Vinaconex invests in seaport construction

Vietnam Construction and Import-Export Corporation (Vinaconex) has contributed 40% of the capital to build Van Ninh International Port (Quang Ninh).

Last week, It started the first phase of the Van Ninh general port project. The project investor is Van Ninh International Port Joint Stock Company, in which Vinaconex contributes 40% of the capital, Duong Dong Group contributes 40%, local partners contribute 20%. In this project, Vinaconex also assumes the role of a general contractor.

Van Ninh’s available port has a total planning area of 480 ha, of which phase 1 is deployed on an area of 82 ha; full berth length is 500m for ships and 390m for barges. The total investment is 2,248 billion VND, expected to be completed and put into operation by 2024.

This is one of four long-term growth-driving projects in Quang Ninh, capable of receiving ships with a tonnage of up to 20,000 tons, river ferries, and inland waterways, with a focal point for gathering and distributing, import and export goods of Vietnam with the Chinese market.

With the strength of construction, Vinaconex aims to be an investor and contractor to construct and install transport infrastructures such as highways, seaports, and airports.

Vinaconex and its consortium are undertaking the three most extensive bidding packages in three-component projects of the North-South expressway, invested by the Ministry of Transport. The enterprise recently participated in the bidding package “Construction of works; Supply, installation of equipment and construction of mechanical and electrical systems” under the project “Construction of passenger terminal T2, Phu Bai economic and international airport”. The bidding package is valued at over VND 1,545 billion.

In the third quarter, Vinaconex achieved sales and service provider of 1,269 billion VND, profit after tax in the third quarter reached 109 billion VND.

Accumulated in the first nine months, the Corporation recorded revenue of 3,610 billion dongs. Consolidated pre-tax profit reached 535 billion dongs. Thanks to more effective cost management, the company’s gross profit margin improved to 16% compared to 15% in the same period last year.

As of September 30, Vinaconex’s total assets reached 30,840 billion dongs, up 57% compared to the beginning of the year and slightly up 2% compared to the end of the second quarter. Equity is 7,508 billion dongs, undistributed profit after tax distribute 2,043 billion VND.

According to Vinaconex leaders, in the context of many localities implementing social distancing in the third quarter and quiet economic activities, the above profit results show the remarkable efforts of Vinaconex, which continues to have many investment activities to prepare for the breakthrough period at the end of the year and next year.

(Source: VnExpress)

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