CIENCO4 GROUP JOINT STOCK COMPANY

Founded on November 5, 2010, CIENCO4 GROUP JOINT STOCK COMPANY is one of Vietnam’s leading infrastructure and construction enterprises, registered under Business ID 2900324850 with the Ha Noi Department of Planning and Investment. Its head office is on the 10th–11th Floors, ICON4 Building, 243A De La Thanh Street, Lang Ward, Ha Noi, with branches in Nghe An and a  Ho Chi Minh City representative office.

The company is a publicly held joint-stock entity with the stock symbol C4G on UpCOM. Over the past 14 years, CIENCO4 has played a significant role in Vietnam’s transportation infrastructure, including road and bridge construction, industrial projects, and BOT infrastructure investments.

Strong Asset Growth, But Pressured Profit

As of December 31, 2023, CIENCO4 recorded total assets of USD 398.29 million, up 17.21% year-on-year. Owner’s equity rose sharply by 56.12% to USD 159.92 million, highlighting strong capital growth. However, sales declined 5.23% to USD 106.13 million, and net profit dropped 9.82% to USD 5.73 million, indicating tightening margins in an increasingly competitive construction market.

While the company’s working capital increased 78.82% to USD 106.59 million, providing liquidity strength, profit contraction reflects potential inefficiencies or cost overruns in project execution. Nonetheless, CIENCO4 remains financially solid, with a low-debt structure and growing asset base, critical advantages for securing future infrastructure contracts.

Leadership and Shareholding Structure

The company is chaired by Mr. Nguyen V. T., with Mr. Nguyen T. H. serving as General Director, supported by Vice General Director Mr. Dam X. T.. As of June 2025, ownership was distributed as follows:

• Other shareholders: 84.85%

• New Link JSC: 10.37%

• Dung Hung Construction JSC: 4.78%

This broad shareholder base reflects CIENCO4’s position as a semi-public enterprise with diversified investment participation.

Diverse Operations and Nationwide Reach

CIENCO4 GROUP operates across multiple sectors:

• Construction of roads, bridges, and railways

• Civil and industrial works

• Manufacture of construction materials and prefabricated components

• Investment in BOT/BT infrastructure projects

• Mechanical fabrication and mineral exploitation

With over 439 employees, the company combines engineering expertise with vertical integration — from design and consulting to production and project management — making it one of the most comprehensive players in Vietnam’s transport infrastructure sector.

Challenges and Outlook

Despite strong financial foundations, CIENCO4 faces challenges common to Vietnam’s infrastructure firms — slow project disbursement, rising input costs, and tighter public investment regulations. The slight revenue and profit decline in 2023 underscores the need for enhanced project efficiency and diversification into new revenue streams such as renewable infrastructure and public-private partnerships.

However, its 56% equity growth and expanding asset portfolio indicate robust investor confidence and operational momentum. The company’s leadership continuity and established reputation in large-scale infrastructure projects provide a stable platform for long-term growth.

VNBIS Insight: Monitoring Financial Risks and Growth Opportunities

From a financial risk management perspective, CIENCO4 GROUP JSC maintains a strong balance sheet but operates in a cyclic and policy-sensitive industry. Continuous evaluation of cash flow health, project backlog, and debt structure will be key to sustaining performance.

VNBIS, through its Company Report and Financial Risk Management Services, provides investors and partners with detailed assessments of companies like CIENCO4, helping them monitor financial soundness, credit reliability, and market positioning within Vietnam’s fast-developing construction sector.