After four years of dedicated corporate transformation, Coteccons is now poised to capture new market opportunities and redefine its role in the construction industry. As the firm is gearing up for the next phase of its growth, it aims not only to perform better financially but also to deliver genuine value to all stakeholders.
Sensible transformation
Since Bolat Duisenov took up the post of chairman of the Board of Directors in October 2020, Coteccons has experienced a remarkable transformation, with its core qualities and values elevated to a higher level.
Coteccons unveiled its new corporate transformation strategy four years ago, with a commitment to enhancing transparency, ESG practices, and the role and value of the workforce. This was the first time the Coteccons team had been exposed to such ambitious ideas and objectives, establishing a new benchmark in the Vietnamese construction industry.
“Many considered us unrealistic, and I even referred to myself as a dreamer at the time,” said Bolat Duisenov.
The Coteccons team, particularly engineers, concentrated solely on their construction expertise, limiting their perspective to the job site and their assigned tasks in the past. However, things have changed recently. With the corporate transformation strategy, the Coteccons team has strived to enhance their skills, broaden their learning and interactions, as well as extend their vision beyond individual projects and grasp the broader market landscape.
Currently, Coteccons’ human resources have made notable progress and embraced new values. In addition to skilled and dedicated engineers, the firm now has an increasing number of individuals with proactive attitudes, leadership abilities, and a strong will to achieve new goals.
“The figures regarding revenue, profit, and business performance certainly bring me joy. However, what makes me even happier is the growth of the team and the alignment of values among the Coteccons staff. This is truly the key to unlocking greater and more sustainable prospects, rather than merely achieving short-term success or growth. This is the triumphant result of our own culture,” said the Coteccons chairman.
Focusing on ESG
ESG is a critical focus for Coteccons as it leads the way in raising awareness and enhancing practice standards within the industry since the firm aimed to be recognized as “Industry Leader”. In its overall growth strategy, Coteccons’ guiding philosophy is to develop for the benefit of people and humanity and the sustainability of the community and society. Therefore, people are always at the center of all decisions to be made by the firm.
“We firmly oppose ‘greenwashing’ and refuse to use CSR activities merely as a communication tool or engage in superficial ESG practices,” Bolat Duisenov stated. He emphasized that Coteccons has made significant strides in developing its human resources, adopting new standards, and aiming to exceed compliance levels while establishing higher benchmarks for itself.
In line with this philosophy and goal, the firm’s foremost priority is undoubtedly its people, encompassing both Coteccons’ direct personnel and indirect labor involved in its construction projects. They prioritize safety, uphold respect for human dignity, and work towards enhancing welfare standards for workers. This commitment is an ongoing effort, not merely a collection of isolated campaigns. Coteccons will continue investing in comprehensive initiatives that generate a broader impact and deliver greater value.
“In my opinion, if business results do not genuinely benefit people, they are merely meaningless achievements. A company that seeks growth without delivering real value to the community, regardless of its size, cannot truly be regarded as a great company,” Bolat Duisenov said.
Thinking differently
Moving forward, Coteccons aims to become the first choice for all stakeholders—customers, consumers, investors, partners, the community and employees—by adopting a distinctive mindset, rather than just striving for the position as market leader.
“To truly create value for all stakeholders, we understand that aiming solely for the position as market leader is insufficient. Often, the pursuit of market dominance focuses heavily on gaining market share, revenue, and profit at any cost. This competition can lead us to prioritize the interests of one group while overlooking the harm or disadvantages to others,” Bolat Duisenov noted.
The firm focuses on creating new competitive advantages and exploring fresh opportunities instead of competing for existing ones. Rather than engaging in price competition, Coteccons prioritizes delivering greater value to its customers, finding solutions and advancing industry standards.
With a determined mindset and steadfast actions aligned with this direction, Coteccons is truly in the role of a leader and a pioneer in the industry. This is the crown that will enable Coteccons to always strive to be the “Trend setter”, leading the company upwards, thereby “uplifting” – raising the standards of Vietnam’s construction industry to new heights. According to the chairman of Coteccons, the mission of an “Industry Leader” is to drive the enhancement of standards industrywide. Therefore, the firm has explored and implemented various new standards in multiple areas, such as transparency in governance and operations, construction quality standards, safety standards, and standards for worker care and welfare.
