Hoa Binh Construction Group is one of the leading enterprises in the construction industry, playing a crucial role in economic development. In 1987, from the initial step of being a Hoa Binh Construction Office, after 36 years of construction and development, Hoa Binh made many practical contributions in the construction field, with hundreds of large-scale projects requiring high artistic. All of these efforts is to contribute to the modernization of Vietnam. Hoa Binh Construction Group has become the leading general contractor in Vietnam and is reaching out to raise its brand name in the international construction market.

The journey of reaching out to the big sea

As a witness to all the ups and downs and difficulties of the construction industry in general and Hoa Binh in particular, Mr. Le Viet Hai - Chairman of the Board of Directors of Hoa Binh Construction Group, has steadfastly steered the boat of Hoa Binh through the storm of the market and also created glorious and proud historical milestones in Vietnam's construction industry.

With the first steps mainly in designing and constructing private housing projects, Hoa Binh always builds a sustainable business strategy, clearly defining goals and missions. Hoa Binh has gradually matured, developed, and expanded the market, accepting the construction of many commercial projects such as restaurants, hotels, and offices, attracting many domestic and foreign investors.

Hoa Binh gradually affirmed its position in the construction industry and the national economy. It was focused on investment, improving quality, training staff, constantly learning and creating, bringing many projects of international stature to Hoa Binh Group, and contributing to the development of Vietnam's construction industry.

Hoa Binh is also one of the pioneers in bringing international quality standards and modern and advanced business and project management tools to construction projects in Vietnam, creating trust in the hearts of customers and partners, including Certification of International Standard ISO 9001:2000 on Quality Management Issued by international organization QMS in 2001; building Enterprise Resource Planning (ERP) System in 2009; put into application BIM (Building Information Modeling) solution in 2011.

In the development strategy, Hoa Binh always strives to perfect the management system, apply modern technology, do long-term strategic planning, and constantly implement specific and comprehensive plans to reach the international level and sustainable development.

Choosing the right leader with heart and vision

In recent years, due to the influence of many objective factors of the construction industry market and the global economy, difficulties are common to all industries, especially in real estate and construction. Hoa Binh Group is also in that context.

Human resource is a decisive factor for the success or failure of an enterprise, especially the role of the "leaders." The role of a leader is recognized through leading actions for organizations and businesses. Leaders need timely decisions, enthusiasm, and the ability to persuade, take time, and mobilize internal and external resources. Hoa Binh Construction Group has always focused on selecting virtuous, talented, and enthusiastic people to share the responsibility of executing the mission at every step.

On June 1, 2023, Hoa Binh Construction Group announced the resolution of the Board of Directors on the appointment of Mr. Le Van Nam to the position of General Director.

Mr. Le Van Nam is a man of action, unafraid of hardships and ready to face challenges. He decided to return to continue working with Hoa Binh because, after a period of experience in many places, he realized that only Hoa Binh was the right environment for him. It is a very kind and humane company and worthy of him devoting his intellect, enthusiasm, and even his assets to increase the financial capacity of Hoa Binh and overcome its limitations of Hoa Binh in the short term.

                                                                      Mr. Le Van Nam - New General Director of Hoa Binh Construction Group

Mr. Le Van Nam was born in 1976, permanently residing in Thua Thien Hue province, and graduated in Civil Engineering from Ho Chi Minh City University of Technology. From 2001 to 2004, Mr. Nam worked as a supervisor and deputy site manager in Hoa Binh. From 2004 to 2010, he was the site manager and then a project director of typical projects of Hoa Binh, such as Phu My Apartment, Vincom Tower B, Sunrise City, Era Town, and M&C Tower.

From 2011 to September 2014, Mr. Le Van Nam participated in managing Hoa Binh's projects in Malaysia, including Le Yuan Residence and Desa Green. In October 2014, he returned to Vietnam and assumed the position of deputy general director of Hoa Binh in the North region.

