CTD Ar2020

KHÁT VỌNG VƯƠN XA
2020 ANNUAL
REPORT
GO BEYOND Contents
Coteccons
2020 Annual Report
With aspirations and strong beliefs in the future,

We - Coteccons has been constantly advocating 05
06
Message from Chairman
About us
and changing to reach sustainable development 1 General Information
08
09
Vision - Mission - Core values
History of establishment and development
goals ahead. 10 Outstanding figures
12 2014 - 2020 financial overview
14 Coteccons - Efforts in 2020
Abbreviation
AGM : Annual General Meeting of Shareholders GMS : General Meeting of Shareholders 20 Board of Directors’ capability
AR : Annual Report HCMC : Ho Chi Minh City Stock Exchange 22 Business environment
BIM : Building Information Modeling HR : Human resources 26 Strategy in 2021 - 2025
BOD : Board of Directors IA : Internal Audit 28 Legal compliance
30 Risk management
BOM : Board of Management IT : Information Technology
2 Board of Directors’ 35 Report of the Board of Directors
BOS : Board of Supervisors JSC : JOINT STOCK COMPANY
Report 49 Report of the Independent Board of Directors
CAGR : Compound Annual Growth Rate KPI : Key Performance Indicator 51 Report of the Board of Supervisors
CCM : Cost and Contract Management LEED : Leadership in Energy and Environmental Design 56 Investor relations policy
CEO : Chief Executive Officer M&E : Mechanical and Electrical 63 Asean scorecard
CG : Corporate Governance PAT : Profit After Tax - based assessment of Corporate Governance
Co., Ltd. : Limited Liability Company PBT : Profit Before Tax

CTA : Coteccons Academy PR : Public Relations
78 Board of Management’s capability
CTD : Stock ticker of Coteccons R&D : Research and Development
81 Report of the Board of Management
Dept. : Department ROAA : Return On Average Assets 88 Subsidiaries and associates
90 Construction engineering
EPC : Engineering, Procurement and Construction ROEA : Return On Average Equity
Board of Management’s
3 91 Construction quality management
ERP : Enterprise Resource Planning VAS : Vietnamese Accounting Standards
Report 92 Warranty management
FDI : Foreign Direct Investment VND : Vietnam Dong
94 M&E system
GDP : Gross Domestic Product SWOT : Strengths - Weaknesses - Opportunities - Threats
96 Design and Building information modeling
98 Sustainable development commitment

99 Stakeholders engagement
4 Sustainable 105 Economic growth promotion
Development Report 108 Environmental protection efforts
111 Enhancing social responsibility
119 Contact information for stakeholders
5 Financial Perspective 121 2020 Audited Consolidated Financial Statements
APPENDIX
166 2020 Significant projects
www.cot eccons.vn
GO BEYOND | COTECCONS
1
MESSAGE FROM CHAIRMAN Toward the future, we need to keep in mind the
mission of Coteccons is to build a “harmonious
ecosystem” with construction as its core
business and related sectors such as renewable
energy, construction & finance and infrastructure
which can meet the demands of the market and
our customers, with a suitably experienced and
qualified team backed up by dynamic business
development.
General Information
Our dear Shareholders and Colleagues!
In this reporting period, we have delivered a
number of achievements in the face of stiff
challenges, these are mainly reflected in the
05 Message from Chairman transformation of the management team and
06 About us organizational structure following last year’s
08 Vision - Mission - Core values turbulent period.
09 History of establishment and development The modest results with 05 new projects
10 Outstanding figures awarded in 4Q2020 and 04 awarded in
12 2014 - 2020 financial overview 1Q2021 are notable achievements in the market
14 Coteccons - Efforts in 2020 circumstances. They represent a small step
in the journey ahead in which we plan to grow
sustainably and leverage the value potential
of the Coteccons brand. A parallel step in this
Mr. Bolat Duisenov - Chairman journey is to build a multidisciplinary corporation.
Dear Shareholders and Colleagues, We are proud of the values and heritage of the
1,659 staff members under the flag of Coteccons
In 2020, we were confronted with complex circumstances in which which are based on a history of landmark
the Covid-19 pandemic dominated the world in general and the achievements. We rely on the consensus and
Vietnam economy in particular, we also faced tough decisions and support of stakeholders and we all play equally
many changes that were unprecedented in the internal structure of important roles to reinforce our collective strength
Aspiration
the business. that sees us through our challenges.
I’m pleased to report that these challenges have been consolidated Looking ahead and the journey to 2025,
recently with a settled Leadership Team. Coteccons legacy proves that when we unite as
one team and face challenges together, we can
In reviewing the first quarter of 2021, we observe that the social take responsibility for building Coteccons’ future
situation in general and construction industry in particular are still prosperity in confidence.
impacted by the ongoing effects of the pandemic. We have also
I am convinced that working together as one
seen miss-information and rumors influencing market perceptions
team, we will overcome all challenges and build
about Coteccons. However, we are also grateful to be part of this
a better world for our staff, our stakeholders and
time. Indeed, this difficult time represents an appropriate point
the communities and environments in which
to mark the beginning of the 5-year journey from 2020 to 2025, a
we work.
new era where we will focus on positioning the brand “Coteccons
Inside” in the marketplace with a fresh identity and thinking as a One team, we go beyond together.
world class construction enterprise with a fully integrated model
including design, engineering and delivery to create maximum
value for our clients and give a beneficial advantage over our
competitors. The products with “Coteccons Inside” brand will bring
confidence to investors, peace of mind for our clients as well as
home buyers and credibility for all stakeholders. Any project built Bolat Duisenov
by Coteccons comes with absolute commitments on safety, quality, Chairman
schedule and budget.
1. 2. 3. 4. 5.
General Information Board of Directors’ Report Board of Management’s Report Sustainable Development Report Financial Perspective 5
GE NE RA L I N FO R MAT I O N GO BEYOND | COTECCONS
ABOUT US OUR PRESENCE
With outstanding capabilities, undertaking projects of international stature,

Coteccons continues to affirm its leading position in the Vietnam and taking
further steps in the world. We confidently affirm the bravery of a brand proven
COTECCONS STAFF
by the prestige, quality and absolute trust of customers.
1,659
(STAFF)
Vietnamese name : Công ty Cổ phần Xây dựng Coteccons
English name : Coteccons Construction Joint Stock Company

PROJECTS ACROSS VIETNAM
400+
Abbreviated name : COTECCONS (PROJECTS)
Business Registration 0303443233 issued for the 1st time by Ho Chi Minh City
:
Certificate Department of Planning and Investment on August 24th, 2004
Total owners’ equity : VND 8,398,669,476,041 Ba Ria - Vung Tau Khanh Hoa
Bac Ninh Kien Giang
Charter capital
Address
: VND 792,550,000,000
: 236/6 Dien Bien Phu Street, Ward 17, Binh Thanh District, HCMC
WE ARE CONSTRUCTING Binh Duong
Binh Phuoc
Lao Cai
Long An
LOCAL AND INTERNATIONAL

