Since taking over as chairman of Coteccons' (CTD) board of directors, Bolat Duisenov has consistently voiced his ambition to change how the construction industry operates. He aims to break the old rules of a sector often labeled as traditional and labor-intensive.

Speaking during a dialogue with shareholders on the afternoon of 15/6, Bolat Duisenov stated that for many years, the construction industry has operated in a "constant struggle for survival," focusing on finding every way for businesses to exist. In this instinctual state, it is difficult for companies to focus on value creation, innovation, or contributions to the industry.

In Vietnam, the construction industry often operates by bidding the lowest price to win projects. This practice leads to general contractors pressuring subcontractors, which harms the supply chain. Bolat previously described this mindset as a "zero-sum game"—if you lose, I win, and vice versa. With construction profit margins hovering around 2%, he believes this approach traps the entire industry in a zero-sum competition.

Bolat Duisenov, chairman of Coteccons' board of directors, spoke during the dialogue on the afternoon of 15/6. *Photo: CTD*

As a leader in the sector, Coteccons' management announced plans to drive industry changes starting within its own company. The company focuses resources on promoting transparency and compliance, while also applying new technology to build more green projects. Additionally, the contractor prioritizes community care and employee welfare. Through these efforts, and in cooperation with partners, Bolat aims to contribute to changing perceptions, perspectives, and approaches within the construction industry.

Beyond enhancing quality, Coteccons' leadership also envisions improving the social standing of construction workers. Bolat recalled that many years ago, civil engineering was a highly appealing and even aspirational career for young people. However, with societal development, many young individuals today are drawn to other professions. Coteccons is therefore committed to developing attractive and competitive human resources policies to restore the inherent prestige of this profession.

Sharing more about this ambition, Deputy General Director Tran Ngoc Hai noted that based on his 20 years in the industry, construction in Vietnam is highly fragmented. Most businesses operate with a "survival of the fittest" mentality, facing thin profit margins and many risks. To change these rules, CTD is determined to create new operating processes centered on sustainable development.

"We also want to send a message: we shouldn't compete fiercely, but redefine the construction industry in a healthier way," he said.

A shareholder referenced this year's literature exam question about how to create "Vietnamese Steve Jobs." Many believe Steve Jobs belongs solely to the technology sector, but his greatest legacy was the spirit of "redefining an industry." This vision and ambition are what CTD is currently pursuing.

The shareholder asked if Coteccons aspired to become the "Apple of the construction industry" in Vietnam. Bolat replied that the company is not yet comparable to Steve Jobs' technology empire. However, a shared characteristic between the two companies is continuous innovation. Apple prides itself on launching a new iPhone model each year, while Coteccons takes pride in the thousands of tons of concrete it has contributed to building the nation's major projects.

From a broader perspective, according to CTD's head, innovation can only emerge when businesses collaborate and work together. While this process requires time and effort, collective action can gradually improve the construction industry year by year.

"One swallow does not make a spring; I don't want to be an individual Steve Jobs or an Elon Musk," Bolat said.

Workers at a construction site. *Photo: CTD*

Subsequently, a shareholder inquired about CTD's resilience amidst intense labor competition in the construction sector. Deputy General Director Nguyen Chi Thien acknowledged that labor competition has long been present in the industry. However, CTD is confident in its "very competitive" income and bonus framework, alongside a safe and healthy working environment.

Simultaneously, standardizing operational processes is also identified by Coteccons' leadership as a company advantage. During recent fluctuations in material prices, CTD maintained better business performance than the general market. This was attributed to its risk management system, standardized bidding, procurement, and project management processes, as well as its capability to execute highly complex projects.

For fiscal year 2026 (ending on 30/6), Coteccons estimates revenue of over 30,000 billion VND, an increase of approximately 30% from the previous year, exceeding its set targets. Profit is expected to increase by about 50%.

The company currently holds a significant backlog of orders, reaching nearly 65,500 billion VND by the end of March—the highest in its operating history. According to Tran Ngoc Hai, this backlog is sufficient for two to three years. However, CTD aims to shift its backlog structure towards quality rather than rapid growth.

Accordingly, Coteccons not only seeks projects that generate good revenue and profit but also prioritizes challenging constructions to enhance its team's capabilities. The Lego factory project serves as a prime example, contributing to business results and enabling the company to accumulate experience for future international and high-tech projects.

Tat Dat