Song Da No 19

What Song Da No 19 does

Song Da No 19 (Công ty Cổ phần Sông Đà 19) is a Vietnamese joint-stock construction and energy company operating across three business lines: (1) hydropower EPC (engineering, procurement, and construction) contracting — historically including participation in the Lai Chau 1,200MW national project, Xekaman 1 (322MW) and Xekaman 3 (250MW) in Laos, and the Nam Theun 1 international joint venture ($510M Contract A); (2) electricity generation from its owned Thủy điện Đắk Lây hydropower plant (22MW, two generating units, operational since January 2010) in Kon Tum province; and (3) real estate development, exemplified by the Sông Đà 19 Tower mixed-use complex in Đà Nẵng (22 floors plus 2 basements, 80.5m height).

The company's underlying construction technology centers on roller-compacted concrete (RCC) dam construction — the first application of RCC technology in Vietnam at the Plei Krông hydropower dam (Kon Tum), subsequently replicated at Đồng Nai 5. The company operates within the broader Song Da Corporation (Tổng công ty Sông Đà) ecosystem, with state capital now managed by SCIC after the parent converted to a joint-stock model around 2020. Song Da No 19 is listed on the UPCOM exchange (ticker: SJM) but has been placed under warning status and in March 2026 was notified it no longer meets public-company eligibility criteria.

Revenue mechanics are primarily project-based (EPC) bidding for large state-owned utility clients and Song Da group affiliates, supplemented by recurring revenue from owned hydropower plant sales to the national grid, and one-time real estate sales. Customers are concentrated among state power developers (notably EVN for domestic projects) and Song Da group entities that develop Laos projects. Marketing and distribution are institutional: competitive tendering, parent-corporation referrals, and shareholder/exchange disclosures — there are no consumer-facing channels. Notable financial indicators include FY2020 revenue of 6,858 billion VND (achieving 101% of plan) and pre-tax profit of 251 billion VND (achieving 90% of plan). Recent strategic actions include a 2025 private placement to increase charter capital, a December 2025 investment in door manufacturer Sunspace, divestment from SJM Hải Dương, and ongoing leadership transitions at the Chairman level.

Name

Song Da No 19

Legal name

Công ty Cổ phần Sông Đà 19

Website

https://songda19.com.vn

Company type

Private

Founded year

1977

Operating status

Operating

Short description

Song Da No 19 is a Vietnamese construction and energy firm that performs hydropower EPC contracting, operates an owned 22MW hydropower plant, and develops real estate — serving state utilities like EVN and Song Da Corporation affiliates across Vietnam and Laos.

Ownership category

akta.pro rank

Product category

Hydropower Construction & Power Generation

NAICS

Hydroelectric Power Generation (221111)

akta.pro primary industry

Hydro BOP Civil & Water Conveyance (Dams, Spillways, Penstocks, Canals) (EUAMAFAG)

Keywords

• Hydropower construction
• Hydroelectric EPC services
• Electricity generation
• Real estate development
• Dam construction

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 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. Electricity Generation: Operating owned hydropower plants including Thủy điện Đâk Lây (22MW, 2 generating units) and other plants, generating revenue from national grid electricity sales.
2. Real Estate Development: Development of mixed-use residential and commercial properties, exemplified by Sông Đà 19 Tower in Đà Nẵng (22 floors + 2 basement levels, 80.5m height).
3. Construction Contracting (EPC): Engineering, procurement, and construction (EPC) services for hydropower projects in Vietnam and Laos, including major international contracts as part of joint ventures.

Distribution channels3 records

Marketing channels4 records

Core offering

Song Da No 19 is a Vietnamese construction and energy company that delivers engineering, procurement and construction (EPC) services for large-scale hydropower projects in Vietnam and Laos, operates its own hydropower plants to generate and sell electricity to the national grid, and develops mixed-use real estate such as the Sông Đà 19 Tower in Đà Nẵng.

Product overview

Công ty Cổ phần Sông Đà 19 operates as a multi-sector enterprise with three core business lines: (1) hydroelectric power generation (Sản xuất điện) through its own power plant Thủy điện Đâk Lây; (2) real estate development via the Sông Đà 19 Tower mixed-use project in Đà Nẵng; and (3) construction of hydroelectric infrastructure as a contractor, having participated in landmark projects including Thủy điện Xekaman 1 (322 MW, Laos), Thủy điện Xekaman 3 (250 MW, Laos), Thủy điện Lai Châu (1,200 MW, Vietnam), and the international Contract A of the Nam Theun 1 hydropower project (650 MW, Laos). The company is organized as a joint-stock company under the Sông Đà parent group.

