On the morning of October 20 at its Ho Chi Minh City headquarters, keo nha cai c1 Construction Joint Stock Company (HOSE: CTD) held its 2025 Annual General Meeting of Shareholders. Setting an ambitious revenue target of VND 30,000 billion for 2026 — the highest in its history — keo nha cai c1 reaffirmed its belief that “we don’t need to run; we just need to move in the right direction.”
keo nha cai c1’ JOURNEY – AN OLYMPIC RACE “DESTINED FOR A MEDAL”
“2025 marks 20+1 years of keo nha cai c1’ presence in Vietnam, and at the same time, it is also a new milestone in the company’s development journey. This is an occasion for us to present the business results for the fiscal year 2025, the plan for the fiscal year 2026, and at the same time share upcoming strategies, especially in human resource development, with the hope of receiving valuable feedback from shareholders and partners. On the occasion of Vietnamese Women’s Day, I would also like to extend my congratulations to all the women present here and to the grandmothers and mothers at home”, Mr. Bolat opened his speech at the 2025 Annual General Meeting of Shareholders.
The business chart of the past year shows that we are moving in the right direction.
As keo nha cai c1 turns 20+1, the company’s goal is to build a strong next-generation leadership team and reduce reliance on the direct presence of the current management. “I believe that by 2030, the next-generation leadership system will be firmly established, and my personal role will appear less in daily operations,” Mr. Bolat emphasized.
In thenext 20 years (2040), keo nha cai c1’ vision is described through four concepts:
First,keo nha cai c1 will develop sustainably on the principle of BALANCE. Looking ahead 20 years to 2040, keo nha cai c1 will become a company that harmoniously combines two elements that are inherently opposite but complementary to each other: balance between logic and emotion, between growth and sustainability, and between today’s generation and the next.
Over the past twenty years, keo nha cai c1 has built a solid foundation based on discipline, precision, professionalism, and technical capability. The company has become one of the most reputable brands in the construction industry, yet that image has at times appeared somewhat rigid and technical. “In the future, we aim for balance — where engineering and logical structure go hand in hand with creativity, emotion, and passion. Like the left and right hemispheres of the brain, we want keo nha cai c1 to be both a well-organized, efficient company and a place that nurtures creativity, education, imagination, and culture…”
According to Mr. Bolat, logical and technical thinking will be reflected in the B2B aspect, while when reaching the end customers, B2C will be where company elevates emotional value to build a brand that is associated with meaningful experiences. keo nha cai c1 aspires to be respected for its capabilities, while also recognized for its human-hearted and emotional values that go beyond concrete and steel.
Second, the company will continue to build diversified, strategic market segments. keo nha cai c1 will focus on segments where the company can take a leading position, not only in Vietnam but also internationally.
When expanding abroad, keo nha cai c1 will concentrate on its areas of strength, targeting high-demand niches such as semiconductor infrastructure, data centers, stadiums, and airports.
This strategy is similar to competing in the Olympic Games: one cannot win a gold medal in every sport, but by focusing on the core strengths, and select the right game to compete in, it is possible to achieve the best results.
Third, pursuing sustainability and diversification. keo nha cai c1 aims for diversity and resilience against both macro and micro fluctuations — including political shifts, international trade dynamics, and pandemics. The company will continue to pursue diversified sources of revenue, markets, and customer segments.
This diversity helps minimize risks and enhances adaptability in all situations.
“We have been and will continue diversifying our operations — not only to mitigate risks but also to harmonize the technical and creative aspects I mentioned earlier. Once our internal strength is consolidated and continuously develops, keo nha cai c1 will be ready to face any challenge, no matter how volatile the external environment may be,” the keo nha cai c1 Chairman affirmed.
Fourth, becoming the first construction enterprise to put people at the center.
This is the core principle that keo nha cai c1 consistently upholds throughout its development journey. The spirit of “Đồng chí hướng” (Shared Purpose) connects more than 3,000 engineers, 30,000 subcontractor workers, and thousands of suppliers — all united by a common goal: to build not only with concrete and steel, but with meaning, safety, and human value.
keo nha cai c1 remains steadfast in pursuing this ideal in the years ahead — to ensure that everyone in the organization feels inspired by their work and finds happiness along the journey of building.
