A property project constructed by Hoa Binh Construction Group. The group topped the list of Viet Nam’s Reputable Building Contractors in 2020. — Photo hbcg.vn
Hoa Binh Construction Group has topped the list of Viet Nam’s Top 10 Most Reputable Building Contractors in 2020, according to an independent survey released by Viet Nam Report on Wednesday.
It was followed by Coteccons Construction JSC and Ricons Construction Investment JSC.
Meanwhile, Hoa Phat Group JSC ranked first in the Top 10 Most Reputable Building Material Companies in Viet Nam this year, followed by Viglacera Corporation and Vicostone JSC.
The rankings are based on studies of multiple financial factors, corporate reputation within the media and surveys of experts in the industry.
According to the report, 73.9 per cent of companies questioned said they believed 2020 would be a difficult year while 13 per cent were optimistic the construction and building material industry would see growth this year. Some 4.3 per cent said that the industry would maintain stability compared to 2019.
Notably, about 8.7 per cent of the respondents said it is likely that the real estate market would experience a slowdown in the first half of the year and make a comeback in the second half as the COVID-19 pandemic is brought under control.
A survey by the General Statistics Office found that up to 47.5 per cent of firms said they were struggling, 33.7 per cent maintained stable production and 18.8 per cent saw better performance in the first quarter of the year.
During the period, the construction and building material sector reported that revenue and after-tax profits dropped 9.5 per cent and 10.2 per cent, respectively.
The Viet Nam Report’s survey showed that 91.4 per cent of construction contractors said the lack of approved projects was their main concern in the past year. In addition, issues such as legal procedures, implementation process, bidding or site clearance, price fluctuation of construction materials have also contributed to the problem.
According to Viet Nam Real Estate Association, only five property projects were approved for construction in Ha Noi in 2019.
The survey also said businesses in the construction and building material sector would focus on six key strategies including improving quality of human resources, ensuring quality and progress of projects, enhancing financial management, promoting investment and application of technologies, developing brand names and studying new products in the future. — VNS