Making news

Vietnam Report announces Top 10 most reputable building contractors

Hoa Binh Construction Group has topped the list of Vietnam’s Top 10 Most Reputable Building Contractors in 2020, according to an independent report by Vietnam Report.

It was followed by Coteccons Construction JSC and Ricons Construction Investment JSC in the 2nd and 3rd places, respectively.

Meanwhile, Hoa Phat Group JSC ranked first in the Top 10 Most Reputable Building Material Companies in Vietnam this year, followed by Viglacera Corporation and Vicostone JSC.

The rankings are based on studies of multiple financial factors, corporate reputation on the media and surveys of experts in the industry.

According to the report, 73.9 percent of asked companies said they believed 2020 would be a difficult year while 13 percent were optimistic that the construction and building material industry would see growth this year. Some 4.3 percent said that the industry would maintain stability compared to 2019.

Notably, about 8.7 percent of the respondents said it is likely that the real estate market would experience slowdown in the first half of the year and make a comeback in the second half as the COVID-19 pandemic is brought under control.

A survey by the General Statistics Office found that up to 47.5 percent of firms said they were struggling, 33.7 percent maintained stable production and 18.8 percent saw better performance in the first quarter of the year.

During the period, the construction and building material sector reported revenue and after-tax profit declining 9.5 percent and 10.2 percent, respectively./.