In the early days of the Year of the Snake 2025, Central Construction Joint Stock Company is pleased to officially announce its success in winning the contract for the “The Legend City Da Nang” project, an iconic development by VIPICO One Member Company Limited. This is a landmark project that promises to become a new architectural symbol in the coastal city of Da Nang.
Situated on lot A20 in An Hai Tay Ward, Son Tra District, the project boasts a prime location with four street frontages along the vital arteries of Ngo Quyen, Mai Hac De, Vo Van Kiet, and Ly Nam De. Covering an area of 11,200 square meters, The Legend City Da Nang will proudly feature three basement levels, two high-rise towers comprising a Hotel and Apartments with 29 floors, with a total investment value exceeding 3 trillion VND.
Upon completion, The Legend City Da Nang will not only be a modern complex but also a new symbol of luxury and sophistication in the heart of the coastal city. It will provide residents with a refined and convenient living environment while also offering an exceptional resort experience for visitors.
Perspectives of The Legend City Da Nang Project – A New Symbol in the Heart of the Coastal City
As the real estate market gradually revives, Central continues to conquer large-scale projects, affirming its position as a Leading General Contractor and a trusted partner of reputable investors. Beyond construction, Central is dedicated to creating timeless architectural symbols, demonstrated by its portfolio of prestigious projects such as the 6-star Fairmont Hanoi Hotel, 5-star Marriott Hanoi Hotel, The Metropole Thu Thiem, and Syrena Luxury Service Apartments. With superior quality, pioneering thinking, and a firm commitment, Central consistently elevates standards, leading the present and shaping the future.
The year 2025 begins with impressive milestones, marking a new phase for Central in its journey to reach new heights. Central has recently secured a contract worth 1.4 trillion VND from Becamex Tokyu for the Midori – The Nest project in the New City of Binh Duong. At the same time, in Da Nang—where the poetic Han River harmonizes with the vibrant pace of life—Central has officially become the main contractor for the construction of Mandarin Oriental Da Nang, one of the most luxurious resort hotels in the city. These achievements not only affirm Central’s outstanding capabilities but also herald a promising 2025, ready for unprecedented breakthroughs.
As the new year of the Year of the Snake 2025 begins, Central Construction Joint Stock Company is pleased to announce its success in winning the contract for the Mandarin Oriental Da Nang project located in Hoa Hai Ward, Ngu Hanh Son District, Da Nang City. This marks an important milestone that heralds a promising year ahead.
The project is managed and operated by the Mandarin Oriental Hotel Group, a member of Jardine Matheson Holdings. This brand is recognized as one of the world’s top luxury hotel brands according to Luxury Travel Intelligence rankings. The group currently operates 38 hotels and 11 resorts with unique villas in 25 countries and territories, along with many other ultra-premium projects that are being implemented and developed.
PROJECT INFORMATION:
Project Name:
Mandarin Oriental Da Nang
Investor:
The Nam Khang Corporation
Land Area:
17,2 hectares
Project Management Consultant:
FQM Corporation
Architectural Consultant:
MH Architects Joint Stock Company (EU & Asia)
Landscape Consultant:
Intaran design (Indonesia)
Project perspective of Mandarin Oriental Da Nang
The Mandarin Oriental Group, renowned for building only the most exquisite resorts and villas in the most coveted locations worldwide, proudly welcomes Mandarin Oriental Da Nang to its prestigious list. Located at Non Nuoc, one of the most beautiful beaches in the world as recognized by Forbes magazine, this project not only offers a luxurious experience but also serves as an ideal starting point for visitors to explore three UNESCO World Heritage Sites: Hoi An Ancient Town, My Son Sanctuary, and the Imperial City of Hue, along with international-standard golf courses.
With a commitment to excellence and extensive experience in constructing the finest luxury resorts, Central has established its strong position through iconic projects such as: the 6-star Fairmont Hanoi Hotel, the 5-star Marriott Hanoi Hotel, Alma Resort Cam Ranh, Grand World Phu Quoc, VinPearl Nam Hoi An, and the Mountain Flower Resort in Dalat, as well as Vega City Nha Trang and Westin Resort & Spa Cam Ranh. In Da Nang City, Central is also developing high-end residential projects, including the 30-story Sun Symphony Residence and The Estuary Tuyen Son comprising two 40-story towers over nearly 2 hectares. Winning the contract for the Mandarin Oriental Da Nang project not only marks a significant achievement in Central’s career but also serves as a vibrant testament to its reputation and outstanding capabilities in the construction industry, both in Vietnam and internationally.
Perspective of the “Supreme Quiet Luxury” Project named Mandarin Oriental Da Nang
Central believes that with its current resources and extensive construction experience, it will undoubtedly deliver the best services, built to international standards, ensuring high quality and meeting safety and progress requirements while providing sustainable value and creating a luxurious living space for investors and clients alike.
Ahead of the Lunar New Year 2025, during the vibrant and warm atmosphere of the year-end days, Central Construction Joint Stock Company proudly received the announcement of winning the tender for the premium apartment project “Midori The Nest” in the new city of Binh Duong, with a contract value of VND 1,400 billion. This achievement is not only a great joy but also a testament to the relentless efforts and prestige that Central has built over the course of its development.
