrical, and plumbing operations undoubtedly edges us closer to success,” he told VIR.

Tuan commended the consortium’s strategic anticipation of possible cash flow difficulties amid the project’s accelerated progress.

“In the face of a potential negative cash flow of about $208 million, the consortium has been proactive. Coteccons collaborated with VietinBank, MB, TPBank, and BIDV to arrange comprehensive funding, thus safeguarding the project against financial setbacks,” he said.

Le Viet Hai, chairman of Hoa Binh Group, carved out Hoa Lu’s distinct stance amid competition, highlighting their tenacious approach towards overcoming challenges. “Our focus isn’t on exploiting cost overruns but on swift project completion to bolster national economic growth,” he stated.

Bolat Duisenov, chairman of Coteccons, weighed in on the consortium’s tactical approach and prospective national impact as the contest for the Long Thanh project contract unfolded. “Our meticulous year-long preparation focuses on finance and resources as our pillars of success,” Duisenov said.

Rather than limiting itself to the stipulated 100-200 engineers, it can surge its capacity to 600 engineers during peak times, overseen by a robust executive board of 200, drawn from Vietnam’s top contractors. An exclusive consortium executive board has also been established to ensure strategic harmony.

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By Luu Huong

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