Can Tho Nam Dinh
Phone : (84-28) 3514 2255 - (84-28) 3514 2266 Da Nang Nghe An
Dong Nai Phu Quoc
PROJECTS
Fax : (84-28) 3514 2277
Ha Nam Phu Yen
Email : [email protected] Ha Noi Quang Nam
Ha Tinh Quang Ngai
Website : www.coteccons.vn Hai Duong Quang Ninh
Stock Ticker : CTD Hai Phong Tay Ninh
Hau Giang Thai Binh
INTERNATIONAL EXPERIENCE: Hue HCM City
LAOS, MYANMAR, CAMPUCHIA Hung Yen
MAIN BUSINESS LINES
Construction all kinds (Business Code: 4100 (Main)) Other construction system installation (Business Code: 4329) Unclassified financial support
In detail: Installation of non-electrical equipment, irrigation systems, heating or air conditioning systems or (Business Code: 6619)
Production of concrete and products from cement and plaster (Business Code: 2395) industrial machinery for the construction and for civil facilities; Installation of industrial equipment for the In detail: Investment consultancy.
In detail: Production of construction structures; Production of construction materials (not at the head office). construction and for civil facilities such as elevator, escalator, automatic doors, lighting system, vacuum
system, sound system, equipment for entertainment. Architectural activities and
Production of machinery for mining and construction (Business Code: 2824) related technical consultancy
In detail: Production of machinery and equipment for construction. Building completion and finishing (Business Code: 4330)
(Business Code: 7110)
Construction of roads and railways (Business Code: 4210) Other specialized construction activities (Business Code: 4390) In detail: The overall layout design;
In detail: Construction of roads. In detail: Repairing civil and industrial works, technical infrastructure of urban and industrial areas, traffic Architectural design of civil and
works, irrigating work. industrial projects; Interior and exterior
Construction of utility project (Business Code: 4220) design; Design of heat supply,
Wholesale of other machinery and equipment and spare parts (Business Code: 4659) ventilation, air conditioning system
Construction of other civil engineering projects (Business Code: 4290) In detail: Wholesale of construction machinery and equipment, construction materials, spare parts, for civil and industrial works;
In detail: Building civil and industrial works, technical infrastructure of urban and industrial areas, technological lines for construction and construction material production. Mechanical and electrical system;
traffic works, irrigating work. Design of civil and industrial projects;
Wholesale of other construction materials, installation equipment (Business Code: 4663) Design of urban technical infrastructure.
Demolition (Business Code: 4311) In detail: Wholesale of construction machinery, equipment and materials.
Specialized design activities
Site preparation (Business Code: 4312) Other unclassified specialized wholesales (Business Code: 4669) (Business Code: 7410)
In detail: Import and export, import and export rights of the following items: iron, steel, constructional
Electrical system installation (Business Code: 4321) In detail: Interior design activities.
frameworks, materials, other installation equipment in construction; materials - machineries - equipment -
In detail: Installation of mechanical - electrical - refrigeration systems, installation of lines, spare parts, plant and machinery for producing construction equipment and materials.
transformer stations and industrial equipment.
Installation of water supply, drainage, heating and air conditioning

(Business Code: 4322) Note: Business code 7730 has been submitted to the General Meeting of Shareholders in 2021 for consideration and elimination by the BOD.
1. 2. 3. 4. 5.
6 COTECCONS | Annual Report 2020 General Information Board of Directors’ Report Board of Management’s Report Sustainable Development Report Financial Perspective 7
VISION, MISSION, HISTORY OF ESTABLISHMENT AND DEVELOPMENT

CORE VALUES Established on August 24th, 2004, over 17 years of development, Coteccons Construction
Joint Stock Company has become the number one enterprise in Vietnam in terms
of capital scale and prestige in the industry. From the initial charter capital of only
VND15.2 billion, up to now, the Company’s charter capital has increased by more than
52 times, reaching VND792.55 billion by 2020.
Converting operation model into Joint Stock Company under the Decision No. 1242/QD-BXD
2004 dated July 30th, 2004 signed by the Minister of Construction. The initial charter capital was
VND15.2 billion.
Collaborating in major projects of RMIT University, The Manor, Grand View, etc.
Attracting investment from large funds such as Dragon Capital, Indochina Capital, Tainan Spinning.
2006 - 2008 Increasing charter capital to VND120 billion.
Conquering high-end real estate market with typical projects such as Ho Tram Sanctuary,
River Garden, The Center Point, etc.
Vision Mission
Starting Coteccons office building 100% owned by Coteccons on May 10th, 2009.
To become a world class Based on the reputation, quality and customer
engineering and construction Listing and trading Coteccons stock (Ticker: CTD) on Ho Chi Minh City Stock Exchange (HOSE)
satisfaction for brand value, Coteccons commits on January 20th, 2010.
2009 - 2011
group of Vietnam in the 21st to deliver our clients’ state of the art projects
Signing the general contractor for the Grand Ho Tram Casino Complex, the largest and most modern
century. at competitive cost as well as contribute to the casino in the region invested by Asia Coast Development Ltd. (ACDL) on September 8th, 2011.
sustainable growth of society through these projects.
Signing a strategic cooperation agreement with Kustocem Pte. Ltd. (Singapore) to issue
10,430,000 shares (equivalent to USD25 million).
2012 - 2014 Raising the stake of Coteccons in Unicons to 51.24% and officially operating under the corporation
model.
Core values Initially gaining success in the Design & Build (D&B) model. Many D&B contracts have been
signed with big investors such as Masteri Thao Dien, Regina, etc.
To Customer Open | Sincere | Effective

Dealing with many large D&B contracts. Marking a record high growth in revenue and profit.
2015 - 2017 Constructing the Landmark 81 project, one of the tallest buildings in the world.
To Works Determined | Innovative | Passionate Starting the Hoi An Casino project with a total value of VND7,000 billion in August 2017.
To Partner Cooperative | Fair | Mutually developed Completing The Landmark 81 project, a national symbol and one of the Top 10 highest towers
in the world.
Completing Vinfast automobile production complex with a record time of 12 months of construction.
To Colleague Caring | Supportive | More than a family 2018 - 2020 Coteccons continues to maintain its position as the No. 1 private enterprise in the construction
industry, marking the 7th consecutive year that Coteccons has lead this ranking and Coteccons is
also honored in the Top 50 most excellent and largest enterprises in Vietnam in 2019.
In 2020, ranked as one of the leading contractors in Vietnam. Charter capital reached
To Company Loyal | Transparent | Committed VND792.55 billion.
1. 2. 3. 4. 5.
GE NE RA L I N FO R MAT I O N Khát GO vươn xa | COTECCONS
vọngBEYOND
OUTSTANDING FIGURES
400+ 1,659 3,500

PROJECTS
ENGINEERS AND
EMPLOYEES
SUB-CONTRACTORS, SUPPLIERS,
CONSTRUCTION TEAMS TOP 15 TOP 50
LISTED COMPANIES LARGEST AND MOST
TOP 1
with best business performance for EXCELLENT ENTERPRISES
3 consecutive years
5 CONSECUTIVE YEARS
THE BEST PLACE TO WORK
IN VIETNAM
1,397
Construction/Construction materials/
14,558 14,157
Architecture
TOP 500 TOP 50

CASH AND CASH
REVENUE TOTAL ASSETS EQUIVALENTS
(VND BILLION) (VND BILLION)
(VND BILLION)
7 CONSECUTIVE YEARS 8 CONSECUTIVE YEARS
LARGEST ENTERPRISES BEST LISTED COMPANIES
IN VIETNAM IN VIETNAM
105,970 4,164 30%

BOOK VALUE/SHARE EPS (VND) CASH DIVIDEND
(VND) IN 2020
1. 2. 3. 4. 5.
2014 - 2020 FINANCIAL OVERVIEW

BALANCE SHEET
Increase/
CAGR
Item (Unit: VND billion) 2014 2015 2016 2017 2018 2019 2020 Decrease
14 - 20 Net revenue 2020 Profit before tax 2020 Total resources 2020
%
(VND billion) (VND billion) (VND billion)
14,558 428 14,157

Current assets 3,636 6,486 9,944 14,323 15,323 14,728 12,868 -13% 23%
CARG: CARG: CARG:
Cash and cash equivalents 469 1,462 1,997 1,221 553 801 1,397 74% 20% 11% 4% 19%
Short-term investments 629 928 2,675 4,568 3,907 3,242 1,981 -39% 21%
Short-term receivables 2,129 2,609 3,484 6,344 9,054 8,798 7,648 -13% 24%
Inventory 270 1,051 1,241 1,874 1,443 1,626 1,492 -8% 33% CASH FLOW
Other short-term assets 139 436 547 316 366 261 350 34% 17%
Non-current assets 1,227 1,329 1,797 1,554 1,500 1,471 1,289 -12% 1% Increase/
Fixed assets 255 440 585 726 744 704 604 -14% 15% %
Investment property 105 92 78 50 52 50 47 -5% -13% Net cash flow from operating activities 131 1,229 901 1,152 (934) (339) (567) 67%
Long-term assets in progress 0 48 18 0 1 161 161 0% -
Net cash flow from investing activities (209) (114) (1,984) 566 1,021 769 1,392 81%
Long-term investments 781 493 715 377 351 394 365 -7% -12%
Net cash flow from financing activities (72) (121) 1,618 (404) (756) (183) (229) 25%
Other long-term assets 86 256 401 401 352 162 112 -31% 4%
Net change in cash and cash
TOTAL ASSETS 4,863 7,815 11,741 15,877 16,823 16,199 14,157 -13% 19% (150) 993 535 1,314 (668) 248 596 140%
equivalents
Liabilities 2,154 4,572 5,507 8,571 8,861 7,729 5,759 -25% 18% Cash and cash equivalents at the
469 1,462 1,997 3,311 553 801 1,397 74%
Short-term liabilities 2,140 4,559 5,495 8,560 8,852 7,710 5,753 -25% 18% end of the reporting period
Long-term liabilities 14 13 12 11 9 19 6 -68% -14%