The Midori The Nest project, developed by the joint venture between Tokyu Corporation (Japan) and Becamex, further reinforces Tokyu’s strong presence in the Vietnamese market. As one of Japan’s leading real estate developers, Tokyu is renowned for its high-quality projects across the region and has maintained a pioneering position in the Vietnamese real estate market for more than a decade. This is particularly evident in Binh Duong, where Tokyu has contributed to the development of modern, sustainable urban areas.
The Midori The Nest project, consisting of two 25-story towers, is expected to become a new landmark in both architecture and lifestyle at the heart of the Binh Duong New City. Central is proud to be the main contractor for this project, entrusted with the responsibility of bringing to life a landmark development by Becamex Tokyu, blending superior quality with elegant design. This not only demonstrates Central’s capabilities but also reinforces the stature of Vietnam’s construction industry.
Perspective of Midori The Nest Project
PROJECT INFORMATION:
Project Name:
Midori The Nest
Location:
Hoa Phu Ward, Thu Dau Mot City, Binh Duong Province
Investor:
Becamex Tokyu
Architectural Design Consultant:
GSA Studio (Australia)
Tender, Quantity Consultant
Artelia (France)
Supervision Consultant:
Bureau Veritas (France)
Midori The Nest is the second project for which Central has earned the trust and confidence of this prestigious investor. Previously, within the Midori Park urban area, Central partnered with Becamex Tokyu to complete and deliver the Haruka 1DEF project in March 2022.
With a strong sense of responsibility, profound local expertise, and an experienced team, Central is committed to providing advanced technical solutions, combined with an optimized modern equipment system that meets the strict technical requirements of the project. Each phase of construction will be tightly managed to ensure superior quality and optimal efficiency, bringing this prestigious project to fruition.
Currently, the real estate market is undergoing a strong transformation, particularly in major cities such as Hanoi, Da Nang, Ho Chi Minh City, and especially in Binh Duong, where demand for high-end residential properties with a variety of integrated amenities is rapidly increasing. With meticulous investment and dedication, Midori The Nest is poised to become an ideal choice for those seeking a perfect and luxurious living space.
As the market shows signs of revitalization, a general contractor with a skilled workforce and strong financial health is poised for significant growth.
The vibrant sounds of construction sites for multi-billion-dollar projects are signaling the return of dynamic activity to Vietnam’s construction sector. After a prolonged period of stagnation, the industry has seen a strong comeback with a series of large projects being continuously launched. Leading contractors such as Coteccons, Central, Newtecons, and many others are tirelessly working to reposition themselves and build a foundation for sustainable development.
However, this recovery is not solely a matter of winning more projects; it is also a challenge of internal capabilities, particularly the financial strength of these enterprises. A major question arises: do the general contractors have the necessary capacity to execute and complete these multi-billion-dollar projects amidst fierce competition, stringent requirements on timelines, and quality?
Construction sites lit up for work following the recovery.Photo: CENTRAL
Reports from the Mirae Asset Vietnam Securities (MASVN) analysis team have highlighted a significant risk today: the shortage of capable contractors, leading to numerous issues such as project delays, decreased construction quality, and increased costs. In this context, the ability to maintain stable cash flow, control risks, and optimize resources becomes crucial to success.
Having consistently secured a series of projects worth billions of VND, Central Construction Joint Stock Company, with its sustainable development strategy, has affirmed its position thanks to its strong workforce and outstanding management capabilities. Currently, the company boasts nearly 900 experienced engineers and over 10,000 skilled workers from various regions, enabling optimal labor mobility and ensuring project timelines are met without obstruction, regardless of the project’s location.
Financially, Central continues to prove its stability through tight management and proactive cash flow control, avoiding the pitfalls of stagnant projects amid the recent turbulence in the bond market. Rather than chasing revenue, the company maintains a balanced approach between growth and risk control, ensuring that each project delivers long-term value.
Central continuously wins bids for multi-billion VND projects.Photo: CENTRAL
During the 2022-2024 period, as the construction market faced numerous fluctuations, Central demonstrated exceptional stability and superior management capacity. In 2022, the company achieved a post-tax profit of VND 233 billion, a positive result amid challenging circumstances. In 2023, despite the ongoing struggles in the real estate market, Central still maintained a profit of over VND 200 billion. By 2024, the company continued to hold steady with a post-tax profit exceeding VND 200 billion, reaffirming its sustainable development strategy and effective adaptability.
Moreover, Central has maintained a leading position in terms of Return on Equity (ROE). As of the end of September 2024, this ratio significantly outpaced its industry competitors, reflecting the company’s exceptional business efficiency.
Risks from the Short-Term Revenue Race
While Central focuses on sustainable development, many other contractors are engaging in a revenue race at all costs. This includes strategies like bidding at low prices or even advancing funds to investors to secure contracts. While these tactics may boost short-term revenue, they come with significant risks, including cash flow imbalances—particularly when projects face legal issues or delays as seen in recent times. Advancing funds to investors not only puts pressure on budgets but also reduces a company’s financial flexibility.
