The State Securities Commission (SSC) recently announced the revocation of Ricons Investment Construction Joint Stock Company's public company status. The decision took effect on 13/2.
No longer a public company, Ricons will cease its information disclosure obligations. This typically reduces the company's opportunities to raise capital and limits stock liquidity.
Established in 2004 under the leadership of Nguyen Ba Duong, Ricons is a prominent general contractor for construction, M&E, design and build, and construction investment. The company is currently undertaking numerous projects nationwide, most notably several components at Long Thanh International Airport.
Before Coteccons (CTD) came under the control of foreign shareholder Kusto Group, Ricons was a member of Duong's business ecosystem, frequently collaborating with CTD on major projects. Following their "split" in 2020, Duong and his associates shifted their focus to managing the Ricons group alongside other brands such as Newtecons, BM Windows, Sol E&C, and Boho.
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Nguyen Ba Duong at the 2025 year-end review conference, 16/1. *Photo: Newtecons* |
Ricons had considered listing its shares on the stock exchange since 2020. At the 2023 annual general meeting, the Board of Directors sought approval to amend the company's charter to ensure proper share registration and listing documents. However, this proposal was not approved by the general meeting of shareholders. Concurrently, the meeting also decided to postpone the share listing plan "until the market is positive."
At the annual meeting last June, Ricons' Board of Directors also failed to approve the share listing plan, as nearly 70% of attending shareholders supported further postponement. According to the plan, Ricons was to list on HoSE under the stock code RTD. The company was to submit its share registration application to the Vietnam Securities Depository and Clearing Corporation (VSD) in 2025 and list after meeting regulatory conditions.
At that time, the Board of Directors noted that under current law, within one year from the date the SSC confirms registration completion or from the end of a public offering, if a company does not register its shares with VSD or does not register for listing or trading on exchanges, its public company status will be revoked.
Currently, Ricons is identified as an OTC (over-the-counter) stock, meaning it is not yet listed but is traded on unofficial counters of issuing companies, banks, or securities firms. The company discloses information very regularly and on schedule.
Last year, Ricons reported revenue exceeding 9,042 billion VND, a nearly 13% increase compared to 2024. Nearly 99% of this came from construction contracts. The company achieved its highest revenue since 2023.
After-tax profit reached over 377 billion VND, 2,4 times that of 2024, marking its highest figure since 2019. As of the end of last year, the company had accumulated profits of nearly 957 billion VND.
At the 2025 year-end review conference, Nguyen Ba Duong stated that the revenue from the four companies within his ecosystem currently exceeds 30,000 billion VND. For 2026, this ecosystem aims to achieve over 50,000 billion VND, positioning itself as one of the most significant and dynamic private construction contractor groups in the market.
Tat Dat
