FECON

What FECON does

FECON (Công ty Cổ phần FECON) is a Vietnamese construction and infrastructure development corporation listed on the Ho Chi Minh Stock Exchange under ticker FCN. Founded in 2004 and headquartered in Hanoi, the company specializes in foundation engineering and underground construction — including bored piles, diaphragm walls, jet grouting, CDM (cement deep mixing), TBM tunneling for metro projects, and the first-in-Vietnam deployment of RAS COLUMN ground improvement technology, alongside Japanese-origin GEOCRETE methods applied to port infrastructure.

The company operates a vertically integrated business model combining construction contracting with project investment, executed through 8 member companies and 16+ subsidiaries spanning piling (FPL, FC PL1), underground construction (FCU, FDB), machinery supply (FMS), power generation (FECON Power, Vinh Hao 6), and industrial park development (FECON IP Hoa Yen). Revenue streams include general contractor and subcontractor construction services, project investment in industrial zones and renewable energy, and equipment supply/rental. Customer base spans government agencies (Vietnam Ministry of Transport on Long Thanh Airport and Hanoi metro projects), major real estate developers (Vinhomes, Sun Group), industrial operators (Hoa Phat, FDI tenants), and infrastructure partners (Coteccons, Vinaconex, POWERCHINA, Copenhagen Infrastructure Partners).

In 2025, FECON reported revenue of VND 4,863 billion (~1,614 employees, 650+ completed projects, 900+ supplier partners). The company has shifted strategically from a pure construction contractor toward an integrated energy-infrastructure developer, evidenced by its 1,000MW Laos wind consortium with CIP, the 40MW An Thanh Gia Lai wind farm, the 256-hectare FECON IP Hoa Yen industrial park, and the POWERCHINA strategic cooperation agreement. GTM is enterprise field sales via direct bidding and joint ventures, supported by an e-bidding procurement portal for subcontractor management.

Name

FECON

Legal name

Công ty Cổ phần FECON

Website

https://fecon.com.vn

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

FECON is a Hanoi-headquartered Vietnamese construction and infrastructure corporation specializing in foundation engineering, underground construction, and project investment, serving government, real estate developers, and FDI industrial clients across Vietnam and selectively in Laos.

Ownership category

akta.pro rank

Product category

Civil Infrastructure and Foundation Construction Services

NAICS

Engineering Services (541330), Electrical Contractors and Other Wiring Installation Contractors (238210)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Electrical Work (1731), Services-Engineering Services (8711)

akta.pro primary industry

Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA)

akta.pro secondary industries

Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage) (IMAFADAD), Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ)

Keywords

• Foundation engineering services
• Underground construction services
• Geotechnical engineering solutions
• Civil infrastructure construction
• Industrial park development

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Construction Contracting: General contractor and specialist subcontractor services for foundation, underground, and civil construction projects. Revenue recognized per project contract, typically large infrastructure and building projects.
2. Project Investment: Investment in own infrastructure projects including industrial parks and energy projects, generating investment returns alongside construction revenue.
3. Energy Projects: Development and investment in wind power and solar projects (e.g., An Thanh Gia Lai Wind Power, Vinh Hao 6 Solar) generating long-term energy production revenue.
4. Equipment Supply & Rental: Through subsidiary FMS (FECON Machinery Supply), providing construction equipment management, operation, and advisory services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

FECON is a construction and infrastructure investment corporation that delivers general contractor and specialist subcontractor services for foundation engineering, underground construction, geotechnical works, civil infrastructure, and industrial construction across Vietnam. Beyond contracting, the company invests in and develops its own infrastructure projects, including industrial parks (e.g., FECON IP Hòa Yên, 256 hectares in Bac Giang/Bac Ninh) and renewable energy installations (wind and solar power). It operates through approximately 20 subsidiaries covering piling, soil improvement, drilling and basement works, machinery supply, power generation, and industrial zone development, executing more than 650 projects with roughly 1,614 employees.

Product overview

FECON is a construction and infrastructure investment corporation operating a multi-layered business structure. The company provides two primary service lines: (1) General Contractor Construction Services covering urban infrastructure, transportation infrastructure, and industrial/civil construction, with foundation and underground construction as the core specialty; and (2) Project Investment Services focused on green and sustainable infrastructure development. The company operates through a network of approximately 20 subsidiary companies specializing in areas including piling (FPL, FC PL1), underground construction (FCU, FDB), machinery supply (FMS), power generation (FCP), and infrastructure development (FC I&U). Supporting operations include the FECON E-Bidding System for procurement management and the FECON Library for knowledge management.