The firm aims to take the lead in various new market segments, products, and services by innovating solutions and leveraging new technologies to deliver benefits and added value to its customers and the market as a whole. It is dedicated to thoroughly implementing ESG and raising awareness of its responsibilities toward the natural and social environments.
All of these messages, actions, and efforts have had positive impact on the industry. With Coteccons taking the lead, other businesses will also need to take action to achieve positive results. This is clearly a race worth pursuing, as it helps elevate all stakeholders—making them stronger and cleaner. Meanwhile, the race to capture market share and contracts through relentless price-cutting efforts could lead to a lose-lose situation and drag the entire industry down.
The risks, challenges, and pressures are inevitable ahead. That is why businesses should have contingency plans for risk management and determine an acceptable “margin of failure.” This mindset empowers them to confidently engage in trial and error, while always being prepared for reinvention and innovation, Bolat Duisenov said.
Making the dream come true
With a skilled workforce and a strategic vision, Coteccons aims to achieve ambitious business performance goals and seize opportunities in international markets over the next five years. The company is also dedicated to investing in human resources and implementing a sustainable growth strategy.
Three years ago, Coteccons’ vision focused on elevating the mindset and igniting the aspirations of its team. Now, everything is in the implementation phase. “What was once a dream has become a tangible action plan,” Bolat Duisenov said.
The construction firm aims for a market capitalization of US$1 billion and revenue of US$3 billion by the fiscal year 2028-2029. In pursuit of this ambitious goal, Coteccons is carefully outlining its action roadmap. For example, to achieve the revenue target of US$3 billion in the next 4 to 5 years, the firm plans to raise the compound annual growth rate (CAGR) to an average of 30%. Concurrently, it intends to strengthen strategies for diversifying its products, services, and markets, and enhance the scale and efficiency of its core operations.
On the other hand, Coteccons has also outlined its roadmap and implementation steps, clearly identifying six strategic priorities and internal communication measures for consistent execution. Notably, Coteccons is effectively leveraging its financial investment sector. The companies it has successfully merged with and acquired, including Sinh Nam and UGVN, are now becoming part of the company’s ecosystem. Moving forward, Coteccons will work to enhance synergy, enabling these businesses to fully optimize their capabilities and efficiency.
Regarding the international market, the firm’s approach is both assertive and cautious. So far, Coteccons has explored several markets, including Taiwan, Indonesia, South Korea, Saudi Arabia, India, and the U.S. Recently, India has stood out as Coteccons’ earliest adopter. The Vietnamese construction firm has successfully got involved in the VinFast factory project of Vietnamese conglomerate Vingroup in India following extensive collaboration on multiple domestic projects with Vingroup and VinFast. The firm also established a representative office in Indonesia in March 2024 to participate in tenders and execute projects in this market.
Coteccons’ first principle to enter a foreign market is to partner and collaborate with existing clients, ensuring safety through the synergy of trust and mutual understanding. “Accordingly, wherever our clients go, we will accompany them,” the chairman of Coteccons said.
“We are progressively engaging in bidding and partnerships, prioritizing our entry into each market, and generating our initial revenue for the company. I am confident that in the near future, we will achieve even more positive developments from foreign markets.”
The second principle is to develop in foreign markets while maintaining the identity of Coteccons and safeguarding the interests of the company. Therefore, overseas businesses must connect with the parent company in terms of both culture and values, not just in name or financial investment. Moreover, Coteccons strives to accelerate growth while ensuring safety and sustainability.
As Coteccons embarks on this exciting journey, it exemplifies how a commitment to excellence, sustainability, and collaboration can drive not only corporate success but also positive change across the industry. Through resilience and a forward-thinking mindset, Coteccons is not just dreaming of a brighter future—it is actively making that dream come true.
