Coteccons - Reputable general contractor and choice of foreign real estate giants

Looking at the general picture of the global economy in 2021, Vietnam’s real estate market is at an attractive stage after just “bottoming out” and showing strong signs of recovery. The wave of foreign real estate developers from Japan, Singapore, and Hong Kong (China) looking at Vietnam shows that this continues to be an area with great potential for development in the near future. But at the same time, it also puts pressure on domestic construction contractors to continuously innovate to compete at home.

In Vietnam, there are many construction contractors that thrive and have solid internal resources, creating a fiercely competitive market, but this is also a positive thing that helps investors have many options. Especially among foreign investors, the way of seeing and approaching the problem is somewhat more rigorous. They have a more thorough selection process to find worthy contractors who have the capabilities according to international standards and practical experience to ensure the safety of the project.

Coteccons is one of the first choices of foreign real estate giants as it is trusted in project implementation and construction safety, offering peace of mind. Such things are part of the brand’s reputation and long history of achievement.

Management capacity and application of new technologies

At Coteccons, management processes are being standardized according to international models, bringing many advantages in terms of cost and service quality. This is clearly demonstrated through the application of the “Plan - Do - Check - Act” cycle, to enforce quality in safety management and project quality management.

Coteccons’ projects have been implementing a new business strategy under the “LEAN Construction” management model, bringing high efficiency in construction, focusing on customers, and providing the right products and services required by the customer.

In parallel, Coteccons is at the forefront of business digitization. Using a solid technological foundation provides leverage to help businesses quickly transform and successfully build cost-optimization models that accelerate the decision-making speed of investors.

Coteccons has applied new and advanced technologies by investing in technological solutions to support management and improve decision making, such as the application of Monitoring / Site Digital technology (quality and progress project management from start to finish and handover), which Coteccons is applying to solve technology problems. This way the client can self-check, monitor, and evaluate every criterion and stage of the project even while sitting in the meeting room.

In addition, the focus on the research and application of new materials, new solutions to integrate into the value chain, and construction services by a general contractor like Coteccons also demonstrates the company’s goal of reaching the highest quality and optimizing project lifecycle costs.

All of the above capabilities are realized by Coteccons through large-scale projects with international standards, which are entrusted by foreign investors. These include Capital Place, a Grade A office building for domestic and foreign businesses owned by the CapitaLand Group, one of the largest real estate groups in Asia headquartered in Singapore, and Casino Hoiana, owned by VinaCapital, Chow-Tai-Fook from Hong Kong (China), and The Suncity Group from Macau (China), with a contract value of VND 7 trillion ($304 million) that has proven Coteccons’ capacity. From the success of its domestic projects, many foreign investors also place their trust in Coteccons to conduct high-quality project items, such as The MarQ project in Ho Chi Minh City’s District 1 - a 6-star luxury apartment block owned by Hongkong Land from Hong Kong (China), and the One Verandah project in District 2, owned by a Singaporean investor.

Building brand reputation based on core values

In Vietnam’s construction market, few contractors can execute large Design & Build (D&B) contracts because this is a model requiring that many difficult conditions be met. The contractor needs to own the factory, directly manage the materials and personnel, and have the experience to take on the dual goals of design and construction. Professional ethics and a sense of responsibility among officers and employees are required at a professional and self-disciplined level, to overcome the temptations of solely focusing on the profit motive. This process has been forged by Coteccons over the last 17 years and has formed its corporate culture. Each staff member carries in them Coteccons DNA, with a love for the profession and a passion for building to create values for society.

Mr. Michael Tran, Deputy General Director of Coteccons, said there are many large projects that have a short bidding time, and the company chooses a bidding strategy that focuses on timing and personnel in the multi-platform Design & Build stage, structure, safety, construction solutions, and technology, to convince investors. “Coteccons is sharing the economic difficulties with the investor during this time of Covid-19, not chasing price reductions to win contracts but cooperating closely and looking for new suppliers and subcontractors, coming up with win-win cooperation strategies to manage the best input prices,” he explained.

Typical projects Coteccons has succeeded in thanks to its new strategy are Lancaster Luminaire Duong Lang, Hanoi, and Lancaster Legacy Nguyen Trai Ho Chi Minh City, owned by the TTG Group, Intercontinental Ha Long Bay, Hyatt Regency Ho Tram, Dolce Penisola, and Ecopark Swanlake Residences, all of which had centralized bidding in a short period of time with a reasonable bid policy in both Design & Build.

Cooperation with major foreign partners will open up new opportunities and create high-quality construction works, thereby contributing to the development of the economy in general.