Differentiator

Problem solved

Functional benefit

Brands

• FECON IP: Industrial park brand including FECON IP Hòa Yên, FECON IP Hiệp Hòa for industrial zone development

Products and services

• Foundation and Underground Construction Services Specialized foundation engineering and underground construction services, representing FECON's core competency as the leading foundation and soil improvement company in Vietnam. Covers bored piles, diaphragm walls (D-Wall), jet grouting, CDM (cement deep mixing), and TBM tunneling for metro and urban infrastructure. Targeted at government agencies, developers, and industrial clients requiring complex geotechnical solutions.
• General Contractor Construction Services General contracting services for urban infrastructure, transportation infrastructure, and industrial and civil construction projects, including foundation and underground construction as a core specialty. Targeted at public and private project owners seeking a main contractor for large-scale infrastructure programs.
• Industrial Construction Services Civil and structural construction services for industrial projects including steel plants, manufacturing facilities, and heavy industry complexes. Targeted at industrial corporations such as Hoa Phat Group with projects such as the Dung Quat steel complex.
• Project Investment Services Investment in infrastructure development projects focused on green and sustainable development, including industrial parks (FECON IP Hòa Yên, 256 hectares) and renewable energy projects. Generates long-term returns alongside construction revenue. Targeted at government partners, FDI tenants, and energy investors.
• Wind Power Project Development Development and investment in onshore wind power projects through FECON Power (FCP) and related subsidiaries. Examples include the An Thanh Gia Lai Wind Power Plant (Phase 1, 40MW, VND 1,586 billion approved investment) and the CIP-FECON consortium proposing a 1,000MW wind project in Savannakhet, Laos. Targeted at national power demand and cross-border electricity export.
• Solar Power Project Development (Vinh Hao 6 Solar) Investment and development of solar power projects through FECON Power (FCP) and Vinh Hao 6 Power JSC, generating long-term energy production revenue alongside wind power operations.
• Industrial Park Development (FECON IP) Development and operation of industrial parks under the FECON IP brand, including FECON IP Hòa Yên (256 hectares, Bac Giang/Bac Ninh provinces) and FECON IP Hiệp Hòa, integrating renewable energy supply for FDI tenants. Targeted at FDI manufacturers seeking industrial land with stable, sustainable energy supply.
• Construction Equipment Supply and Rental (FMS) Provision of construction equipment management, operation, and investment consulting services through FECON Machinery Supply JSC (FMS), established in November 2018. Serves FECON's own projects as well as external clients needing construction machinery and technical advisory.

Quantifiable outcome

• 4,863 billion VND revenue in 2025
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core, minor and moderate.

• CIP (Copenhagen Infrastructure Partners)coreStrategic or Co-development Partner · 10 June 2026CIP-FECON consortium proposing 1,000MW onshore wind power project in Savannakhet Province, Laos to export electricity to Vietnam. CIP manages $40 billion in green energy investments and plans ~$3 billion in renewable energy projects in Vietnam by 2030. The consortium also explores a 2.5GW renewable portfolio spanning wind, solar, and battery storage.
• POWERCHINAcoreStrategic or Co-development Partner · 14 April 2025Comprehensive strategic cooperation agreement to promote key infrastructure development in Vietnam. POWERCHINA is a major state-owned engineering and construction enterprise. The partnership aims to leverage combined capabilities for large-scale infrastructure projects.
• TEDIPORT (Port and Waterway Engineering Consulting Joint Stock Company)minorStrategic or Co-development Partner · 25 August 2017Comprehensive cooperation in waterway infrastructure and port construction. Joint research on application of GEOCRETE technology, jet grouting, and other geotechnical solutions for port, waterway, and hydraulic engineering projects. Collaboration also on international projects in Myanmar, Bangladesh, Laos, and Cambodia.
• Japanese contractors and investorsmoderateStrategic or Co-development PartnerClose working relationships with Japanese contractors and investors, leveraging FECON's foundation engineering expertise and Japanese partners' capital and technology in BOT and infrastructure projects.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Keller Group: UK-listed global geotechnical specialist contractor covering ground engineering, piling, and ground improvement. Closely comparable to FECON's specialty foundation and soil improvement business model across diverse end markets.
• Bauer AG: German global leader in specialist foundation engineering with deep expertise in piling, diaphragm walls, and ground improvement. Comparable to FECON's foundation and underground construction niche at a global scale.
• POWERCHINA: Chinese state-owned EPC contractor in power, infrastructure, and civil works. Strategic cooperation partner of FECON with broadly overlapping infrastructure and energy project capabilities across the region.
• Soletanche Freyssinet (Vinci Construction): Vinci subsidiary specializing in foundations, soil technologies, and underground structures globally. Comparable in core technical offerings to FECON's deep foundation, D-Wall, and underground engineering capabilities.
• China Communications Construction Company (CCCC): China's largest infrastructure group covering transportation infrastructure, dredging, and heavy civil construction. Comparable regional competitor in Southeast Asia infrastructure projects with substantially larger scale than FECON.

Direct peers

• Coteccons: One of Vietnam's largest private construction general contractors and a JV partner with FECON on Long Thanh Airport. Highly comparable in size, customer base (real estate developers and government), and project types (mixed-use, infrastructure, industrial).
• Hoa Binh Construction Group: Top-tier Vietnamese general contractor focused on commercial, residential, and industrial buildings. Comparable in scale and customer overlap with FECON's general contracting and real estate developer work.
• Construction Corporation No. 1 (CC1): Vietnamese state-owned construction general contractor partnering with FECON in the Long Thanh Airport JV. Directly comparable in project scope (transportation, industrial, civil infrastructure) and government client focus.
• Raito Kogyo: Japanese specialty geotechnical contractor operating the Raito FECON Innovative Geotechnical Engineering JV (RFI) with FECON. Closely comparable in foundation engineering, ground improvement, and soil stabilization techniques.
• Vinaconex: Major Vietnamese construction and infrastructure group active in civil works, hydropower, and real estate. Comparable to FECON as a long-standing domestic construction competitor serving government and enterprise clients across similar end-markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fecon

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FECON