What Hoa Binh Construction Group does

Hoa Binh Construction Group (HoSE: HBC) is Vietnam's largest general construction contractor by brand recognition, founded in 1987 and headquartered in Ho Chi Minh City. The company operates as a main contractor (tổng thầu) providing design-build, general contracting, and construction management services for high-rise residential towers, commercial complexes, mixed-use developments, industrial facilities, and infrastructure projects. Its core technology stack combines Building Information Modeling (BIM), a proprietary Project Management System (PMS), and an enterprise ERP platform; the company reports BIM deployment on roughly 30% of projects, materially ahead of older international competitors operating in Vietnam.

The customer base is anchored by Vietnam's largest real estate developers (Vinhomes, Sun Group, BIM Group, Gamuda Land, Khang Dien, Sunshine City, Keppel Land) and complemented by industrial clients (Intel, Bosch, Lixil) and public-sector projects (Ho Chi Minh City Metro Line 1, Tan Son Nhat Airport T2, An Giang Central Hospital, Southern Airports Authority headquarters). Revenue is recognized on a percentage-of-completion basis under long-term construction contracts, with a disclosed backlog of approximately VND 16,000 billion providing near-term visibility. Pricing is project-specific, negotiated per scope with no standardized public tiers.

The group employs 6,000+ professionals, operates across roughly 34 provinces in Vietnam and 6 countries, and runs approximately 20 concurrent projects. It is the only Vietnamese construction contractor named to the National Brand (Thương hiệu Quốc gia) program for nine consecutive times and ranked #1 Most Reputable Construction Contractor in 2022. Ownership remains founder-family influenced after a December 2022 governance transition that installed an independent Chairman (Dr. Nguyen Cong Phu) and elevated founder Le Viet Hai's son to General Director. The company is in an active financial restructuring phase, having executed a second debt-to-equity conversion within two years, while pursuing international expansion through partnerships with Primetech Constructions (Australia/Vanuatu), China Construction Third Engineering Bureau's Yangtze Vietnam, and US-based partners.

Name

Hoa Binh Construction Group

Legal name

Công ty Cổ phần Tập đoàn Xây dựng Hòa Bình

Website

https://hbcg.vn

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Hoa Binh Construction Group is Vietnam's leading general construction contractor, founded 1987, providing design-build services for residential, commercial, industrial, and infrastructure projects primarily to large real estate developers, government, and multinational manufacturers across Vietnam and select international markets.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Nonresidential Building Construction (2362), Heavy and Civil Engineering Construction (237), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), General Bldg Contractors - Residential Bldgs (1520), Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Construction Program Management (Multi-site/Portfolio) (IMAFAAAF)

akta.pro secondary industries

Residential General Contracting (New Build) (IMAFAAAB), Automotive & Heavy Manufacturing Plant Construction (IMAFADAK)

Keywords

• General construction contracting
• Design-build services
• Civil infrastructure construction
• Industrial facility construction
• Super high-rise construction

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. General Construction Contracting: Core revenue stream from being main contractor (tổng thầu) for construction projects including residential towers, commercial complexes, industrial facilities, and infrastructure. Revenue recognized on percentage-of-completion basis for long-term construction contracts. Project backlog (backlog value) drives future revenue visibility, with reported backlog around 16,000 billion VND.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Hoa Binh Construction Group is a Vietnamese general contractor (tổng thầu) that delivers end-to-end civil, industrial, and infrastructure construction services — including design-build, foundation and structural works, architectural, MEP (mechanical, electrical, plumbing), and landscape finishing — for high-rise residential, commercial, mixed-use, hospitality, healthcare, industrial, and public infrastructure projects. The company serves as main contractor for landmark Vietnamese developments such as Vinhomes Central Park, Vinhomes Golden River, and Saigon Centre, leveraging proprietary BIM and Project Management System (PMS) tools to manage complex builds.

Product overview

Hoa Binh Construction Group is a leading Vietnamese general construction firm offering comprehensive design-build and construction services. The company operates as a single unified service offering centered on general construction and design-build contracting, with specialized capabilities across residential, commercial, mixed-use, industrial, and infrastructure sectors. The portfolio includes major landmark projects such as Vinhomes Central Park, Vinhomes Golden River, Sunshine City Saigon, Metro Line 1, and various international projects. The company maintains proprietary project management systems (PMS) and serves markets across Vietnam's Northern, Central, and Southern regions as well as international markets.

Differentiator

Problem solved

Functional benefit

Products and services

• General Construction and Design-Build Services Comprehensive main-contractor service providing design-build, general contracting, and construction management for residential, commercial, mixed-use, hospitality, industrial, and infrastructure projects — covering foundation, structural, architectural, MEP (mechanical, electrical, plumbing), and landscape works. Delivered for enterprise clients including Vinhomes, Sun Group, Keppel Land, Gamuda Land, BIM Group, Khang Dien, Sunshine City, and Soai Kinh Lam.

Quantifiable outcome

• Debt collection rate averaging 89% on recognized revenue (2017-2020)
• +3 more outcomes

Named customers16 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

Feature3 records

Partnerships

15 partnerships are on record, tiered core and minor.

