Coteccons gets new general director after 18-month vacancy

Lam, 44, earlier a board member and deputy director, has been with the company since its early days and held key positions like site manager, project manager and director of subsidiaries.

The company faced great “pressure from the public, shareholders and investors” and disadvantages while bidding when the seat was vacant, Coteccons chairman Bolat Duisenov said in a statement released August 5.

But there was no rush to appoint a new CEO since the management team was operating stably, he said.

Both of Lam’s last two predecessors, Nguyen Sy Cong and Vo Thanh Liem, left the firm to lead other construction companies.

Coteccons reported a loss of VND24 billion ($10.36 million) for the second quarter, driven by a VND242-billion provision it had to make for debts owed by Viet Star Real Estate Investment Co. Ltd, a subsidiary of Tan Hoang Minh Group.