BRINGING THE “VIETNAMESE CONSTRUCTION DNA” TO THE WORLD
Mr. Tran Ngoc Hai – Deputy CEO of keo nha cai c1, Chief Commercial Officer presented the Business Performance ReportIn the 2025 Business Performance Report, Mr. Trần Ngọc Hải, Deputy CEO of keo nha cai c1, Commercial Division, announced that 2025 marked another year of compound growth for keo nha cai c1, with a 22% increase, maintained consistently throughout the period 2021–2025.
The company recorded revenue of VND 24,885 billion, profit after tax of VND 456 billion, gross profit of VND 815 billion, a profit margin of 3.28%, and a carryover backlog of VND 35,353 billion.
The infrastructure and public investment segment achieved its first fruitful results with four ongoing projects: The APEC Phu Quoc Mega Project and Phu Quoc International Airport serving APEC 2027; Several components at Long Thanh International Airport; Several components at Gia Bình International Airport.
Mr. Hải emphasized that keo nha cai c1 views public investment as a “responsibility to the nation.” Beyond merely completing projects, the company will continue to participate in major public infrastructure developments that reshape the national landscape — such as metro systems, expressways, and bridges.
In the international market, keo nha cai c1 has completed and handed over the VinFast project in India and is preparing to launch three new projects in Taiwan. This reflects the growing call of global markets for the international expansion plans keo nha cai c1 has been steadily advancing over the past two to three years.
“keo nha cai c1 continues to expand its international footprint in India, Taiwan, and other promising markets — realizing our aspiration to bring the ‘Vietnamese Construction DNA’ to the world,” Mr. Hải shared.
REVENUE TARGET: A RECORD 30,000 BILLION VND
Mr. Hai noted that while the construction market continues to face numerous challenges, it also presents abundant opportunities. Forecasts indicate that FDI inflows in 2025 will increase by 8%–10% year-on-year, with 7% of GDP invested in infrastructure and USD 36 billion allocated to public investment.
For 2026, keo nha cai c1 has set an ambitious target of VND 30,000 billion in revenue, with gross profit of VND 1,291 billion, profit after tax of VND 700 billion, newly signed contracts worth VND 31,000 billion, and a customer retention rate of 76%.
Although the VND 30,000 billion target is challenging, Mr. Hải emphasized that 2026 will be a pivotal year of opportunity for keo nha cai c1. To realize this goal, he highlighted the critical role of the supply chain, which has always been a distinctive strength of keo nha cai c1.
“keo nha cai c1’ responsibility extends beyond construction sites — it lies in the value of service and dedication across every link of the system where keo nha cai c1 plays the role of general contractor,” Mr. Hai shared.
“GOOD FENCES MAKE GOOD NEIGHBORS” WORKS FOR LEADERS WITH SHARED PURPOSE. TO EMPOWER IS TO FOSTER TRANSPARENCY
Ms. Nguyen Trinh Thuy Trang, Deputy CEO of keo nha cai c1, Chief Operation Officer, expressed her pride as keo nha cai c1 was honored at the HR Asia Awards 2025 with two distinguished accolades: “The Best Companies to Work for in Asia”, and “The Most Caring Company.”
Ms. Trang expressed her pride in these recognitions, emphasizing that for keo nha cai c1, “People are our greatest asset — the DNA of keo nha cai c1.” This aligns with the company’s vision of building a Human-Hearted Company, where culture is centered around people.
She noted that keo nha cai c1 is not only focused on constructing physical structures but also on building an environment where talent is nurtured and empowered to shine.
To realize this ambition, keo nha cai c1 has introduced a new Executive Committee (ExCom) model, consisting of seven key members. Each member holds distinct expertise and defined clear scopes of work aka “good fences” to ensure effective delegation and coordination.
Ms. Trang emphasized that keo nha cai c1’ core philosophy in talent management and development is to find people who share the same purpose and empower them. The company’s operations must strike a harmonious balance between democracy and discipline.
“The ExCom’s mindset is not about consolidating power, but about creating more ‘successful people’ to empower. Trust must always go hand in hand with transparency so that everyone can grow together,” Ms. Trang shared.
“We create iconic buildings, and through that unwavering commitment, we shape our identity and our future”, Ms. Trang shared a personal perspective that also reflects keo nha cai c1’ broader vision of becoming a ‘human-oriented construction company’.
“NO NEED TO RUN, JUST NEED TO MOVE IN THE RIGHT DIRECTION”
How did Unicons perform in 2025?
