In 2021, Vietnam’s real estate market entered an attractive stage after “bottoming out” and shows strong signs of recovery. The wave of foreign real estate developers from Japan, Singapore, and Hong Kong looking to Vietnam proves the great potential for development in the near future. At the same time, it also creates pressure on domestic construction contractors to continuously innovate to compete at home.
In Vietnam, many construction contractors with solid internal resources create a fiercely competitive market, while offering investors various options. Foreign investors have a more thorough selection to find worthy contractors based on international standards and practical experience to ensure project safety.
Coteccons is one of the first choices of foreign real estate giants because of its solid project implementation, safety in construction and peace of mind in product use.
A typical project of Coteccons in Hanoi. Photo by: AIA Photography
Management capacity and application of new technologies
At Coteccons, management processes are being standardized according to international models, bringing many advantages in terms of cost and service quality. This is clearly demonstrated through the application of the “Plan – Do – Check – Act” cycle to enforce quality in safety management and project quality.
Coteccons projects have been implementing a new business strategy under the “LEAN Construction” management model, bringing high efficiency in construction, focusing on customers, and providing the required products and services.
In parallel, Coteccons is at the forefront of business digitization. Using a solid technology foundation is the leverage to help businesses quickly transform and successfully build cost-optimization models that accelerate the decision-making speed of investors.
Coteccons has applied new and advanced technologies by investing in technology solutions to support management and improve decision making like the application of Monitoring / Site Digital technology (quality and progress project management from start to finish and handover) to solve technology problems. This way the client can self-check, monitor and evaluate every criterion and stage of the project even while sitting in the meeting room.
In addition, the focus on research and application of new materials, new solutions to integrate into the value chain and construction services of a general contractor like Coteccons also demonstrates the company’s goal to meet the highest quality and optimization of project lifecycle costs.
All of the above capabilities are realized by Coteccons through large-scale projects with international standards, which are entrusted by foreign investors. Capital Place, an A-level office building for domestic and foreign businesses, is owned by CapitaLand Group – one of the largest real estate groups in Asia with its headquarters in Singapore. Casino Hoiana owned by the investor VinaCapital, Chow-Tai-Fook (Hong Kong), and Suncity Group (Macau) with a contract value of VND7,000 billion has also proven Coteccons’ capacity.
From the success of domestic projects, many foreign investors also trust Coteccons to perform high-quality project like The MarQ in District 1 – the 6-star luxury apartment owned by Hongkong Land (HKL) or One Verandah project in District 2, Ho Chi Minh City, owned by a Singapore investor.
In the construction market in Vietnam, not many contractors can execute large Design & Build (D&B) contracts due to strict requirements. The contractor needs to own the factory, directly manage the materials and personnel, and hold special experience to take on the dual goals of design and construction.
Building brand reputation based on core values
Professional ethics and a sense of responsibility are essential to overcome the temptations of profit. This process has been forged by Coteccons and has forged its corporate culture during the past 17 years.
According to Michael Tran, deputy general director of Coteccons, the company chooses a bidding strategy that focuses on timing, personnel, structure, safety, construction solutions, and technology to win investors. Coteccons is a prestigious brand recognized by society over many years: Vietnam’s 500 largest enterprises and top of the largest private construction enterprises in Vietnam honored by VNR500, top 50 best-listed companies Vietnam ranked by Forbes Vietnam.
Coteccons recieved “Top 50 best-listed companies Vietnam” award ranked by Forbes Vietnam. Photo by: Coteccons
“Coteccons shares economic difficulties during Covid time with the investor, not trying to reduce prices to win the contract, but cooperates closely and looking for new suppliers and subcontractors, coming up with win-win cooperation strategies to manage the best input prices,” Tran said.
Some typical projects of Coteccons include Lancaster Luminaire Duong Lang in Hanoi, Lancaster Legacy Nguyen Trai Ho Chi Minh City owned by TTG Group, Intercontinental Ha Long Bay, Hyatt Regency Ho Tram, Dolce Penisola… or Ecopark Swanlake Residences, which are examples of centralized bidding in a short time with reasonable bid policy for both Design & Build.