Owner’s equity 2,709 3,243 6,234 7,306 7,962 8,470 8,398 -1% 21% FINANCIAL INDICATOR
TOTAL RESOURCES 4,863 7,815 11,741 15,877 16,823 16,199 14,157 -13% 19%
Increase/
Item 2014 2015 2016 2017 2018 2019 2020 Decrease
BUSINESS RESULT
%
Increase/ Profit margin

CAGR
14 - 20 Gross profit/ Revenue 7.3% 8.1% 8.7% 7.5% 6.4% 4.4% 5.9% 33%
%
Profit before tax/ Revenue 6.1% 6.8% 8.5% 7.6% 6.6% 3.8% 2.9% -22%
Net revenue 7,634 13,669 20,782 27,153 28,561 23,733 14,558 -39% 11%
Cost of goods sold (7,078) (12,557) (18,983) (25,137) (26,728) 22,685) (13,702) -40% 12% Profit after tax/ Revenue 4.7% 5.4% 6.8% 6.1% 5.3% 3.0% 2.3% -23%
Gross profit 556 1,112 1,799 2,016 1,833 1,048 856 -18% 8% ROAA 7.6% 11.8% 15.3% 11.7% 9.2% 4.3% 2.2% -49%
Financial income 119 126 170 326 321 264 228 -14% 11% ROEA 13.1% 23.1% 30.0% 24.4% 19.8% 8.7% 4.0% -57%
Financial expenses - (2) (0) (0) (0) (0) (1) 5,249% - Liquidity
Share of profit of Current ratio 1.7x 1.4x 1.8x 1.7x 1.7x 1.9x 2.2x 17%
(9) 14 33 32 97 4 (27) -764% 20%
investments in associates
Quick ratio 1.5x 1.1x 1.6x 1.5x 1.6x 1.7x 1.9x 15%
General and
(215) (363) (299) (395) (505) (459) (656) 43% 15%
administrative expenses Financial leverage
Net operating profit 450 887 1,703 1,979 1,746 857 401 -53% 4% Liabilities/Owners’ equity 79.5% 141.0% 88.3% 117.3% 111.3% 91.3% 68.6% -25%
Net other income 14 40 60 82 127 34 27 -20% 12% Debts/Owners’ equity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -
Profit before tax 464 927 1,763 2,061 1,873 891 428 -52% 4%
Total assets/Owner’s equity 179.5% 241.0% 188.3% 217.3% 211.3% 191.3% 168.6% -12%
Corporate income tax (107) (194) (341) (408) (363) (180) (93) -48% 3%
(Cash + short-term investments)/
22.6% 30.6% 39.8% 36.5% 26.5% 25.0% 23.9% -4%
Profit after tax 357 733 1,422 1,653 1,510 711 335 -53% 4% Total assets
1. 2. 3. 4. 5.
COTECCONS - EFFORTS IN 2020
SHAREHOLDERS BUSINESS
JANUARY “Top 500 Largest enterprises in Vietnam 2019” and “Top 50 Largest and Most excellent
enterprises 2019”
Maintained the position as the No.1 private enterprise in the construction industry, marking the 7th
consecutive years that Coteccons leads the VNR500 list.
JUNE Annual General Meeting of Shareholders 2020 FEBRUARY Commencement of the construction of automobile interior Factory - Vinfast automobile
manufacturing complex
Approved the 2020 business plan with revenue and profit targets of VND16,000 billion and Carried out all construction and M&E works on an area of 1.1 ha within a timeline of 2.5 month.
VND600 billion respectively, as well as a cash dividend of 30%.
Handing over of Block C - Diamond Lotus Riverside Project
JULY Honor Ceremony for Listed Companies on Vietnam Stock Market
Designed and constructed the project in compliance with U.S. Green Building Standards
(Leadership in Energy and Environmental Design - LEED), aimed at energy savings, water
Received the medal honoring VN30 member for considerable contribution to the stock market efficiency, CO2 emissions reduction, improved indoor and outdoor environmental quality.
at the 20th anniversary of the Vietnam stock market.
MARCH Handing over of One Verandah Project
AUGUST Approval of 30% cash dividend
Constructed piles, structure, finishes, M&E of One Verandah Project, ensuring a timely project
handover.
Paid a total cash dividend of VND229 billion with VND3,000 per share.
Signing of the construction contract
OCTOBER “Top 50 listed companies in Vietnam” - Forbes
• Complex Building - District 1 and Metropole Thu Thiem Project (Phase 1).
Recognized as one of the Top 50 listed companies in Vietnam by Forbes Vietnam for • 2 high-end projects, increasing the total value of contracts signed in 1Q2020 to over VND5,000 billion.
8 consecutive years.
APRIL Handing over of Capital Palace - Hanoi
DECEMBER Approval of the plan to buy back shares as treasury shares Completed construction of 2 office towers in Grade-A Capital Palace Project - a prime project in
Hanoi in terms of architecture and function.
Approved the plan to purchase 4.9 million shares as treasury shares - a source of ESOP.
The transaction took place from December 30th, 2020 to January 28th, 2021. MAY Topping out the 5-star Hilton Saigon Hotel
Held the topping-out ceremony of 5-star Hilton Saigon Hotel, which claims to be one of the highest
“Top 15 listed companies with best business performance for 3 consecutive years” hotels in HCMC.
Named as one of the “Top 15 listed companies with best business performance for Topping out the MARQ Luxury Apartment Project
3 consecutive years”, which evaluates listed companies’ annual financial statements based
Located in the heart of the city, the building offers 515 high-end apartments that follow the highest
on 21 criteria, related to all production activities business.
standards in construction.
1. 2. 3. 4. 5.
COTTECCONS - EFFORTS IN 2020 (CONTINUED)
BUSINESS SOCIETY
JULY Commencement Ceremony of Sun Grand City Project - SunGroup
The project shall build 243 villas within the precincts of Ha Long Ocean Park.
Commencement of Park Hyatt Phu Quoc Project - six-star class
Carried out M&E construction and installation package for 65 sea view villas and six-star Park
Hyatt Hotel in Phu Quoc.
AUGUST Commencement of The Origami Vinhomes Grand Park in District 9
Constructed basements, as well as the structure and basic finishing of 6 towers at JANUARY Lawrence S.Ting Charity Walk 2020
The Origami - Vinhomes Grand Park with a total contract value of over VND1,200 billion.
Donated to charity in order to help local disadvantaged families enjoy a happier new year.
Commencement of PiCity High Park Project Tower C4 - C5 in District 12
FEBRUARY Agrifood Rescue Campaign
Constructed structure and basic finishing of C4 and C5 Tower simultaneously with a total
contract value of nearly VND560 billion. Bought 25 tons of watermelons to support farmers affected by the Covid-19 pandemic.
Green day Campaign - Ho Tram Strip Project

OCTOBER Meeting subcontractors and suppliers for sustainable cooperation - comprehensive development
Organized Green Day at all Coteccons’ sites in order to support the community and promote
Exchanged opinions and reinforced long-standing partnerships between subcontractors, sustainable construction.
suppliers and excellent construction teams.
MARCH “One Heart” Charity Fund
Established ‘One Heart’ fund in order to help employees undergoing financial stress and
underprivileged people in society.
Response to the movement “Vietnam joins forces to prevent Covid-19 pandemic”
Donation of VND2 billion, equal to 1,000 test kits, to facilitate the detection and treatment of
Covid-19 at the Hospital for Tropical Diseases of HCMC.
JUNE Sponsoring and co-hosting “We Are Civil Engineers” Competition - 6th edition
Coordinated with HCMC University of Technology to organize “We Are Civil Engineers”
Competition, helping students gain construction experience while studying.
OCTOBER Best place to work 2020 - Construction/Construction materials/Architecture Industry
For 5 consecutive years, ranked first place among construction enterprises with the best
working environment.
NOVEMBER Official topping out of the A-class apartment complex - The Matrix One
DECEMBER Signing ceremony of charity sponsorship agreement and commencement of construction -
Marked a milestone of timely and professional service, highlighting the quality and reliability of repair of 20 houses
Coteccons as General Contractor.
Cooperated with the Saigon Times and the People’s Committee of Huong Phung Commune to
DECEMBER Winning new contracts continuously build and repair 20 houses in Huong Phung Commune, Quang Tri Province.
+ Won the construction bid contract of Condotel and Villa - Ho Tram Fusion Resort; National Construction Worker Championship 2020
+ Won the D&B contract, along with technical infrastructure, utilities and M&E works of Project Won 15 important prizes at “National Construction Worker Championship 2020” which honors
6 - BW Industrial Development Hai Duong One Member Limited Liability Company. the skills of Vietnamese construction workers.
1. 2. 3. 4. 5.
220
BOARD OF
DIRECTORS’
REPORT
Board of Directors’ capability