Additionally, undercutting bid prices in order to win contracts may lead to cost-cutting on construction expenses, which severely impacts the quality of the final product. Some projects, once completed, have resulted in a range of negative consequences—from increased operational and maintenance costs to a tarnished reputation for the contractor.
A Safe Choice for Investors
Unlike high-risk strategies, Central maintains a healthy capital structure and a sustainable financial strategy. The company’s debt-to-equity ratio has consistently remained among the lowest in the industry, standing at 12.3%, 5.7%, and 11.8% in 2022, 2023, and 2024, respectively. This not only alleviates interest payment pressures but also enables the company to reinvest its internal resources, positioning itself to expand into new sectors and markets. Central’s current ratio also reflects its stable financial capacity, achieving 1.15x, 1.17x, and 1.43x over the past three years. This ensures the company can settle debts promptly, reinforcing trust among partners and asserting its reputation in the industry.
Central: A trusted partner for investors. Photo: CENTRAL
In a volatile market, Central’s cautious approach and sustainable development strategy have made it a reliable partner for investors. Its strong financial position is not only the key to securing multi-billion-dollar projects but also serves as a solid foundation for long-term stability and growth.
In conclusion, as the construction industry witnesses a strong rebound thanks to public investment projects and the recovery of the real estate market, companies with robust financial health—such as Central—are becoming increasingly valuable partners, providing reassurance to investors. As the economy enters a new growth cycle, the demand for timely project completion, exceptional quality, and long-term impact will be more critical than ever. Therefore, choosing reputable and high-quality contractors is not only essential for ensuring the success of a project but also for cementing the long-term value and standing of each building or infrastructure development.
Building on the success of theYear-End Review Meeting 2024in the South, on January 9, 2025, Central Construction Joint Stock Company organized a ceremony to honor its Northern region employees. The event took place at the Almaz Convention Center in Hanoi, with the participation of the leadership team and over 200 employees.
The leadership team of Central raised a toast in celebration during the event.
View of the ceremony to honor the employees of Central Northern Vietnam
The ceremony showcased an emotional video, reflecting on Central’s “second entrepreneurial journey.” The stories of sacrifice, team growth, and the breakthroughs made to surpass personal limits and achieve extraordinary results were vividly depicted. During the ceremony, Mr. Tran Dang Khoa – Executive Director – highlighted Central’s outstanding achievements and remarkable awards from the past year. He emphasized the company’s plan to expand into international markets and explore other sectors within the domestic construction industry. He also acknowledged the challenges ahead, which would require further investment from the leadership and strong commitment from employees to achieve the company’s 2025 goals.
Mr. Tran Dang Khoa – Executive Director – delivers his speech.
To acknowledge the efforts and contributions of the employees in 2024, the leadership team awarded and recognized the best-performing individuals and teams as a token of gratitude and encouragement.
Recognition of Outstanding Teams and Individuals for 2024
The ceremony concluded with a warm and intimate employee appreciation party, where everyone celebrated the achievements of the past year, participated in a lucky draw with valuable prizes, and committed to striving for a new journey of strength and breakthroughs.
On January 8, 2025, at the JW Marriott Hotel in Hanoi, the announcement ceremony for the Top 500 Largest Enterprises in Vietnam for 2024 (VNR500) was held. The event, organized by Vietnam Report Joint Stock Company in collaboration with VietNamNet newspaper, saw the participation of nearly 500 representatives from leading enterprises in Vietnam, economists, and media representatives.
At the event, Central Construction Joint Stock Company was honored in the Top 50 Excellent Enterprises in Vietnam. Notably, Central achieved an impressive ranking as one of the Top 4 Largest Construction Companies in Vietnam (according to VNR500’s report for the private sector).
A representative from Central Construction Joint Stock Company received the certificate and commemorative trophy for being listed among the Top 50 Excellent Enterprises in Vietnam.
The ranking results serve as a testament to Central’s solid position as one of the leading construction enterprises in the industry, delivering quality services that meet the trust and expectations of clients and partners. Moreover, the company has maintained stable and sustainable business performance throughout 2023-2024. Central has contributed to stabilizing the national economy by overcoming challenges and consistently supporting and partnering with the community and society.
Being recognized among the Top 50 Excellent Enterprises in Vietnam marks a significant milestone, affirming Central’s commitment to the strategic development of sustainability that it has been pursuing. In the face of a continuously fluctuating market, the company has consistently focused on innovation, creativity, and adaptation to build a lasting position and earn the trust of its clients.
Representatives of the Top 50 Excellent Enterprises in Vietnam
2024 marks the 18th consecutive year that Vietnam Report, in collaboration with VietNamNet newspaper, has published the VNR500 ranking to honor large-scale enterprises that maintain effective business operations, demonstrate resilience in the face of unexpected global challenges, and cope with the slowdown of national economic growth. With a transparent and scientific methodology, being included in the VNR500 ranking serves as a launching pad to enhance the position and prestige of Vietnamese businesses both domestically and internationally.
Central Construction Joint Stock Company extends its sincere gratitude to its valued clients, partners, and the dedicated staff for their contributions to the collective success of the company.