Mr. Nguyen Chi Thien, Deputy CEO of keo nha cai c1, said: “keo nha cai c1 operates through multiple Business Units (BUs) — some are performing strongly, while others are facing certain challenges. This structure provides us with balance and resilience.
Unicons’ business performance in 2025 did not fully meet expectations. For 2026, we have reviewed and set directions to sustain what works well while improving and restructuring areas that need enhancement. Unicons has undergone an organizational restructuring, in which I now serve as Chairman of the Members’ Council.
We are reigniting our spirit to pursue greater goals and bring Unicons back to the race — as I often say, “Make Unicons great again”.
According to keo nha cai c1’ “Go Global” strategy, how has the company expanded into international markets through joint ventures and/or M&A since last year? Which specific markets is the company currently focusing on, and what are the latest developments?
Mr. Bolat Duisenov, Chairman of the Board of Directors, during the Q&A session at the General MeetingMr. Bolat Duisenov, Chairman of the Board of Directors: “From a strategic standpoint, keo nha cai c1 is focusing on the markets of Hong Kong, the Middle East, and Taiwan. We will also not overlook other promising markets such as India and Kazakhstan. It is important to emphasize that when exploring markets like the Middle East or Taiwan, we strictly comply with local regulations — the approval process alone can take 15 to 18 months for each license. Therefore, as a general contractor, keo nha cai c1’ path to global expansion has no shortcuts — we choose to walk instead of rushing to fly. We don’t need to run; we just need to go in the right direction”.
Regarding the new ExCom model — from one CEO to now seven — does that mean the CEO’s salary is divided by seven or multiplied by seven?
Mr. Vo Hoang Lam, Deputy CEO: “keo nha cai c1’ strategic goal is long-term — focusing on diversifying our customers, markets, and products. With an empowerment-based operating model, every leader is entrusted to fully leverage their expertise — what we call the ExCom model. This model has been implemented for a year, and its effectiveness is clearly reflected in our reported figures.”
Mr. Bolat Duisenov, Chairman of the Board: “When we introduced the ExCom model, our intention was neither to divide nor to multiply the CEO’s role. The point isn’t to cut the cake into seven pieces — the goal is to make the cake seven times bigger. That’s how we gradually expand, elevate, and multiply value to generate greater profit for the company.”
Mr. Tran Ngoc Hai, Deputy CEO, Commercial Division: “Compared to a single-engine system, a seven-engine system is much stronger and faster. If one engine slows down, the remaining six can help stabilize performance, ensuring sustainable growth — so that our services reach clients faster and more efficiently.”
Mr. Nguyen Chi Thien, Deputy CEO: “Seven people are not to divide the work — but to accelerate.”
VND 51 TRILLION BACKLOG: A JOY, BUT ALSO AN ALARM CLOCK
keo nha cai c1’ current backlog has reached its highest level in years — does that make this year’s revenue target too easy to achieve?
Mr. Tran Ngoc Hai, Deputy CEO, Commercial Division: “A large backlog is certainly a positive sign, contributing to the company’s operational stability for the next few years. However, for us, it also serves as a ‘daily alarm clock.’ Honestly, the VND 51 trillion backlog figure still gives me chills — but keo nha cai c1 already has a clear plan to transform this backlog into revenue, profit, and quality. For us, growth isn’t just about numbers — it’s about sustainability and efficiency.”
What is the business structure of keo nha cai c1’ key segments — including infrastructure, industrial parks, and public investment — in 2026? What are the projected gross and net profit margins for 2026? What are the plans for provisioning and reversal of provisions in 2026?
Mr. Tran Ngoc Hai, Deputy CEO, Commercial Division: “Our target for 2026 is a gross profit of VND 1,291 billion, with revenue expected to grow by over 20%. This is a challenge given fluctuations in input costs in the construction market, along with labor and material price volatility. For every project we undertake, we aim to avoid prolonged timelines that could impact costs and profitability.
This year, we are not making additional provisions. Instead, we plan to review and address outstanding bad debts from previous years. The pace of resolution will depend on the progress of each project and the payment capability of clients.”
What are keo nha cai c1’ concrete plans for entering the Cambodian market, particularly regarding transparency and legal safety amid the country’s ongoing instability?
