Sunday , April 14 2024

Foreign expansion ‘the only option’: Hoa Binh chairman

The chairman of construction giant Hoa Binh Group said the domestic market was “too cramped,” and expanding abroad is the only option for its billion-dollar sales target.

It will focus on four markets: Australia, Canada, Texas and Europe, the company’s management told shareholders at an extraordinary shareholder meeting on Wednesday.

“Hoa Binh is like a whale but raised in a pond, and there is not enough space for it to grow. It must find its way to the ocean to grow and thrive,” Chairman Le Viet Hai said. “Overseas expansion is the only option.”

In April, Hai said the firm should focus on overseas expansion to raise its revenues to $20 billion and profits to $1 billion by 2032.

Shareholders and analysts deemed such goals too “ambitious and challenging,” but Hai said he has “a firm belief” that they will come true.

He estimated that the global construction market is currently worth $12 trillion, and would reach $19 trillion at the end of this decade. Thus, Hoa Binh’s targets only account for less than a thousandth of the market.

The firm is developing a network of suppliers and subcontractors in foreign markets by acquiring local contractors.

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