22 Business environment
26 Strategy in 2021 - 2025
28 Legal compliance
30 Risk management
35 Report of the Board of Directors
49 Report of the Independent Board of Directors
51 Report of the Board of Supervisors
56 Investor relations policy
63 Asean scorecard - based assessment of Corporate Governance
Consistency
B OA R D OF DI R EC T O R S’ R EPO RT GO BEYOND | COTECCONS
Date of appointment
BOARD OF DIRECTORS’ CAPABILITY

As the BOD Member: March 3th, 2016
Employment history
2011 - present: Director, Kusto Real Estate Capital Private Ltd
2010 - 2011: CEO, Kusto Management Ltd
As a governance body, The Board of Directors plays a central role in upholding the 2008 - 2010: CEO, Eurasia FM Consulting Ltd
Company’s leading position in terms of prestige, brand and market share, by ensuring 2005 - 2008: CEO, BTA Bank
2002 - 2005: CEO, Eurasia FM Consulting Ltd
high-quality appointments with not only advanced value-addition but also accumulated
Professional experience
core values promotion.
Mr. Talgat Turumbayev Having graduated with a Master’s degree in Finance and Accounting, he is now a member
of the Association of Chartered Certified Accountants (ACCA) with more than 27 years of
Non-Executive BOD Member experience in finance, accounting and auditing.
He joined the Coteccons Board for the 2012 - 2017 term as the representative of major
shareholders in 2016 and continued to be elected to the Board of Directors by the AGM for
Date of appointment Nationality: Kazakhstani 2017 - 2022 term.
As the BOD Member: June 30th, 2020 Year of birth: 1971
Qualifications: Share ownership at the Company: 1,590,150 shares, equal to 2.0%.
As the BOD Chairman: October 05th, 2020 Master of Business Administration
Employment history
2020 - present: BOD Chairman, Coteccons Construction JSC.
2014 - present: BOD Member, FiinGroup JSC.
2013 - present: BOD Member, Gemadept JSC.
2012 - present: Founder, PilotX
Date of appointment
2008 - present: CEO, Kusto Vietnam
As the BOD Member: June 30th, 2020
2005 - 2008: CEO, Tandem Group - Kazakhstan
Employment history
2019 - present: Founder and Director, The8th Pte. Ltd
Mr. Bolat is the Chairman of the Board of Coteccons Construction JSC, the largest construction
2018 - present: Portfolio Manager, Insead Alumni Ventures Pte. Ltd
company in Vietnam, in 2020. Having been with Coteccons for over eight years as both an
Mr. Bolat Duisenov investor and a board executive, he is fully committed to delivering the highest quality standards 2015 - present: Founder and CEO, Vahoca Pte. Ltd
Chairman of the Board across the company to create value for our clients. 2009 - 2014: Managing Partner and Head of Executive Committee, Notz Stucki Group
He is focused on building a healthy future for Coteccons by enhancing the business strategy 1998 - 2009: Executive Director and Board Member of Morgan Stanley Pension Fund
Nationality: Kazakhstani and ensuring that safety remains a core part of our business and that we meet the expectations
Year of birth: 1981 of our clients. Professional experience
Qualifications:
Also, Mr. Bolat is the co-founder and CEO of Kusto Vietnam. This private equity fund has Mr. Herwig Guido H. Van Hove Having graduated with a Master of Business Administration from Insead, he has more than 30
Master of Laws
contributed to the success of many market leaders of the country by providing necessary years of experience in finance and investment at many large financial institutions. In addition,
growth capital. He has also served as a BOD member in several private and public companies Non-Executive BOD Member he is Founder and Director of The8th Investment Fund Pte. Ltd., as well as Founder and CEO of
and managed investments over USD1 Billion. Vahoca Investment Fund Pte. Ltd. in Singapore.
Nationality: Belgian
Year of birth: 1969 In 2020, he was elected to the Board of Directors by the AGM for 2017 - 2022 term.
Share ownership at the Company: 0%.
Qualifications:
Master of Business Administration Share ownership at the Company: 0%.
Master of Applied Economics
Date of appointment
As the BOD Member: June 29th, 2017
Employment history
2013 - present: BOD Chairman, Kusto Real Estate Capital Pte. Ltd Date of appointment
2013 - present: Member of the Board of Trustees, Almaty Management University As the BOD Member: June 29th, 2017
2010 - 2013: CEO, Kusto Management Ltd
2007 - 2010: Vice Chairman, Sekerbank T.A.S Employment history
2006 - 2009: Vice Chairman, BTA Bank 2013 - present: Senior Advisor to President and Professor of Marketing, Singapore Management
2004 - 2006: Vice Chairman, Bank TuranAlem JSC. 2009 - 2013: President, Singapore Management University
2002 - 2004: BOD Chairman, Orenbourg Minerals OJSC 2007 - 2009: Deputy President and Professor of Marketing, Singapore Management University
Professional experience Professional experience

Having graduated with Bachelor of Economics in Russia (1999), Bachelor of Laws in Completing his doctoral thesis at University of Pennsylvania in 1977, he has more than
Mr. Yerkin Tatishev Kazakhstan (2002), Mr. Yerkin obtained his Master’s degree from Oxford University, UK in 2009. 43 years of experience in teaching Marketing at Singapore’s prestigious universities such as
the National University of Singapore and Singapore Management University.
Non-Executive BOD Member Backed by 22 years of experience, he has held various positions, namely Monetary Supervisor,
Mr. Tan Chin Tiong
Deputy Investment Director, Executive Vice President, BOD Chairman in numerous banks In 2017, he joined the Board of Directors for the 2017 - 2022 term as an Independent Member.
Nationality: Kazakhstani and investment funds in Eastern Europe and Singapore. He is also the Founder and President Independent BOD Member
Year of birth: 1976 of Kusto Group, as well as BOD Chairman of Kusto Real Estate Capital Pte. Ltd. In 2017, Share ownership at the Company: 0%.
he joined the Coteccons Board of Directors for 2017 - 2022 term. Nationality: Singapore
Qualifications:
Year of birth: 1949
Bachelor of Law
Share ownership at the Company: 0%. Qualifications:
Bachelor of Economics
Ph.D.
1. 2. 3. 4. 5.
BUSINESS ENVIRONMENT Contribution to GDP of construction sector
7.00%
6.00%
Construction industry outlook in 2020 5.00%
4.00%
The booming of the real estate market from 2014 - 2018 led to a remarkable development of the construction industry.
3.00%
However, in 2019 - 2020, this development slowed down as the government tightened credit in the real estate industry
and stopped granting construction permits for new projects in 2 major cities, Hanoi and Ho Chi Minh. While the overall 2.00%
picture of the construction industry was full of uncertainty, the outbreak of Covid-19 set in motion much more difficulties.
Some project activities were heavily affected, particularly in the case of hotel and resort projects which had already been 1.00%
in much trouble due to an ailing tourism industry; equipment and material import experienced many difficulties, financial
0.00%
health and cash flow of investors are limited... 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: GSO
6 difficulties affecting construction companies
Promising future in 2021

1 2 3 4 5 6 Considering both positive and negative impacts on Vietnamese economy, Vietnam Institute for Economic and Policy
Research (VEPR) has come up with 2 scenarios for Vietnam’s economy in 2021:
Optimistic scenario Pessimistic scenario

