Thua Thien Hue Construction

What Thua Thien Hue Construction does

Thua Thien Hue Construction Joint-Stock Corporation (Cong ty Co Phan Xay Lap Thua Thien Hue) is a Vietnamese construction and real estate conglomerate headquartered at 72 Pham Van Dong, Hue City. Founded in 2011 as a joint-stock corporation, the company operates across five integrated business segments: (1) general construction contracting for civil, industrial, and infrastructure projects; (2) industrial zone development and operation through its wholly-owned subsidiary Cong ty TNHH MTV Dau tu va Phat trien Ha tang KCN, which develops and manages Phu Bai Industrial Zone Phases I-IV; (3) real estate investment including the 12-story HCC Building at 28 Ly Thuong Kiet for office leasing; (4) logistics and warehousing services at Phu Bai; and (5) building materials manufacturing via a brick and concrete subsidiary.

The company's go-to-market is enterprise field sales through competitive bidding and direct contracting for public tenders and private construction projects. It serves government ministries, provincial departments, state-owned enterprises, industrial zone developers, and select private commercial clients, with named contracts spanning healthcare (Provincial General Hospital funded by Korean ODA, Hue Central Hospital facilities), education (Hue University of Medicine and Pharmacy), banking (Vietcombank Hue branch), defense (Military Region 4 Command), and manufacturing (Scavi Hue factory construction). Pricing is project-based via competitive tendering on fixed-price contracts. The company operates both as main contractor and consortium leader, with a portfolio of completed landmark public projects dating back over a decade.

Financially, the company reported 445 billion VND in 2021 revenue (81% of annual plan) and 63 billion VND in net profit, audited by PwC Vietnam, with a 2022 revenue target of 550 billion VND. It maintains 1,900+ union members across the company and subsidiaries. The firm has been audited by Ernst & Young Vietnam and PwC Vietnam in prior years, holds a registered capital base of 152.46 billion VND, and is governed through AGMs with a Board of Directors and Supervisory Board under a joint-stock company structure.

Name

Thua Thien Hue Construction

Legal name

Công ty Cổ Phần Xây Lắp Thừa Thiên Huế

Website

https://xaylaphue.com.vn

Company type

Private

Founded year

2011

Operating status

Operating

Short description

Thua Thien Hue Construction is a Vietnamese general contractor and real estate developer headquartered in Hue, serving government, institutional, and industrial clients through competitive tenders for civil, infrastructure, and industrial zone projects across central Vietnam.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Commercial and Institutional Building Construction (23622), Nonresidential Building Construction (2362), Industrial Building Construction (23621), Heavy and Civil Engineering Construction (237)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro industry

PRIMARYIMAFACAA

Office & Corporate Building Construction

Industrials, Manufacturing & Construction/Construction & Civil Engineering/Commercial & Institutional Building Construction

SECONDARYEUAEADAA

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

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Renewable Balance-of-Plant EPC (Wind/Solar/Hydro)

SECONDARYIMAFADAK

Automotive & Heavy Manufacturing Plant Construction

Industrials, Manufacturing & Construction/Construction & Civil Engineering/Industrial Construction (Plants & Facilities)

Keywords

• General construction contracting
• Industrial zone development
• Civil infrastructure construction
• Real estate development
• Building materials manufacturing

Headquarters

HQ city

Hue

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Others

Revenue model

1. Construction Contracting: The company generates revenue primarily from construction contracting services, acting as a general contractor on public and private construction projects. Revenue is project-based, earned through tendering and direct contracting for civil works, infrastructure, and building construction across Thua Thien Hue province and wider Central Vietnam.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Thua Thien Hue Construction is a general contractor that delivers civil, industrial, and infrastructure construction projects for government agencies, manufacturing companies, and private developers in central Vietnam. The company also invests in and operates the Phú Bài Industrial Zone (phases I-IV) through a wholly-owned subsidiary and develops/leases commercial real estate such as the HCC Building office tower. Its revenue base is construction contracting (project-based, tendered), with supporting revenue from industrial zone land leasing, real estate leasing, logistics, and building materials.

Product overview

Thua Thien Hue Construction Joint-Stock Corporation (Công ty Cổ Phần Xây Lắp Thừa Thiên Huế) is a diversified construction and real estate conglomerate. The company operates across five core business segments: (1) Construction and Installation Services (Xây lắp) serving as a general contractor for civil, industrial, and infrastructure projects; (2) Industrial Zone Development (Phát triển KCN) through its wholly-owned subsidiary Công ty TNHH MTV Đầu tư và Phát triển Hạ tầng KCN, responsible for developing and operating Phú Bài Industrial Zone (phases I–IV); (3) Real Estate Investment and Development (Bất độ sản) including office buildings for lease such as HCC Building at 28 Lý Thường Kiệt; (4) Logistics and Warehouse Services at KCN Phú Bài; and (5) Building Materials manufacturing through subsidiary brick and concrete companies. The company's project portfolio spans healthcare (Thua Thien Hue Provincial General Hospital), government buildings (Customs Office, Tax Department, Provincial People's Committee Office), commercial properties, and residential complexes.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction and Installation Services (Xây lắp)

