On the afternoon of March 7, Vietnam Import-Export and Construction Corporation (Vinaconex) sent a document to the Vietnam Stock Exchange and the Ho Chi Minh City Stock Exchange regarding the arrest of business leaders.
Accordingly, the enterprise said that it had received a notice from the Investigation Police Agency of the Ministry of Public Security on the temporary detention of Mr. Nguyen Huu Toi - Member of the Board of Directors, Deputy General Director, former Chairman of the Board of Directors; and Mr. Duong Van Mau - Member of the Board of Directors, Deputy General Director.
According to the notice, Mr. Nguyen Huu Toi was temporarily detained for investigation into the act of violating regulations on bidding causing particularly serious consequences, giving money to the investor to be facilitated to win the bid.
Meanwhile, Mr. Duong Van Mau was temporarily detained for investigation into the act of violating regulations on bidding causing particularly serious consequences.
What projects is Vinaconex investing in?
In the real estate investment portfolio, Vietnam Import-Export and Construction Corporation (Vinaconex, stock code on HoSE: VCG) currently owns thousands of hectares of land across the country.
According to the 2024 Annual Report, the enterprise invested in the construction of 8 real estate projects, including: Capital One Project (scale of 13 141 ha in Hoang Mai, Hanoi); Investment project to build and operate infrastructure of High-Tech Industrial Park 2 - Hoa Lac High-Tech Park (scale of 19.12 ha in Thach That, Hanoi); Hoa Binh extended Avenue urban area project (Quang Ninh); Resort hotel and restaurant project in Ha Thanh eco-tourism and beach area; Tuy Hoa coastal condotel resort project; VINACONEX Diamond Tower project; Investment project to build and operate infrastructure of Dong Anh Industrial Park; Cat Ba Amatina tourist urban area project (Hai Phong).
Among these, in the third quarter of 2025, Vinaconex completely divested 51% of its capital in Vinaconex Tourism Investment and Development Joint Stock Company (UPCoM: VCR). The deal brought in a sudden financial operating revenue of nearly 3,200 billion VND, helping Vinaconex record a strong profit increase in the third quarter of 2025.
VCR is the investor of the Cat Ba Amatina resort real estate project, with a scale of about 172 hectares in Hai Phong City. The original value of Vinaconex's investment in VCR is recorded at approximately VND 1,630 billion. The divestment from VCR means that Vinaconex has withdrawn from the Cat Ba Amatina project.
In the opposite direction, Vinaconex has just announced the completion of the acquisition of 98.16% of charter capital of Vietnam Water and Environment Investment Corporation - JSC (Viwaseen).
According to the prospectus, Viwaseen is directly managing 7 land plots in Hanoi and Hai Phong, with a total area of tens of thousands of m2. In Hanoi, Viwaseen's land list includes a land plot of more than 1 ha in Ngoc Hoi; land plot 8. 209 m2 at No. 48 To Huu; land plot 1.2 ha at No. 56-58 alley 85 Ha Dinh, and land plot 1. 282 m2 at No. 52 Quoc Tu Giam (Dong Da).
In Hai Phong, Viwaseen is managing the Vong Hai residential area of more than 1.9 hectares, along with industrial land plots in the Dinh Vu area.
Vinaconex participates in a series of large bidding packages
Vinaconex is one of the largest construction contractors in Vietnam, undertaking the construction of many key expressways from North to South. The enterprise participates in bidding packages under the North-South expressway phase 2 project, including Bai Vot - Ham Nghi, Vung Ang - Bung, Van Phong - Nha Trang sections...
Vinaconex continuously participates in major bidding packages of the Long Thanh International Airport project. In 2023, Vinaconex was part of the Vietur consortium that won the bid for package 5.10 for construction and installation of passenger terminal equipment, with a value of about 35,000 billion VND.
In August 2023, Vinaconex continued to be present in the consortium including ACC Aviation Construction Corporation, Truong Son Construction Corporation, Vietnam Construction Investment Development Joint Stock Company, Cienco4 Group Joint Stock Company and Sau Bon Bay Aviation Construction Joint Stock Company. This consortium is the only contractor that meets the technical requirements for package No. 4-6, with a total investment of more than 8,100 billion VND.
By August 2024, Vietnam Airports Corporation (ACV) announced that the consortium won bid package 4.7, worth 6,368 billion VND, related to the construction and installation of equipment for aircraft apron, passenger terminal and other items under component project 3 of Long Thanh International Airport phase 1.
Vinaconex also leads the construction consortium for the T2 international passenger terminal expansion project at Noi Bai International Airport. The project has been completed and put into operation about 3 months ahead of schedule.
A noteworthy development being watched by investors is the 2026 inspection plan. The Government Inspectorate has issued Decision 1176 approving the 2026 inspection plan with a total of 89 inspections, including 67 official inspections and 22 contingency inspections.
According to the plan, in the second quarter of 2026, Vietnam Import-Export and Construction Corporation will be under inspection for compliance with the law on construction investment, housing and real estate business activities at a number of projects invested by enterprises.