Competition Demand for Administrative
Reduction Unqualified
Price fluctuation with domestic housing and procedures, • Vietnam successfully controls the pandemic for • Outbreak of new Covid-19 variant causes
of number of workforce and
of materials and foreign construction legal most of the year. economic disruption.
approved projects equipment
companies works documents
• Small outbreaks may recur in global economic and • Pandemic situation in global economic and financial
Source: Vietnam Report financial hubs. hubs is far from over.
• Domestic economic activities stay stable with the • Travel restrictions are still in place all over the
Covid-19 was a “test” to all companies. Big companies with massive financial resources could global economic recovery. world and within the country, making it difficult for
accommodation and food services to recover.
see this as an opportunity for business development and market dominance. In contrast, small
• The impacts of Covid-19 on the agriculture, • Many business systems, especially private
and medium-sized enterprises were not able to compete, seeing their market share contracted or forestry, fishery, manufacturing and processing companies, begin to show symptoms of exhaustion
closed down. Enhancing financial management capability, building response plans and stability sectors as well as service sector will be controlled after long battle against Covid-19. Government
better than in 2020. expands its investment to support the increased
strategies to prepare for the recovery period were considered important factors for companies’ demand.
survival and remarkable development. This was also the main strategy of Coteccons in 2020.
Economic growth forecasted at: 5.6% - 5.8% Economic growth forecasted at: 1.8% - 2.0%
“In every challenge lies an opportunity”. Despite many Vietnam become more attractive for investing. Vietnam’s In the short term, the construction sector has opportunities In the long term, the demand for housing in the period
difficulties, Vietnam’s economy had a shining year, FDI inflows in 2020 reached USD28.5 billion. Although to rise in both scenarios. 2021 - 2030 will continue to increase. This trend is led
allowing the growth of construction sector in infrastructure this figure was 25% lower compared to that in 2019, this by urban areas, as a result of population growth and
• With scenario 1, the economic rebound will be followed
and industrial zone. Reporting a GDP growth of 2.91%, was a remarkable achievement in the context of global urbanization. Many experts believe higher income shall
by an increasing demand for housing, office buildings,
Vietnam was considered one of the 10 nations with economic recession. In order to seize growth opportunities, increase the payment ability as well as the willingness to
resort, etc. In particular, a series of policies from the
the GDP growth in the world and one of the 16 most Vietnam increased investment in infrastructure (such as pay for new housing or house renovation due to quality
2020 Law on Construction and the Law on Investment
successful emerging economies in 2020. With 3 Free highways, deep water ports), improved the water supply degradation. Currently, 40% of Vietnam’s population lives
will take effect in January 2021. The new laws are
Trade Agreements (FTAs) in effect, including European and electric power networks, including renewable energy in urban areas. As the share is expected to rise to 45% by
expected to remove many bottlenecks and problems
- Vietnam FTA (EVFTA), the Regional Comprehensive systems. These has brought Vietnam to the next stage 2030, it means that urban housing will see an increase of
for real estate companies, mitigate administrative
Economic Partnership (RCEP) and the UK - Vietnam of the industrial zone and logistics development journey. 70 million m2 each year.
procedures and prompt a strong recovery of the
FTA (UKVFTA), Vietnam has demonstrated a steady and These positive factors resulted in a growth rate of 6.76%
construction industry.
deep integration into the global supply chain. Meanwhile, for Vietnam’s construction sector in 2020, higher than Smart infrastructure, energy sector - especially renewable
under the impact of the US - China trade war and the the forecast of 5.5%. The contribution of construction • With scenario 2, as the government expands its energy and healthcare facilities will continue to be the
strategy of supply chain independence from China, the sector to GDP in 2020 was 6.19%, marking the highest investment to overcome downturn and boost economic future trend. As planned, from 2020 to 2026, Vietnam will
massive shift of production away from China seems not to level in the past decade, only lower than that in 2011 growth, infrastructure construction companies are welcome more than VND384,000 billion invested in key
be slowing down. Effective pandemic containment made (6.41% GDP). expected to see great benefits. infrastructure projects.
1. 2. 3. 4. 5.
BUSINESS ENVIRONMENT (CONTINUED)
Key public investment projects in 2020 - 2026 SWOT ANALYSIS

Total investment Commencement Expected
Project
(VND billion) date completion date
Metro 1 (Ben Thanh - Suoi Tien) 43,757 2012 4Q2021 STRENGTHS

Metro 1 (Ben Thanh - Tham Luong) 47,800 2021 2026
• A leading company in the construction industry with outstanding capacity in performing various
HCM - Thu Dau 1 - Chon Thanh Expressway 24,150 2021 - 2025 types of construction works.
HCM - Moc Bai Expressway 10,668 2021 2026 • A pioneer in the application of new technologies.
• Good reputation in the market.
Parallel road of National Highway No. 50 3,816 2021 - 2025
• Strong financial health.
Ring road No. 2 6,500 2021 - 2025 • Experienced management team.
Ring road No. 3 19,871 2022 - 2025 • Highly qualified employees.
Long Thanh International Airport 109,112 2021 2025 • Diversified products and services (design, construction, finance ...) in accordance with investors’
requirements.
11 sub-projects of Eastern North - South • Proactive engagement with the customers by offering advice, optimizing designs and method
118,716 2020 2021 - 2025
Expressway project statements and using Value Engineering methods to minimize project’s cost.
Source: VNDirect Report • The only Vietnamese construction company that focuses on after-sales service and commits to
support the customers along their entire journey.
Regarding the renewable energy sector, the Central Committee has issued Resolution No.55-NQ/TW on Vietnam’s
National Energy Development Strategy to 2030, with a vision to 2045. Accordingly, total capacity of all sources of power • Strategic partnership with many important partners.
is expected to reach 125 - 130GW by 2030, meaning the share of renewable energy sources in total primary power supply • Strongly associated with more than 3,500 subcontractors, suppliers and construction teams.
shall rise to 15% - 20% by 2030 and 25% - 30% by 2045. On February 22nd, 2021, the Ministry of Industry and Trade
issued a letter No. 828/BCT-DL to consult relevant Ministries on the draft Power Development Master Plan VIII (Master
Plan VIII). As Vietnam’s GDP growth is forecast to achieve an average of 6.6%/year from 2021 to 2030 and 5.7%/year from WEAKNESSES
2031 to 2045, the target of the total installed capacity is 137.2GW by 2030 and 276.7GW by 2045. In the power generation
• Lack of experience in developing renewable energy projects.
structure, the share of renewable energy increases from nearly 13% in 2020 to nearly 30% in 2030 and 44% in 2045. It
indicates the strong support of Master Plan VIII toward renewable energy and a great opportunity for both investors and • Heavy dependence on imported materials and equipment, exposing the company to shortages
caused by Covid-19 related supply chain disruptions.
contractors of renewable energy projects.
• Fluctuation in human resources.
• Contraction in the gap among construction companies as a result of their emphasis on technique
Vietnam’s National Energy Development Strategy to 2030, with a vision to 2045 improvement.
• Ineffective cash management.
Resolution No. 55-NQ/TW Letter No. 828/BCT-ĐL OPPORTUNITIES
Total installed capacity: • Vietnam has a young population which is set to increase. This will boost demands for all kinds of
Total installed capacity:
2030: 137.2 GW services and goods, including real estate.
2030: 125 - 130 GW
2045: 276.7 GW • The US-China trade war forces many companies to move manufacturing to Vietnam.
• The Government directs focus to public investment and renewable energy.
Commercial electricity: • Law on Construction and Law on Investment provides numerous policies to support the industry.
Commercial electricity:
2030: 491 billion KWh • Investors are looking for reputable partners to implement big projects together.
2030: 550 - 600 billion KWh
2045: 877 billion KWh
Share of renewable energy: Share of renewable energy:

2030: 15% - 20% 2030: 30% CHALLENGES
2045: 25% - 30% 2045: 44%
• Covid-19 pandemic’s trajectory is still unpredictable.
• Legal bottlenecks of real estate are still unaddressed.
Per guidance issued by the Government, Coteccons has made flexible adjustment in the 5-year strategy in order to • Competitive bidding as many competitors lower its bid price to survive.
maximize its strengths, overcome weaknesses and go beyond. By targeting fields that receive high investments by the • Business restructuring takes long time to achieve its target results.
government, the Company has shown a flexible and proactive approach to improve business efficiency, expand market
share and maximize profits.
1. 2. 3. 4. 5.
STRATEGIES IN 2021-2025
Construction has played an important role in Coteccons’ activities over the last As an industry leader in Vietnam, all activities of the projects, infrastructure, among others. Extremely promising
Company are heavily dependent on the real estate as a magnet to significant government investment, these
17 years since its inception. Coteccons’ high specialization successfully positioned
cycle. In fact, Coteccon’s major revenue comes from the are planned to increase the Company’s profit margin. As
the Company in the market and enabled us to gain credibility with our customers residential and commercial while a modest contribution is a result, Coteccons established a Business Development
attributable to infrastructure and industrial parks. Hence, Division and a Wind Power R&D Team to materialize
and partners. However, the ever-changing market necessitates constant renovation diversification will be one of Coteccons’ key future the strategy, diversify customer segments and focus
by companies that want to stay in business. Coteccons was forced to make flexible strategies. on researching new areas. This is a stepping stone for
Coteccons toward the long-term objectives, targeting a
adjustments to its sustainable development strategy as a result of challenges in the real In a landscape where the real estate market is facing revenue of USD3 billion by 2025.
estate market and an increasing number of competitors. significant difficulties and investors are experiencing
liquidity issues, Coteccons offers a Finance - Design & Build Since “People are the core of development”, the
package to assist inventors, increase competitiveness Company is dedicated to focusing on building HR
and accompany customers throughout the project after capacity and providing the best working environment,
4 main pillars meeting and working with numerous financial institutions
to create financial packages for our customers.
granting employees and professionals enjoyment at
work and freedom to express their talent and passion.
in Coteccons’ long-term sustainable growth strategy The collaborative partnership with Military Commercial Every individual should be acknowledged and rewarded
Joint Stock Bank (MB Bank) demonstrates Coteccons’ accordingly. On top of that, Coteccons aims at a primary
initial success. goal - shaping a corporate culture of unity, sharing and
dedication to unlock values for the benefit of the Company,
On the strength of R&D, the Company has conducted our partners and customers as well as shareholders.
research and expanded into new construction-related
fields, such as EPC contractors for renewable energy
UNLOCK FOR COUNTRY