Quantifiable outcome

• Revenue growth from 400+ billion VND in 2015 to planned 550 billion VND in 2022, representing a CAGR trajectory of approximately 4.5% over seven years.
• +1 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• Cong ty TNHH Thiet bi Cong nghe mien Trung (Central Region Technology Equipment Co., Ltd.)minorStrategic or Co-development Partner · 16 August 2023Joint venture partner with Thua Thien Hue Construction in the Scavi Hue Factory 2 construction project worth nearly 70 billion VND. Central Region Technology Equipment Co. is part of a 3-party consortium (with Thua Thien Hue Construction as consortium leader and Dien Quang Trading Co.) responsible for the factory construction project.
• Cong ty TNHH MTV Thuong mai Dien Quang (Dien Quang Trading One Member Co., Ltd.)minorStrategic or Co-development Partner · 16 August 2023Joint venture partner in the Scavi Hue Factory 2 construction project. Part of a 3-party consortium led by Thua Thien Hue Construction for construction works valued at nearly 70 billion VND.
• Cong ty TNHH PwC Viet Nam (PwC Vietnam)minorOthers · 19 April 2022Auditor for the company's consolidated financial statements for 2021. PwC Vietnam audited the 2021 results showing revenue of 445 billion VND and net profit of 63 billion VND.
• Khoa Ky thuat va Cong nghe - Dai hoc Hue (Faculty of Engineering and Technology - Hue University)minorStrategic or Co-development Partner · 18 March 2022Signed a 5-year memorandum of understanding for cooperation in training, research, career guidance, and recruitment. Thua Thien Hue Construction donated 100 million VND to the faculty. The partnership aims to develop application-oriented training programs, facilitate student internships and site visits, and incorporate new technologies into the faculty's curriculum. The company also sponsors faculty events, competitions, scholarships, and research groups.
• Cong ty CP Scavi HuecoreStrategic or Co-development Partner · 18 August 2021Thua Thien Hue Construction serves as main contractor for multiple Scavi Hue factory construction projects: Factory 2 construction (consortium leader, ~70 billion VND) and expansion/renovation of Scavi Hue factory workshop (44 billion VND, turnkey basis, 180-day completion). Scavi Hue is a foreign-invested apparel and footwear manufacturing group.
• Cong ty CP Cang Chan May (Chan May Port JSC)minorStrategic or Co-development Partner · 9 August 2021Thua Thien Hue Construction met with Chan May Port JSC to explore cooperation, joint venture, and alliance opportunities. The meeting focused on potential collaboration in warehouse storage and logistics services at Chan May Port. Chan May Port was seeking partners with experience in warehouse infrastructure investment. The company showcased its modern goods management systems and logistics equipment at Khu Cong Nghiep Phu Bai.
• Cong ty TNHH Ernst & Young Viet Nam (Ernst & Young Vietnam)minorOthers · 10 June 2016Auditor for the company's consolidated financial statements for 2015. Ernst & Young Vietnam audited and certified the company's financial results, which showed consolidated revenue of over 400 billion VND and net profit of over 50 billion VND.
• Khoa Quan tri Kinh doanh - Truong Dai hoc Kinh te - Dai hoc HueminorStrategic or Co-development Partner · 10 June 2015Thua Thien Hue Construction has been partnering with the Faculty of Business Administration at Hue University of Economics for nearly 10 years through annual scholarship programs for outstanding and disadvantaged students.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Fecon Corporation: Vietnamese construction and foundation engineering firm with exposure to industrial, infrastructure, and civil projects. Comparable because of similar Vietnamese construction market participation and project-based revenue model, though Fecon specializes more heavily in foundation and underground works.
• Ricons Construction Investment JSC: Vietnamese general contractor specializing in commercial, residential, and industrial construction. Comparable because of similar general contracting model, project mix including industrial buildings, and mid-tier Vietnamese construction market positioning.
• Licogi 13 Joint Stock Company: Mid-sized Vietnamese construction company focused on industrial, civil, and infrastructure projects. Comparable because of similar scale, government and industrial client mix, and participation in Vietnam's general contracting market.
• Hoa Binh Construction Group: Private Vietnamese general contractor delivering commercial, institutional, and industrial buildings nationwide. Closely comparable business model to HCC's general contracting on hospitals, schools, offices, and government projects, with similar exposure to competitive tendering.
• Descon Construction Corporation: Vietnamese construction and engineering group delivering industrial, commercial, and infrastructure projects. Comparable because of similar general contracting scope, project-based revenue model, and presence in the same Vietnamese construction competitive set.

Regional players

• HUD Land Development and Investment Corporation: Vietnamese state-owned developer of urban housing and infrastructure with construction capabilities. Comparable as a Vietnamese state-affiliated contractor/developer active in government-linked infrastructure and building projects, though focused on national urban development programs.

Broad incumbents

• Vinaconex (Vietnam Construction and Import-Export JSC): State-affiliated general contractor with diversified construction, infrastructure, and real estate operations. Comparable because it executes government-funded infrastructure and building projects across Vietnam, though at significantly larger scale and with broader geographic reach than HCC.
• Coteccons Construction Joint Stock Company: Vietnam's largest private-sector general contractor, listed on HOSE. Comparable because it performs institutional, commercial, industrial, and residential construction across Vietnam, but operates at substantially larger national scale than HCC's provincial focus.
• Song Da Corporation (Song Da JSC): Large state-owned Vietnamese contractor historically focused on hydropower and civil infrastructure, now diversified into building construction. Comparable as a major Vietnamese state-affiliated general contractor pursuing government infrastructure and institutional projects.

Emerging players

• Phuc Hung Holdings Construction JSC: Emerging Vietnamese construction company with exposure to industrial zone infrastructure and civil works. Comparable because of overlap in industrial infrastructure development and general contracting, though at smaller scale and earlier growth stage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

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 Thua Thien Hue Construction