Construction giant Hoa Binh eyes billion-dollar profit, overseas expansion

“To achieve those milestones, Hoa Binh must expand to foreign markets,” Le Viet Hai said at the company’s annual general meeting Monday.

Hoa Binh’s offices in Sydney and Brisbane (Australia) and Texas (the U.S.) would start operating this quarter, he said.

The ambition to expand internationally has yet to succeed, he admitted.

But he was confident of the advantages Hoa Binh could offer the global market, including supply of low-cost materials and technologies and large number of workers.

Hoa Binh targets a near quadrupling of profits this year to VND350 billion on revenues of VND17.5 trillion, up 54 percent.

But it reported revenues of VND300 billion and profits of VND20 billion in the first quarter, or just 6 percent of the target.

General director Le Viet Hieu however told shareholders that in the quarter the company won bids worth a total of VND9.3 trillion, or nearly half its full-year revenue target.

The management has a sanguine outlook for the company since the civil construction market is recovering after two Covid-hit years, and the leisure real estate market is expected to recover sooner with the resumption of international flights.