• China Construction Third Engineering Bureau (Yangtze Vietnam)coreStrategic or Co-development Partner · 1 January 2026Strategic cooperation agreement signed between Hoa Binh Construction Group and China Construction Third Engineering Bureau's Yangtze Vietnam subsidiary. The partnership aims to leverage Chinese construction expertise and expand capabilities for large-scale international projects.
• Nha Pho Viet Nam GroupminorStrategic or Co-development Partner · 1 January 2026Strategic partnership with Vietnamese townhouse development group for housing construction projects.
• Tran Duc GroupminorStrategic or Co-development Partner · 1 January 2026Strategic partnership with Tran Duc Group for construction projects.
• Primetech Constructions Pty LtdcoreStrategic or Co-development Partner · 23 August 2023Strategic cooperation agreement worth over $2 billion USD including: (1) Design and construction partnership, (2) EPC contract for Matevulu Sands Hotel and Resorts project in Vanuatu (total value $1.8 billion, Hoa Binh's contractor portion $900 million), (3) Four large-scale projects in Australia worth nearly $1.5 billion. Partnership targets Australia, Vanuatu, and Pacific region markets.
• Keystone Constructions LtdminorStrategic or Co-development Partner · 23 August 2023International partnership as part of Hoa Binh's global expansion strategy, targeting markets including Orange County, USA.
• Hoque GlobalminorStrategic or Co-development Partner · 23 August 2023International partnership as part of Hoa Binh's global expansion strategy targeting USA market.
• Intech ConstructionminorStrategic or Co-development Partner · 23 August 2023Strategic cooperation with Vietnamese construction company Intech for projects in Tu Son, Bac Ninh.
• Matevulu Sands LimitedcoreImplementation/ SI/ Consulting Partner · 1 January 2023Project developer for Matevulu Sands Hotel and Resorts in Vanuatu, with Hoa Binh as main EPC contractor under the Primetech partnership.
• Ho Chi Minh City University of TechnologyminorStrategic or Co-development Partner · 17 December 2020MOU for cooperation in BIM training and application, developing human resources for the construction industry.
• Den Phu Nuoc Rang Dong CompanyminorStrategic or Co-development Partner · 22 November 2019Strategic partnership signed November 22, 2019 for construction cooperation.
• M.I.K Land VietnamcoreStrategic or Co-development Partner · 8 December 2015Hoa Binh serves as main contractor (tổng thầu) for Movenpick Resort Phu Quoc project developed by M.I.K Land. The partnership involves managing and developing the first Movenpick Resort in Vietnam on over 50 hectares with nearly 300 hotel rooms, 100+ resort apartments, and 50 premium villas.
• Movenpick Hotel & Resorts (Switzerland)minorChannel Partner/ Reseller/ Distributor · 8 December 2015International hotel management company from Switzerland managing Movenpick Resort Phu Quoc, which Hoa Binh constructs as main contractor.
• Ngoc Sao Cuu Duong CompanyminorStrategic or Co-development Partner · 1 January 2015Partner in developing Movenpick Resort Phu Quoc alongside M.I.K Land.
• Movenpick Hotels & ResortsminorStrategic or Co-development Partner · 1 January 2015Strategic partnership for Movenpick Resort Phu Quoc project managed by M.I.K Land.
• I.D.E CompanyminorStrategic or Co-development Partner · 7 March 2014Joint investment partnership where Hoa Binh (via HBH subsidiary) purchased all 291 standard apartments, 20 penthouses, and 19 shophouses in Green Hills project (renamed Green Park). Project located in Binh Tan District, HCMC, with 15-floor twin towers on 1 basement.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Shimizu Corporation: Japanese general contractor with deep super high-rise and complex building expertise; comparable to HBC in technical capability for landmark towers, though operating globally at much larger scale.
• Daewoo Engineering & Construction: Korean general contractor with significant overseas building and infrastructure portfolio; comparable in international ambitions and super high-rise capability, and a direct reference point for HBC's BIM adoption benchmarking.
• China State Construction Engineering Corp (CSCEC): World's largest construction contractor with a broad portfolio spanning buildings, infrastructure, and industrial projects; relevant as a global incumbent whose Yangtze Vietnam subsidiary is partnering with Hoa Binh, and as the dominant scale competitor in international tenders.

Regional players

• Tiong Seng Holdings: Singapore-based general and civil contractor with similar business model of multi-disciplinary construction services for residential, commercial, and civil projects; comparable in scale and execution profile to HBC.
• Woh Hup Holdings: Singapore-based general contractor specializing in high-rise and large-scale building projects; comparable to Hoa Binh in super-tall building capability and serving institutional/private developers, but operating in Singapore and ASEAN rather than Vietnam.

Direct peers

• FLC Faros Construction JSC: Vietnamese general contractor with overlapping exposure to large residential, resort, and commercial projects; comparable business model as a tổng thầu main contractor in Vietnam's private real estate market.
• Vinaconex JSC: Major Vietnamese state-owned general contractor active across civil, industrial, and infrastructure construction; competes with HBC on government tenders, large real estate developer mandates, and infrastructure projects in Vietnam.
• Coteccons Construction JSC: Largest private-sector general contractor in Vietnam competing head-to-head with Hoa Binh on high-rise residential, commercial, and industrial projects for the same major developer clients (Vinhomes, Sun Group, Keppel Land). Most directly comparable by scale, project mix, and customer base.
• Ricons E&C JSC: Vietnamese general contractor with a comparable portfolio of high-rise residential, commercial, and industrial projects, frequently serving the same set of real estate developer clients as Hoa Binh.

Emerging players

• Delta Corporation (Vietnam): Vietnamese construction and infrastructure group with growing presence in civil and industrial construction; comparable as a domestic competitor pursuing a similar expansion path in Vietnam's construction market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCJjuquVuJKPW8ua4hLz5y9w/featured
• Facebookfacebook.com/hoabinhconstruction

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 Hoa Binh Construction Group