VALUE
Create equal
FOR SHAREHOLDERS opportunities for
FOR OUR TEAM suppliers, to achieve
Create the pride and win-win benefits,
Build a great long-term growth, together enhance
workplace where our through transparency the supplier chain
people enjoy working and strong quality.
together. commitment.
PEOPLE ARE
THE CORE OF
DEVELOPMENT
OPERATIONAL
EXCELLENCE DIVERSIFICATION
FOR SUPPLIERS FOR CUSTOMERS
Create equal Contribute to the

opportunities for sustainable trust and
Quality - Safety - Timeliness are success-driven factors of a construction company. After facing numerous challenges in suppliers, to achieve credit for end-users
2020, Coteccons has set out an objective of achieving “Operational excellence”, through constant capacity strengthening win-win benefits, with B2B2C model.
to earn the customers’ trust. The Company has reviewed and standardized the entire system to improve construction quality, together enhance
reduce processing time, minimize costs and mitigate risks during construction. Coteccons always manages to achieve investor the supplier chain
and community satisfaction and contentment by taking an active approach to new construction technology. quality.
1. 2. 3. 4. 5.
LEGAL COMPLIANCE
Aspect
Effective Adjustment with direct
No. Document Key content Issue date subject to
date impacts on Coteccons
Legal compliance is a prerequisite for sustainable growth adjustment
and an important framework for the development and
implementation of risk control mechanisms in operation Under BOD’s guidance and oversight, the BOM is New law helps improve
and governance. In fact, the law affects and governs responsible for developing and updating legal documents investment procedures, simplify
almost all business activities including company to ensure Coteccons operates efficiently within the law. Amendments and administration, eliminate regulatory
Law on
establishment, internal governance, production, product 2020 was the year of restructuring and consolidating the supplements to a overlap, ensure consistency
Investment June 17th, 2 January 01st,
circulation, service delivery, relationship with employees, compliance management system upon the enforcement 9 number of articles Investment in investment incentives and
No. 61/2020/ 020 2021
contract formation, partnership, etc. For that reason, it of numerous new laws since January 01st, 2021 (such as in the 2014 Law on support policies. This facilitates
QH14
is important to build a compliance management system the Law on Enterprises, Securities, Investment, Labor, Investment Coteccons investment strategies
in accordance with culture, organizational structure and etc.). By reviewing and summarizing all adjusted contents and allows easier access to
development needs. It shall contribute effectively to legal in the new laws/by-laws, the Legal Department proactively foreign funds.
risk management, profit maximization, brand uplift and formulated and implemented specific plans to adapt to
sustainable development. changes. Amendments and
Law on
supplements to a
Labor No. November 20th, January 01st,
10 number of articles
45/2019/ 2019 2021
Aspect in the 2012 Law on
Adjustment with direct QH14
No. Document Key content Issue date Effective date subject to Labor
impacts on Coteccons
adjustment
Decree No.
Law on Amendments and Regulation on November 18th, January 01st,
Regulatory changes 11 135/2020/
Enterprises supplements to a June 17th, January 01st, retirement age 2020 2021
1 encourage business NĐ-CP
No. 59/2020/ number of articles in the 2020 2021 flexibility, break barriers
QH14 2014 Law on Enterprises In 2021, besides consideration
Business to market entry, improve Guidance on the of external factors regarding
Decree No. investor confidence, implementation of a
January 4th, January 4th, investment and construction
2 01/2021/NĐ- Business registration protect shareholders’ rights Decree No. number of articles
2021 2021 December 14th, January 01st, policies, Coteccons also
CP and enhance CG quality. 12 145/2020/ in the Law on Labor
2020 2021 strengthens internal forces
NĐ-CP concerning working Labor
Amendments and with positive changes in labor
condition and labor policies, contracts, salary, etc.
supplements to a With stricter regulations on relations
Law on to align with new law on labor
number of articles in information transparency,
Securities November 26 , th
January 01 ,
st
and build a workplace with
3 the 2006 Law on IPO criteria, private
No. 54/2019/ 2019 2021 Guidance on the energy and enthusiasm.
Securities (amended placement criteria, financial
QH14 implementation of a
and supplemented in statement quality, a trading number of articles
2010) Stock mechanism in the securities in the Law on Labor
market, market and process of Circular No. concerning labor
Guidance on the November 12th, January 01st,
Decree No. CG registration - depository 13 10/2020/TT- contract, collective
implementation of a December 31st, January 01st, 2020 2021
4 155/2020/ - clearing - settlement, BLĐTBXH bargaining and
number of articles in the 2020 2021
NĐ-CP Coteccons needs to have professions that
Law on Securities
long-term strategies for adversely affect
Circular No. Guidance on information investor selection and CG reproductive function
November 16th, January 01st,
5 96/2020/TT- disclosure on the stock improvement. and child-rearing
2020 2021
BTC market
Amendments and Source: Coteccons’ compilation
Law on
supplements to a
Construction June 17 , th
January 01 ,
st
Regulatory changes help
6 number of articles Coteccons in particular and the market in general are expected to face more challenges but also more opportunities in the
No. 62/2020/ 2020 2021 create a transparent, healthy
in the 2014 Law on implementation of compliance policies in 2021. With a completed legal framework, private sector-friendly policies and the
QH14 and competitive business
Construction advancement of the real estate market in 2021 as a result of bilateral trade agreements and a shift in FDI inflows post Covid-19,
environment, address
Amendments and Construction, problems and bottlenecks in the construction industry promises robust recover.
Decree No.
supplements to a December 18th, February 08th, land the investment procedures
7 148/2020/
number of articles in the 2020 2021 of real estate/construction
NĐ-CP
Law on Land projects and provide a
springboard for Coteccons
Decree No. Addressing problems
November 05th, November 05th, breakthroughs in 2021.
8 164/2020/ arising in urban
2020 2020
NĐ-CP construction projects
1. 2. 3. 4. 5.
RISK MANAGEMENT
Operating in the construction industry which is impacted by many factors (including laws,
RISK MANAGEMENT METHODS
market, customers, location, materials, human resources, etc.), Coteccons is constantly
At Coteccons, the risk management system adopts international expertise and best practices including ISO 31000:2009
exposed to varying degrees of potential risks. For efficient risk identification, classification,
on risk management and COSO’s integrated framework of enterprise risk management.
analysis and mitigation, an ERM platform has been developed with appropriate methods
and tools to determine and assess material risks and have an effective response plan.
The risk management system at Coteccons identifies and analyzes material risks, thereby helping to: ASSESSMENT ON MATERIAL RISKS
• Fulfill set targets and plans;
• Preserve Coteccons’ values, assets and reputation;
• Assist the decision-making process;
• Ensure alignment between operational strategies with core values; Risks are categorized into
• Communicate risk management strategy to all employees. four major areas: Strategy Operation Finance Compliance
INTERNAL AUDIT COMMITTEE

