HANOI CONSTRUCTION CORPORATION - JSC

HANOI CONSTRUCTION CORPORATION - JSC (TỔNG CÔNG TY XÂY DỰNG HÀ NỘI – CTCP) is one of Vietnam’s long-standing state-owned construction corporations, closely associated with the development of urban infrastructure and residential projects in Hanoi and other major cities. Established in 1996, the corporation has nearly three decades of operating history and remains an active participant in large-scale construction and EPC projects.

HANOI CONSTRUCTION CORPORATION - JSC operates as a joint stock company with state ownership, in which the Ministry of Construction holds more than 98 percent of the equity. The company is listed on the UPCoM under the stock symbol HAN, reflecting its partially market-oriented structure while maintaining strong state control. Its registered charter capital stands at approximately USD 57.9 million, fully paid as of the end of 2024.

The corporation’s leadership structure reflects its state-enterprise background. Chairman DAU V. D. provides strategic oversight, while executive management is led by General Director NGUYEN D. Q., supported by Deputy General Director DUONG N. Q. This governance model emphasizes continuity, regulatory alignment, and long-term project execution rather than short-term profitability.

From a financial perspective, HANOI CONSTRUCTION CORPORATION - JSC shows a mixed picture. In 2024, total assets declined to about USD 198.3 million, continuing a gradual contraction over recent years. At the same time, revenue increased to approximately USD 92.8 million, marking steady top-line growth despite a challenging construction market. Net profit remained modest at around USD 1.84 million, underscoring the thin margins typical of state-led construction contractors operating in capital-intensive projects.

A notable pressure point is working capital, which dropped sharply to roughly USD 8.45 million in 2024. This reduction suggests tighter liquidity and greater demand for short-term financing, an important consideration given the long payment cycles and delayed settlements common in public and infrastructure projects.

Overall, HANOI CONSTRUCTION CORPORATION - JSC represents a structurally important construction entity with strong state backing, deep project experience, and stable revenue generation. However, its declining asset base, limited profitability, and tightening working capital highlight the financial and operational challenges facing traditional construction corporations in Vietnam’s evolving infrastructure and real estate landscape.