What should I check first when selecting a general contractor in Vietnam?

Confirm legal eligibility, financial independence, and past projects that match your building type and complexity. Decree 24/2024 highlights independence rules that can invalidate bids if roles overlap.

How do foreign contractors typically deliver projects in Vietnam?

Many projects use joint ventures or Vietnamese subcontractors to meet local licensing and delivery needs. This structure can improve mobilization speed but requires clear scope split and accountability.

What risks most often derail schedule and cost on large Vietnam projects?

Late site handover, utilities relocation, and slow approvals often create stop start execution that drives rework. Materials price swings and labor shortages then amplify delays once schedules slip.

Which contractor capabilities matter most for industrial and logistics projects?

Fast permitting support, predictable safety performance, and repeatable factory delivery methods usually matter more than design flair. Strong commissioning control is critical where imported equipment arrives in tight windows.

How could tighter security screening affect project timelines in Vietnam?

A proposed reform discussed in 2025 could expand police involvement in approvals for certain sectors, which may add compliance steps. Firms with stronger documentation and stakeholder management may adapt faster.

What is the simplest way to compare bidders beyond price?

Compare verified delivery milestones, claims history, and the stability of key site leadership teams. Ask for a realistic staffing plan and subcontractor strategy for your province, not a generic template.

Top Vietnam Construction Companies

Coteccons Construction JSC

October 2025 results show a sharper earnings profile and rising contracted work, which supports tighter site discipline on large jobs. Coteccons, a leading player, is leaning into governance and ESG execution, which matters more as public owners and lenders raise documentation requirements. If e-permitting keeps shortening approval cycles, it can rotate teams faster and protect margins. Renewed spikes in input costs that force tougher subcontractor terms could strain delivery quality on peak workloads.

Leaders

Vinaconex JSC

Recent profitability and stated 2025 targets point to stronger bid capacity for nationally important transport and airport packages. Vinaconex, a major player, blends civil works delivery with broader group resources, which helps it absorb payment timing risk on public contracts. If PPP contracting keeps improving, it can shift toward larger design and build roles with clearer risk allocation. The main risk is concentration in mega projects where scope changes and slow disbursement can stress subcontractor networks and delay handovers.

Leaders

Ricons Construction Investment Group JSC

Disclosed 2024 revenue and a broad active project list signal solid throughput and repeat client pull. Ricons, a key participant, tends to perform when developers want reliable high rise execution with disciplined site coordination. If permitting digitization reduces start stop patterns, it can reduce overhead leakage across multiple sites. Talent bottlenecks for senior site managers are a realistic downside, because simultaneous tower delivery can create uneven quality control.

Leaders

Delta Corp

FDI factory shells and electronics plants often select contractors with fast permitting support and tight clean site management. Delta's 2024 signing and groundbreaking activity for electronics manufacturing projects in Bac Giang shows continued traction in industrial builds. Delta, a top player, can scale quickly when investors replicate plant designs across provinces. Overexposure to a narrow client set is a key risk, which can amplify schedule swings when a tenant delays equipment imports.

Leaders

Central Cons

Strong revenue and profitability disclosures tied to 2023 performance, plus 2024 recognition, indicate a stable delivery engine across large projects. Central, a leading company in Vietnam's general contracting field, has deep experience in green certified builds and large developer programs. If green certification becomes a standard clause in major urban tenders, its prior delivery record could translate into higher quality deal flow. The key operational risk is keeping safety performance consistent when multiple mega sites mobilize simultaneously across provinces.

Leaders

Hoa Binh Construction Group JSC

Balance sheet repair is the central story, because funding choices now shape which projects can be pursued safely. Hoa Binh, a major player, is using equity issuance and debt conversion to stabilize working capital for ongoing sites and future bids. If real estate handovers accelerate again, cash collection could normalize and lift execution confidence. Supplier fatigue from delayed payments is a hard operational risk that can disrupt labor availability and create schedule slippage on complex towers.

Established

Song Da Corp JSC

Large energy and water assets tend to reward contractors that can manage remote logistics and heavy civil sequencing under strict safety rules. Song Da's inclusion in an EVN linked consortium for a pumped storage package signals continued relevance in power related delivery. Song Da, a major player, can benefit if public investment keeps prioritizing resilient grid and water infrastructure. A plausible upside is winning more consortium roles where risk is shared and cash flow is clearer. A key downside is slower mobilization on land clearance, which can idle equipment and dilute site productivity for months.

Established

Ecoba Vietnam JSC

Recognition in reputable contractor rankings can support bid shortlists when buyers want evidence of delivery consistency. Ecoba is a well known Vietnamese contractor with experience across mixed use and factory work, which can fit the current demand mix. If green building requirements rise in urban projects, it can benefit by standardizing documentation and subcontractor training. The practical risk is margin pressure from fixed price contracting when steel and cement costs move quickly.

Established

Fecon Corp JSC

Fecon reported 2024 growth and highlighted participation in several priority infrastructure sites, including Metro Line 3 and Long Thanh related work. Fecon, a foundation specialist, can win disproportionately when metro, airport, port, and deep basement activity rises in Hanoi and Ho Chi Minh City. If public spending accelerates into 2026, its order quality could improve. The main risk is a margin squeeze when too many bidders chase the same underground packages.

Performers

Cofico

Industrial and logistics work rewards contractors that can deliver predictable quality across repeatable factory formats. Cofico's 2024 to 2025 project updates show steady factory and logistics activity, including a steel structure plant built on a defined schedule. Cofico, a key contractor, can benefit if industrial park absorption stays strong and tenants keep demanding fast fit-out. Rising fire and life safety enforcement is a realistic what-if that increases up front testing and commissioning time. The operational risk is cash flow strain if large clients push acceptance and payment milestones later than planned.