The IA Board is responsible for evaluating material
risks having significant impacts on the Company’s
In order to improve CG, an IA Board was established operations and financial position. The evaluation covers STRATEGY RISK
under the BOS as an independent and objective line of HR management, regulations, processes, internal
defense. Key objectives of the IA Board include: financial control and business performance. Based on
data collected and analyzed, the Board shall put forward
• Evaluate risk management system; MARKET
proposals on management improvement, risk prevention
• Evaluate compliance to the internal control system; and enhancement of operation activities.
Risk factors Risk responses
• Review and finalize internal processes, regulations and IA also has monitored third-parties’ activities and
practices; • Thoroughly assess risk analysis of the projects
implemented analysis reports on macro economy and The expansion of business to new construction
and carefully review all contract terms to protect
operational risks of the entire industry. These reports play sectors such as infrastructure or energy, leads to
• Monitor financial statement preparation. the Company interest.
vital role in decision making process at management level. financial risks, debt collection, price fluctuation and
technical issues. • Coordinate with experienced partners to broaden
information, experience and network.
Development of Design-Build-Finance model for
• Proactively analyze sources of capital and cash
COTECCONS APPROACH IN RISK MANAGEMENT General Contractor to real estate projects can
generate high-profits, as the financial bottleneck
flows to ensure financial efficiency even higher
risks exposed.
of the projects has been unlocked. However, it
may create cash flow and debt recovery risks to
RISK MANAGEMENT STRUCTURE contractors in the future.
BOARD OF
INTERNAL AUDIT COMMITTEE
SUPERVISORS
Regularly evaluate and independently verify the efficiency of the
Monitor compliance with risk risk management policies BRAND NAME
management procedure

• Continue to comply with the law, fulfill commitments
BOARD OF BOARD OF DEPARTMENT/ Although Coteccons remains the leading brand in the
CONSTRUCTION SITE/ to customers, partners and employees.
DIRECTORS MANAGEMENT construction industry for years, with several events
GENERAL CENTER
MEETING OF Approve policies Establish risk management of the year related to the apparatus management • Build a high-performing marketing team and
Review, identify, assess and and personnel, trust of investors, customers,
SHAREHOLDERS concerning risk policies and propose
manage risks
establish partnerships with trustworthy agencies
management and internal internal control and
control system Implement risk response plans partners as well as the spirit of employees may be to ensure authenticity and transparency of
management mechanisms
and submit reports affected, especially when information sources is not information.
reliable enough.
• Proactively handle communication crisis.
RISK COMMITTEE
Identify material risks in operations and
propose recommendations to the BOD
1. 2. 3. 4. 5.
RỦI RO TÀI CHÍNH
RISK MANAGEMENT (CONTINUED)
OPERATIONAL RISK FINANCIAL RISK
WORK SAFETY PRICE FLUCTUATION
Risk factors Risk responses Risk factors Risk responses

By nature, the construction industry • Tighten safety procedures and uphold the slogan “Safety A construction project includes many • Implement centralized procurement and contracting
involves extreme working conditions such First”. phases such as planning, implementation, management model for main materials and utilize financial
as harsh weather, work at height, heavy handover and warranty. During the advantage to reduce material costs.
• Invest in new construction equipment, ensure safety control
machinery and equipment, labor-intensive process, financial management plays a
and periodic maintenance. • Improve supply and price fluctuation forecast to actively
need, time-pressed schedule, etc. vital role. Price fluctuation, policy changes, manage and mobilize resources.
which pose safety risks. • Adopt new construction technologies to improve safety and unexpected events, or investor capital all
effectiveness. create significant impacts on the success • Negotiate fixed-price or more preferable terms, with
of the project. investors to mitigate material price fluctuation.
• Provide personal protective equipment to all construction
teams, site management team and all workers of • Actively search for new supplies with high quality and
subcontractors. reasonable prices, avoid relying business on a single
supplier.
• Regularly organize training, group meetings and safety
assessment.
• Implement safety control, monthly and quarterly risk LATE PAYMENT
assessment reports.
TENDER RISK Cash flow issues due to delayed payment • Strictly regulate and negotiate contract payment terms in
from investors shall diminish project the quotation process.
profitability.
Risk factors Risk responses • The Debt Collection Committee along with the Finance &
Covid-19 has affected the entire market, Accounting Department, CCM Department and Legal Board
Tendering often exposes to numerous • Perform SWOT analysis of competitors. including the investors. Decline in evaluate investors’ financial position and work closely with
risks: an increasing number of competitors, Investors’ cash position indicate delayed them to come up with the most appropriate proposals.
• Build a team to connect various departments: Procurement,
price war, unhealthy competition, lack payments, causing doubtful debts,
CCM, Equipment, Workforce Development, etc. to optimize
of input information, mismanagement impacting the balance of income and
initial costs and gain competitive advantage.
of works to be performed, incomplete expenses and affecting the cash flow of
drawing design, inaccurate estimates, • Utilize available cash to support developers or launch Coteccons.
time constraint… Finance-Build products to differentiate Coteccons from
competitors.
CAPITAL MANAGEMENT
HUMAN RESOURCES
Risk factors Risk responses A business with strong financial health • Find solutions to maximize yield on sources of capital,
gained through consistently winning including make investments in high-return assets such as
People are always key to development of • Succession planning is always a top priority of the Company
projects from renowned developers bonds etc,.
Coteccons. However, recent changes in to promote sustainable growth. Propose clear career
and effective cash flow management,
personnel partially affect the employees’ path, effective performance appraisal and appropriate • Promote investment activities, especially from Covestcons,
Coteccons has accumulated large pile
behavior. remuneration packages. to optimize sources of capital and seek cooperation
of cash, ensure high liquidity and project
opportunities. The goal is to build long-term values for
Brain drain incurs due to higher numbers • Provide hard skill and soft skill training, promote and empower on schedule. However, there is a potential
shareholders and Company.
of competitors who also are looking top- employees to develop themselves. risk in inflation related cash in VND,
quality employees. particularly during the last period when
• Implement university engagement programs to ensure
surplus cash mainly banked at humble
succession planning for long term stability.
interest rates.
• Coordinate with reputable recruiters to find talents upon the
expansion of the business.
1. 2. 3. 4. 5.
RISK MANAGEMENT (CONTINUED)
REPORT OF THE BOARD OF DIRECTORS

COMPLIANCE RISK
LAW
The Covid-19 pandemic left many
countries in economic difficulties. In
• Coteccons’ business activities are • Building and recruiting a professional legal team who keeps addition to increasing foreign direct
governed by Law on Enterprises, updating on new policies. Cooperate with legal experts and investment (FDI) inflows, attracting
Construction, Commerce, Real Estate, reputable legal consulting firms for advisory service.
Labor, Investment, Securities, Tax capital from indirect investment (FII) is
• In terms of compliance with securities law, the Company
and Social Insurance. Building and
needs to ensure regulatory compliance with Securities found to be very effective for countries’
updating legal documents require
consistent monitoring, adaptation and
Law, Enterprise Law, charter, CG code, etc. to prevent post-pandemic recovery. In Vietnam, the
risk of fraud, strengthen transparency and the Company’s
significant and timely adjustments. Prime Minister clearly defined the goal
reputation on the market.
Coteccons always upholds the legal
compliance, act responsibly with • Apply ISO 14001:2015 to the management of environmental of upgrading the stock market to attract
the society and focus on minimizing issues, proactively control to ensure response meet the international capital flows in Decision
environmental impacts. requirements of the law.
No. 242/QD-TTg approving the Project “Restructuring the stock market and insurance
market by 2020, with a vision to 2025” with the central goal of elevating Vietnam’s stock
market to the status of Emerging Markets by 2025.
CONTRACT

