Vietnamese entrepreneur heads to Texas in search of $1 billion profit

Central Saigon in Ho Chi Minh City (Dreamstime/Tktktk)

Long-time Vietnamese contractor Hoa Binh Construction plans to bid for work in the United States and Australia to boost annual revenue to $20 billion and profit to $1 billion within 10 years .

The focus hinges on overseas expansion, so Hoa Binh will open offices in Sydney, Brisbane and Texas before the summer begins.

The plan was revealed by Chairman Le Viet Hai during the company’s annual general meeting on Monday, according to the newspaper. VNExpress reports.

The entrepreneur hopes to win work by offering competitive prices based on his access to low-cost materials and technologies, and the large number of workers he could mobilize.

Hoa Binh was founded in 1987 and benefited from Vietnam’s economic boom, but suffered from the Covid-19 downturn.

Among the large-scale projects he has delivered are the mixed-use Saigon Center (pictured) and the massive Celadon City condominium development, both in Ho Chi Minh City, and the Imperia Sky Garden residential complex in Hanoi.

In addition to construction, the company manufactures building materials, furniture, interior fittings and home furnishings, and also has a real estate branch.

The company hopes to quadruple its profit this year to $15 million on revenue of $760 million, a 54% increase on its Covid-affected results in 2021. In 2021, Le Told last year’s annual meeting that 2020 was the group’s toughest year in 33 years, including a 42% drop in its share price.

Although the first quarter results were disappointing, the company’s chief executive, Le Viet Hieu, told shareholders that the company had won bids worth a total of $400 million over the three-month period, i.e. almost half of its annual objective.

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