From July 2019 until being appointed General Director of Hoa Binh, Mr. Nam worked in other positions and workplaces. It was also a time for him to learn and gain more experience.

As soon as he returned to Hoa Binh and assumed the position of head of the Executive Board in the face of many difficulties, Mr. Nam launched a comprehensive restructuring plan with the determination to help Hoa Binh overcome difficulties and challenges. For him, the current difficulties are only temporary. When the storm passes, Hoa Binh will continue to develop steadily.

​Comprehensive restructuring is an urgent requirement

The new General Director of Hoa Binh said that the comprehensive restructuring of Hoa Binh at this time is urgent and necessary. The "makeover" journey will focus on essential solutions to help Hoa Binh overcome the fierce storm and return to the No. 1 position in Vietnam's construction industry shortly.

Financial restructuring is Hoa Binh's top priority at the moment. That is the issue of individual shares to suppliers and subcontractors to increase charter capital and reduce debt repayment pressure. On the other hand, the issue of individual shares will bring subcontractors and suppliers to become strategic shareholders of Hoa Binh. In addition, the focus is on debt recovery, restructuring loans with banks for debt relief, refinancing new credit packages, and re-valuing the company's assets. The valuation of assets, mainly machinery, and equipment, to record the current value and confirm the value is much higher than the value recorded in the accounting books. Currently, these machines can be exploited for many more years. According to the financial report dated March 31, 2023, Hoa Binh's total investment in machinery and equipment is VND 2,189 billion, and on the books, it has depreciated VND 1,344 billion. The remaining value is 845 billion VND. Currently, the depreciated value of VND 1,344 billion includes a lot of machinery and equipment that are still of high use value, but the value is zero in the books because it has been over eight years of use. Meanwhile, compared to the current market, the price of new devices will be 30-60% higher due to slippage.

On June 17, 2023, the Board of Directors of Hoa Binh Construction Group approved a resolution to sell 100% of the capital in Matec Construction Machinery Co., Ltd. (a subsidiary managing and exploiting all the equipment and machinery of the Group). ) for investor Ashita Group for VND 1,100 billion, which means that Hoa Binh has added 1,100 billion VND of capital to its business activities. At the same time, much of the company's real estate, including factories and offices in Ho Chi Minh City purchased many years ago, will also be re-valued according to international accounting standards, which will undoubtedly increase the owner's equity of Hoa Binh.

Restructuring the management system and strengthening risk management are also carried out at the same time as finance. Review and re-evaluate the management system, and cut unnecessary intermediaries to streamline the management apparatus and increase labor productivity. Besides, Hoa Binh will focus intensely on risk management for sustainable development.

Mr. Nam also said that Hoa Binh only retains companies with compelling business operations and continues to invest in that company's development towards the IPO target. This action is to invite more investors to participate in owning shares, increasing the assets of these companies and increasing the assets of the Group. Any company that is inefficient and is no longer in line with the Group's development orientation in the future will be divested and may be dissolved. With this strategy, the Group's cash flow is well managed and a catalyst for member companies to be proactive in financial management, ensuring transparency, professionalism, and reputation. In addition, the finance department of all member companies will be transferred to the Group's Finance Department for centralized financial management and enhanced risk management.

In parallel with the financial restructuring and management system, Hoa Binh also drastically restructured products and markets to improve revenue quality based on the investors' financial capacity and project feasibility assessment. Simultaneously consolidating the domestic market, Mr. Nam affirmed his full support for developing foreign markets. This strategic market helps Hoa Binh both increase revenue quality and profit ratio.

On the S-shaped land, Hoa Binh has left many imprints with its sustainable constructions built by the hands and minds of talented and virtuous people. They are persevering, working hard to create high-class work, and growing more assertive in building a brand. Each step of Hoa Binh Construction Group in the market brings excellent value.

Hoa Binh Construction Group, under the leadership of the new General Director and a team of dedicated and visionary leaders, promises to make breakthroughs on the way ahead.

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