Performers

Newtecons Vietnam

Execution systems matter more than brand strength when projects stack up across regions at the same time. Newtecons described technology use and process initiatives for site teams in 2025, which supports repeatable delivery across complex builds. Newtecons is a fast growing contractor with a large project base and published 2023 revenue, which indicates meaningful delivery volume. If labor shortages deepen, its ability to standardize methods could become a real moat. The risk is a coordination failure across many subcontractors that creates rework on high spec jobs like airports and landmark towers.

Performers

GS Engineering & Construction

GS E&C's Vietnam site highlights ongoing infrastructure and urban rail work, including Metro Line No. 1 in Ho Chi Minh City. GS Engineering & Construction, a global contractor with systems that can suit complex interfaces and high safety requirements, can score well on execution. If Vietnam raises security screening for certain project types, compliance capacity may matter more than price. The operational risk is reliance on joint ventures where alignment on scope control can break down under schedule pressure.

Performers

Hyundai Engineering & Construction Co. Ltd

Project visibility increased in 2025 through the Quang Trach 1 site, where Hyundai participates in the Mitsubishi Hyundai CC1 EPC consortium. Hyundai Engineering & Construction is a global EPC contractor that can deliver heavy power packages when execution risk is concentrated in commissioning and interfaces. If Vietnam prioritizes grid stability and large baseload projects, its delivery experience can remain relevant. Social and permitting pressure around coal assets is a realistic downside, which can create stop start site instructions and reputational drag.

Performers

Hung Thinh Incons JSC

Financial resilience improved in 2025, including disclosure that bond debt was reduced to zero, which lowers refinancing stress during project peaks. Hung Thinh Incons is a mid sized listed contractor that can regain momentum if private housing restarts and collections normalize. If social housing programs scale faster, it could reposition toward higher volume, simpler delivery where process discipline wins. Uneven backlog quality is a key operational risk, because lower margin work can create a cycle of tighter cash and weaker subcontractor loyalty.

Aspirants

Chiyoda Corp

Vietnam exposure is clearer through Chiyoda Vietnam's role as an owner on a Hai Phong commercial and residential complex that broke ground in April 2025. Chiyoda is an international EPC contractor with the ability to bring strong procurement and engineering controls when projects require imported systems. If Vietnam tightens compliance on safety and commissioning, that discipline can be an advantage. The downside is limited local footprint versus domestic contractors, which can raise costs when projects need fast labor scaling. Stricter bidder independence rules are a realistic what-if that could force clearer separation between design and selection roles.

Aspirants

CTCI Corp

Vietnam relevance depends on whether its power and process experience converts into active contracts under today's tender and compliance rules. CTCI stated that the Van Phong 1 thermal power plant project it won was targeted for commercial operation in 2023, showing long cycle delivery exposure in Vietnam. CTCI is a Taiwan based EPC group that can compete when owners value schedule certainty and integrated procurement. Slow decision cycles on large energy projects are a key risk, which can leave teams underutilized and raise bid costs.

Aspirants

Danieli & C. Officine Meccaniche SpA

2025 startup in Hai Phong shows Danieli can execute equipment heavy plant packages that support industrial buildouts. Danieli is a specialist equipment and plant engineering firm, so its Vietnam impact depends on how many steel and metal projects move from plan to commissioning. If industrial policy pushes more domestic steel upgrades, Danieli can benefit through repeat mill modules and service contracts. Owner capex delays are a key risk, because imported equipment lead times make rescheduling costly. The realistic upside is more low carbon retrofits that need induction heating and efficiency upgrades.

Aspirants

An Phong Construction

High rise and data center work needs tighter coordination because MEP and structural sequencing can break schedules quickly. An Phong disclosed a 55 story central district tower with a 2024 completion target and referenced a completed 2023 project, which signals active delivery volume. An Phong is a Ho Chi Minh City rooted private contractor that can win when developers value speed and predictable finishing quality. If green permitting and fire enforcement become stricter, early design coordination could become a differentiator. The operational risk is client concentration in premium towers, where sales slowdowns can freeze payment milestones.

Aspirants

TAKCO JSC

Public visibility has leaned toward governance and financial issues, including discussion of tax arrears reported in 2024, which can affect bid confidence. TAKCO is a smaller listed contractor and developer group, so survival hinges on selecting projects with clean payment terms and limited land risk. If social housing and standardized mid rise programs expand, it could re-enter with simpler delivery packages. Restricted trading or compliance actions are a key risk that can tighten working capital just as project needs rise.

Aspirants

Vietnam Construction Companies: Leaders, Top & Emerging Players and Strategic Moves

Top 5 Vietnam Construction Companies

Vietnam Construction Companies Matrix by Mordor Intelligence

MI Competitive Matrix for Vietnam Construction

Analysis of Vietnam Construction Companies and Quadrants in the MI Competitive Matrix

Coteccons Construction JSC

Vinaconex JSC

Ricons Construction Investment Group JSC

Delta Corp

Central Cons

Hoa Binh Construction Group JSC

Song Da Corp JSC

Ecoba Vietnam JSC

Fecon Corp JSC

Cofico

Newtecons Vietnam

GS Engineering & Construction

Hyundai Engineering & Construction Co. Ltd

Hung Thinh Incons JSC

Chiyoda Corp

CTCI Corp

Danieli & C. Officine Meccaniche SpA

An Phong Construction

TAKCO JSC

Frequently Asked Questions

Methodology

Analysis of Leading Vietnam Construction Companies