Differentiator

Problem solved

Functional benefit

Products and services

• Thủy điện Đâk Lây (Đâk Lây Hydropower Plant) Owned and operated 22 MW run-of-river hydropower plant located in Kon Plong district, Kon Tum province, Vietnam, with two generating units selling electricity to the national grid.
• Thủy điện Lai Châu (Lai Chau Hydropower) — EPC Contracting EPC contracting services for the 1,200 MW Lai Chau hydropower project on the Đà River in Lai Chau province, Vietnam, executed by Song Da Corporation as main contractor.
• Thủy điện Xekaman 1 — EPC Contracting EPC contracting services for the 322 MW Xekaman 1 hydropower project on the Sê Kaman river in Sanxay District, Attapeu Province, Laos, comprising two cascades (Xekaman 1 upper and Xekaman Sanxay lower).
• Thủy điện Xekaman 3 — EPC Contracting EPC contracting services for the 250 MW Xekaman 3 hydropower project on the Nam Pagnou river in Dak Cheung, Sekong Province, Laos, with two generating units.
• Nam Theun 1 Hydropower — Contract A EPC Contract A EPC services for the 650 MW Nam Theun 1 hydropower project on the Nam Kading river in Bolikhamxay Province, Laos, covering construction of the main RCC dam (4 million m³), spillway, power tunnels, and powerhouse, valued at USD 510 million.
• Sông Đà 19 Tower (Mixed-use Real Estate) Mixed-use apartment and commercial complex located at 12 Hồ Xuân Hương, Khuê Mỹ, Ngũ Hành Sơn, Đà Nẵng: 22 above-ground floors plus 2 basement levels, 80.5 m height, on 1,808.2 m² land area, sold to residential and commercial buyers.

Quantifiable outcome

• Delivered Nam Theun 1 Contract A ($510M) — first international competitive bid win by Song Da Corporation in 2016.
• +3 more outcomes

Named customers3 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

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• CMC (Italy) and Italian-Thai (Thailand)coreStrategic or Co-development PartnerInternational joint venture with Italian-Thai (Thailand) and CMC (Italy) to construct Contract A of the Nam Theun 1 hydropower project in Laos. The joint venture was awarded a $510M contract for construction of the main dam, spillway, power tunnels, and power house complex. This was the first international competitive bid won by Song Da Corporation, marking a significant milestone in Vietnam's hydropower engineering sector's international expansion.
• Tổng công ty Sông Đà (Song Da Corporation)coreOthersSong Da No 19 is a subsidiary of Tổng công ty Sông Đà (Song Da Corporation), Vietnam's leading state-owned hydropower construction conglomerate. The parent company coordinates international bidding, provides strategic direction, and allocates major projects to subsidiaries. The parent company has a controlling ownership stake in Song Da No 19.
• Sudico (Công ty Cổ phần Đầu tư Kinh doanh và Phát triển Hạ tầng Sài Gòn)minorStrategic or Co-development PartnerSudico (Sai Gon Investment and Infrastructure Development JSC) is listed as a strategic partner on Song Da No 19's website, suggesting commercial cooperation in real estate or infrastructure development projects.
• Phúc Hà GroupminorStrategic or Co-development PartnerPhúc Hà Group is listed as a strategic partner of Song Da No 19, likely in the context of construction or infrastructure development collaborations.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hòa Bình Construction Group: Vietnamese private construction group focused on civil, industrial, and infrastructure projects. Comparable diversified construction peer operating in the same institutional customer set and Vietnamese capex cycle.
• Coteccons: Leading private Vietnamese general contractor with major industrial, commercial, and infrastructure projects. Comparable as a top-tier Vietnamese construction firm competing for large project mandates, though less hydropower-specialized.
• Vinaconex: Vietnamese state-owned construction and infrastructure conglomerate with significant hydropower and real estate exposure. Closely comparable diversified state contractor with overlapping EPC and property development operations.
• Song Da 5 (Công ty CP Sông Đà 5): Sister company under Song Da Corporation specializing in hydropower construction. Direct peer competing with Song Da 19 for group-allocated EPC contracts and similar power generation assets.
• Lilama Corporation (Tổng Công ty Lắp máy Việt Nam): Vietnamese state-owned industrial EPC contractor active in power, thermal, and industrial plant construction. Comparable large-project EPC business model, state backing, and reliance on Vietnam's energy infrastructure capex cycle.
• Song Da Corporation (Tổng Công ty Sông Đà): Parent group and Vietnam's leading state-owned hydropower EPC conglomerate. Directly comparable business in large-dam construction, RCC dam expertise, and hydropower generation, and the primary allocator of major projects to Song Da 19.
• Song Da 10 (Công ty CP Sông Đà 10): Sister hydropower/infrastructure subsidiary within the Song Da Corporation group. Closely comparable subsidiary peer with similar EPC capabilities and state-linked customer base.
• Song Da 6 (Công ty CP Sông Đà 6): Another sibling under Song Da Corporation engaged in hydropower and infrastructure construction. Comparable in scale, mandate, and customer base, bidding against Song Da 19 for parent-allocated projects.

Broad incumbents

• PowerChina (Sinohydro): China's largest state-owned hydropower EPC contractor and a global incumbent. Competes directly with Song Da 19 for cross-border Mekong-region hydro tenders and represents the scale benchmark Song Da 19's international expansion must match.
• EVN — Vietnam Electricity (Tập đoàn Điện lực Việt Nam): State-owned national power utility and Song Da 19's largest customer (owner of Lai Chau and other major hydro assets). Comparable as the dominant Vietnamese power-offtaker/integrator that drives Song Da 19's construction pipeline.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/songda19

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 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 Song Da No 19