XUAN MAI INVESTMENT AND CONSTRUCTION CORPORATION

XUAN MAI INVESTMENT AND CONSTRUCTION CORPORATION (Công ty Cổ phần Đầu tư và Xây dựng Xuân Mai) is a long-established construction and real estate–related enterprise in Vietnam, with more than two decades of operating history. Founded in December 2003 and headquartered in Ha Noi, the company has built its reputation around civil and industrial construction, construction materials manufacturing, and integrated project development services.

As a publicly held joint-stock company, Xuan Mai is listed on the UpCOM market under the ticker XMC, reflecting a higher level of disclosure than privately held contractors. The company is chaired by Bui Khac Son, with day-to-day operations managed by Kim Manh Ha as General Director. Over the years, Xuan Mai has maintained a sizeable workforce of nearly 1,500 employees, enabling it to undertake large and technically demanding projects across multiple provinces.

From a business perspective, Xuan Mai’s core activities extend well beyond pure construction contracting. In addition to civil and industrial works, the company is involved in manufacturing and trading construction materials, design consultancy, project management, transportation services, and real estate investment. This vertically integrated model allows the company to control costs and timelines more effectively, particularly in large-scale infrastructure and housing developments.

Financially, Xuan Mai Investment and Construction Corporation remains a sizable player, though recent years show clear signs of cyclical pressure. By the end of 2024, total assets declined to approximately USD 120.94 million, continuing a downward trend from 2022 and 2023. This contraction reflects both a slowdown in new project awards and a more cautious balance-sheet strategy amid a challenging construction and real estate environment in Vietnam.

Owner’s equity stood at USD 36.47 million in 2024, broadly stable year-on-year, indicating that despite weaker profitability, the company has preserved its capital base. Net worth closely mirrors equity, suggesting limited off-balance-sheet leverage and a relatively transparent capital structure.

Revenue performance in 2024 weakened notably, with total sales falling to USD 65.3 million, down by more than 23% from the previous year. This decline aligns with broader market conditions, including reduced real estate development activity and tighter credit conditions affecting construction demand. Profitability was hit harder: net profit dropped sharply to around USD 301,000 in 2024, a steep decline from prior years, highlighting margin pressure and lower project utilization.

One notable positive signal, however, lies in liquidity. Working capital rose significantly to approximately USD 22.93 million in 2024, a sharp improvement compared with earlier periods. This suggests that the company has strengthened its short-term financial position through improved receivables management, inventory reduction, or restructuring of short-term liabilities. In the construction sector, where cash flow timing is critical, this improvement provides an essential buffer against ongoing market volatility.

The shareholder structure of Xuan Mai is relatively concentrated. Khai Hung Company Limited is the largest shareholder with just over 40%, followed by individual shareholders, including Dinh Thi Thanh Ha and Nguyen Phuong Lan. At the same time, the chairman himself holds a minority stake. This mix of corporate and individual ownership supports continuity in strategic direction while maintaining public-market accountability.

Overall, Xuan Mai Investment and Construction Corporation represents a mature construction group with diversified operations and long-standing market presence. While recent financial results reflect the cyclical downturn affecting Vietnam’s construction and real estate sectors, the company’s solid equity base, improved working capital, and integrated business model suggest it retains the capacity to stabilize and recover as market conditions improve. For partners and investors, Xuan Mai remains a relevant name in Vietnam’s construction industry, albeit one navigating a period of consolidation and adjustment rather than rapid expansion.