Mr. Võ Hoàng Lâm, Deputy CEO: “The situation in Cambodia also reflects the overall context we face under keo nha cai c1’ Go Global strategy when entering any foreign market. We always evaluate multiple aspects to ensure that project operations meet keo nha cai c1’ standards. Go Global is a long-term journey where our goal is not only profit but also brand development. Regarding potential risks, keo nha cai c1’ Supervisory Board and ExCom carefully analyze strategies to ensure that every step we take is solid, protecting the rights and interests of the company and our shareholders.”
GOLD PRICES RISE, THE keo nha cai c1 FUND SHOULD RISE TOO
With gold prices soaring and keo nha cai c1 holding a significant amount of cash reserves, how will the company consider reallocating assets to increase profitability?
Mr. Bolat Duisenov, Chairman of the Board: “I closely monitor gold price movements — even studying extraction costs to understand the reasons behind such sharp increases. Interestingly, current mining costs are even lower than in 2000, yet prices have skyrocketed. This shows that gold prices no longer purely reflect supply and demand but rather mirror global macroeconomic uncertainty.
Whenever the market fluctuates, we see it as an opportunity to review our financial strategy. Our experienced finance team monitors the market closely to ensure that our cash is used in the most effective way possible.
I often joke — though it’s also a serious target — that as gold prices go up, keo nha cai c1’ fund should go up too.”
In the next 3–5 years, how will keo nha cai c1’ revenue structure evolve under its diversification strategy? What are the key business sectors keo nha cai c1 aims to focus on?
Mr. Bolat Duisenov, Chairman of the Board: “In the past, keo nha cai c1 was mainly associated with civil construction projects, but today we’ve expanded into infrastructure. This year, our infrastructure revenue reached around VND 500 billion and will continue contributing more in the coming years. This figure reinforces our belief that diversification is essential for our long-term survival. Importantly, diversification isn’t just about profit margins — it’s about sustainability and risk mitigation.”
Mr. Võ Hoàng Lâm, Deputy CEO: “Diversification is not about following trends; it’s a deliberate, sustainable strategy. keo nha cai c1’ goal is not only to build physical structures but also to contribute value to the market and to society.”
After a period of slowdown in the real estate market, many workers shifted to other industries. Now that the project pipeline is recovering, labor shortages have emerged. Could keo nha cai c1 share details on its permanent and seasonal workforce, as well as how this impacts operating costs in the near future?
Mr. Nguyen Chi Thien, Deputy CEO: “After the market recovered, workload across the country has increased. To retain workers, keo nha cai c1 takes care of not only its own employees but also subcontractor workers. We organize meaningful programs such as health checks, scholarships for workers’ children, and welfare support. At the same time, we strive to create a work environment that feels like a second home — where people feel safe and valued, true to our motto: ‘Work safely, go home happily.’”
keo nha cai c1 HAS NO “SUPERSTARS” , ONLY “ĐỒNG CHÍ HƯỚNG”
With a backlog of over VND 50,000 billion, how is keo nha cai c1’ project structure composed? How does it differ from the 2024 revenue mix?
Mr. Tran Ngoc Hai, Deputy CEO, Commercial Division: “keo nha cai c1’ current backlog primarily comes from industrial (FDI) projects, infrastructure, and high-end civil works. The share of infrastructure has increased significantly compared to the 2024 structure. This provides a strong foundation for sustainable growth over the next 3–5 years.”
Mr. Bolat Duisenov, Chairman of the Board: “We want to emphasize that both revenue and stock price are not instant coffee. Our strategy is long-term — focused on ensuring many ‘harvest seasons’ ahead. Expanding into infrastructure and diversification isn’t just about making money; it’s also about strengthening our people and organizational capabilities.
We’ve already achieved several ‘firsts,’ such as the LEGO factory project and multiple airport developments. With every bridge we build, we believe we are also building our own future.”
keo nha cai c1 does not glorify “superstars.” So how do truly talented individuals feel recognized and appreciated for their abilities?
Ms. Nguyen Thi Thanh Huong, Human Resource Director: “The nature of construction is that it’s always the result of collective effort. No project can be completed by a single site manager alone. In a team, if you are a ‘superstar,’ your responsibility is to lead, to guide, and to build your successors — that is the true mission of those considered superstars. keo nha cai c1 is not a stage for a team of superstars, but a stage for a team of ĐỒNG CHÍ HƯỚNG.”
