Mr. Le Viet Hai: Dawn has dawned at Hoa Binh Construction

In the recently released annual report, Mr. Le Viet Hai – Chairman of the Board of Directors of Hoa Binh Construction Group (HBC) – said that after the prolonged consequences of the pandemic and global geopolitical fluctuations, this enterprise has gone through a period of “struggling to survive”.

In 2025, HBC records revenue of more than 4,620 billion VND and profit after tax of nearly 251 billion VND. Compared to the previous year, both of these indicators decreased by more than 28% and nearly 74%, respectively. Mr. Hai believes that this result honestly reflects the comprehensive restructuring period in the context of many unfavorable fluctuations in the construction industry.

However, the head of Hoa Binh Construction stated in the report that there was a “bright spot appearing in the sky like dawn breaking”. Specifically, as of early 2026, the total value of forward contracts (backlog) for the whole year has reached approximately VND 10,000 billion, creating the foundation for the 2026 revenue plan and maintaining continuity for the next stages. Backlog quality also improved significantly thanks to a more diverse project portfolio and recognition of many strategic customers.

Mr. Hai added that 40% of new employees joining in 2025 will be people who have been with Hoa Binh and choose to return. According to him, this is an indicator of HBC’s cultural strength and internal cohesion. By the end of 2025, the number of Hoa Binh employees will reach nearly 1,300 people, a net increase of 35 people compared to the beginning of the year.

Hoa Binh Construction has been profitable for two consecutive years after a period of trillions of losses in 2022-2023. In the core business segment, the company has won bids for large-scale projects such as Eaton Park Thu Duc (1,900 billion), H2 Hoang Huy Commerce apartment complex combined with commercial services in Hai Phong (1,500 billion), NewTown Diamond Da Nang (900 billion)… The total winning value in the previous year exceeded 13,500 billion VND.

However, compared to plan, HBC only completed more than half of the revenue target and about 70% of the profit target. The difference in revenue mainly comes from factors related to implementation progress and project implementation conditions. As for profits, in addition to the impact from revenue scale, Hoa Binh is also under pressure to increase input costs, including raw materials and labor, in a volatile market context, thereby affecting profit margins.

This year, they aim to reach 10,000 billion VND in revenue, more than doubling compared to last year, while profit after tax is expected to remain at 250 billion VND. If successful, this will be the first year since 2022 that the company returns to the 5-digit revenue mark.

HBC believes that the construction market in 2026 will continue to grow thanks to public investment, housing development and industrial construction demand. However, the general context of the industry still has many challenging factors, forcing businesses to improve management capacity and optimize operational efficiency.

From August 2025 until now, Hoa Binh Construction’s senior personnel have had many changes. Among them, Mr. Le Van Nam resigned from the position of General Director. The company assigned Mr. Le Viet Hieu – Permanent Deputy General Director and son of Mr. Le Viet Hai – to manage operations until the appointment of new personnel.

On UPCoM, HBC shares closed today’s session up 2% to 5,100 VND per unit. The market price of this code has fallen below par value since September 2023 until now. Calculated according to the P/B index, Hoa Binh Construction’s shares are valued at about 0.88 times – meaning they are trading lower than book value.