• Pressure from clients and construction • Consistently assess risks of contract terms.
deadlines may create gaps in the
• Enhance contract control via multiple assessments including
contract - These are disadvantages
that cause disagreement, dispute and
Procurement Department, CCM Department, Finance & IMPROVEMENT OF GOVERNANCE - OPERATIONS
Accounting Department and Legal Board.
litigation.
• Build a system of contract templates.
• Build a project legal risk assessment system.
Governance and Operations Mechanism at Coteccons Coteccons is currently implementing a

governance model in which the General
PLANS FOR 2021 Meeting of Shareholders, BOD, BOS and
BOM are present. The GMS is the highest
decision-making authority for Law provisions,
Governance: Company Charter and CG Codes. All common
Focused - shareholders have the right to attend the GMS
With constant improvement and development, Coteccons is having
Standardized and vote in proportion to their current holdings.
new development orientations to expand the business activities;
The BOD plays critical role in the CG framework,
this mean Coteccons will also be facing various risks. Therefore, as it is responsible for business strategy, finance
enhancing the development and improvement of risk management and BOD activity control. The BOS is in charge
system is crucial. The following practices will be adopted: of corporate management and administration as
well as supervision of the BOD and BOM. It is
also accountable to the GMS for the performance
Management: Control: of assigned tasks. The increase of business
1 2 3 4 Distributed -
Professional
Independent -
Responsible
size, adoption of new standard from authority
and market require Coteccons to transform
drastically, to meet the higher requirement from
To update and develop To build training programs To consult risk To improve risk clients and enhance competitive advantages.
a risk portfolio with risk on skills and advanced management experts to management awareness
analysis and evaluation risk management identify areas that need based on levels:
to assist decision-making methods. improvement. fundamental, awareness,
process and produce a identification, management
response plan. and optimization.
1. 2. 3. 4. 5.
REPORT OF THE BOARD OF DIRECTORS (CONTINUED)
The year 2020 is considered as a pivotal year for large construction corporations Structural changes in BOD and BOM of Coteccons in 2020
such as Transfield, Multiplex,
Coteccons to look back, evaluate and change, leading
Bauderstone Hornibrook and
the Company to a sustainability development, ensuring Abigroup Australia and Hoa Binh Date of
Date of
Construction JSC; No. Full name Current Position Resignation/ Reason
transparency in the Governance - Management. Appointment
Dismissal
• To assist the decision-making
Shareholders have long debated over defining a long- process for the BOD, strengthen I BOARD OF DIRECTORS
term strategy as well as the requirement to adhere strategic and technical aspects, October 5th,
Mr. David Evans and Mr. Hoang 1 Mr. Bolat Duisenov BOD Chairman Appointed
to best practices in Corporate Governance to ensure Don Dung were appointed
2020
sustainable growth. Shareholders with their statutory as strategic advisors and June 30th,
2 Mr. Herwig Guido H. Van Hove BOD Member Appointed
technical advisors respectively. 2020
rights finally had the common voice in accordance with Mr. David Evans, with more than August 24th, October 02nd,
3 Mr. Nguyen Ba Duong BOD Chairman Resigned
the new conditions. 35 years of experience in the 2004 2020
field, is the CEO of Al Naboodah
Construction Group, a leading June 29th, October 12th,
4 Mr. Nguyen Quoc Hiep BOD Member Resigned
construction corporation of the 2017 2020
The structure of the leaders has
United Arab Emirates. Meanwhile, March 30th, June 20th,
many changes. Members of the 5 Mr. Tran Quyet Thang BOD Member Resigned
Mr. Hoang Don Dung, with 2016 2020
BOD, the BOM who were not entirely
40-year experience, is currently
focused on protecting shareholders’ June 29th, June 21st,
the Chairman of the Board of 6 Mr. Nguyen Sy Cong BOD Member Resigned
interests, have been requested 2017 2020
Saigon Construction Quality
to choose and some members
Control JSC; II BOARD OF MANAGEMENT
decided to resign. Coteccons
have actively appointed new BOD • Mr. Nguyen Anh Vu also August 06th, February 06th,
members to replace open seats, appointed as BOD Secretary 1 Mr. Vo Thanh Liem Acting CEO Resigned
2020 2021
to stabilize the business operation. and person in charge of CG to
enhance the Board performance. October 09th,
2 Mr. Pham Quan Luc Deputy CEO Appointed
The role and functions of BOD 2020
• Mr. Nguyen Sy Cong and
secretary is currently in line with Mr. Tran Tri Gia Nguyen October 09th,
Mr. Tran Quyet Thang resigned 3 Deputy CEO Appointed
the Vietnam CG Code of Best (Michael Tran) 2020
from Coteccons’ Board and
Practice for Public Companies;
Mr. Bolat Duisenov and July 03rd, August 05th,
4 Mr. Nguyen Sy Cong CEO Resigned
Mr. Herwig Guido H. Van Hove • At the beginning of March 2021, 2017 2020
have been elected to the BOD The Company has appointed
May 02nd, August 05th,
for the term 2017-2022. With their 4 more Deputy CEO, with 5 Mr. Tran Quang Quan Deputy CEO Resigned
2007 2020
global governance experience, different strengths in construction
the two new Coteccons BOD engineering, project management October 03rd, September 30th,
6 Mr. Tran Van Chinh Deputy CEO Resigned
members contribute to increased and development, infrastructure 2009 2020
transparency and CG; and underground works, etc. to April 02nd, October 12th,
strengthen operation capability, 7 Mr. Tu Dai Phuc Deputy CEO Resigned
• Mr. Bolat Duisenov was elected 2014 2020
including Mr. Phan Huu Duy Quoc
as BOD Chairman on October 5th, III OTHERS
- Former Deputy Representative
2020 to replace Mr. Nguyen Ba
of Shimizu Vietnam, Mr. Vo Hoang
Duong; September 14th,
Lam - General Manager Director 1 Ms. Cao Thi Mai Le Chief Accountant Appointed
2020
• Mr. Michael Tran and Mr. Pham of Unicons and Mr. Nguyen Ngoc
Quan Luc were appointed as Lan - Contruction Division Director Person in charge of
September 14th,
Deputy CEO to improve the of Coteccons and Mr. Chris 2 Mr. Nguyen Anh Vu CG and authorized to Appointed
2020
entire management operation Senekki - Former General Director disclose information
Mr. Pham Quan Luc has been of Turner Vietnam. June 01st, September 14th,
with Coteccons since its early stage 3 Ms. Vu Thi Hong Hanh Chief Accountant Resigned
2016 2020
and has a deep understanding
of the Company’s operations. Head of Finance -
November 25th, September 14th,
Mr. Michael Tran has over 4 Ms. Ha Tieu Anh Accounting Dismissed
2004 2020
26 years of experience in Department
1. 2. 3. 4. 5.
GENERAL SHAREHOLDER’S
ĐẠI HỘIMEETING
ĐỒNG CỔ ĐÔNG
Organizational chart of Coteccons
Strategy Committee
BOARD OF SUPERVISORS BOARD OF DIRECTORS
Risk Committee
SECRETARY Investment Committee

BOARD
Internal Audit Board CEO
COMPLIANCE DESIGN &

BUSINESS FINANCE & HUMAN OTHER
FUNCTION & TECHNICAL TECHNOLOGY COMMERCIAL PROCUREMENT OPERATION INVESTMENT
DEVELOPMENT ACCOUNTING RESOURCES FUNCTIONS
SUPPORT DEVELOPMENT
BOM Deputy CEO Deputy CEO Deputy CEO Deputy CEO Deputy CEO Deputy CEO
Director Director
Director Director Director (MEP) Civil & Others Chief Accountant Director Director
Technical Tender Dept. Procurement Hanoi Unicons Investment

D&B Dept. BI/Marketing Projects Projects Finance HR Division Admin Dept.
Dept. Civil & Others Division Operation Operations Division
Quality Mgmt. Tender Dept. Equipment

DIVISION/ Dept. BIM Dept. Conventional MEP Dept.
Accounting CTA PR/Com. Dept.
DEPARTMENT Workforce
Dept.
Cost Control Waranty
HSE Dept. R&D Dept. Unconventional MIS Legal Dept.
Dept. Dept.
Diversification Contract & Claims

System Dept. IT Dept.
Dept.
Security Dept.
CLIENT GROUP CLIENT GROUP CLIENT GROUP CLIENT GROUP CLIENT GROUP CLIENT GROUP CLIENT GROUP CLIENT GROUP
BD RELATIONSHIP RELATIONSHIP RELATIONSHIP RELATIONSHIP RELATIONSHIP RELATIONSHIP RELATIONSHIP RELATIONSHIP
MANAGER MANAGER MANAGER MANAGER MANAGER MANAGER MANAGER MANAGER
OPERATION
PROJECT PROJECT PROJECT PROJECT PROJECT
MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT
(BY PROJECT) (BY PROJECT) (BY PROJECT) (BY PROJECT) (BY PROJECT)
As of December 31st, 2020, there are 5 BOD members who have committed the followings in 5-year terms: Diversity in the BOD structure
100% 100% 100% 100%

100%
Fully understand CG and Code Dedicate to the assigned duties; Have abilities to resolve 80%
of Conduct; significant problems;
60%
Fully perform the duty of care;
Note: *In accordance with
Understand the roles and Participate in all BOD meetings; 40%
Clause 3 - Article 26 -
20%
responsibilities of the BOD; Make the best use of one’s 20% Circular No. 116/2020/-BTC:
own knowledge and capacity “The Company should have at
Conduct discussions in an 0% least 1 independent member if
Effectively plan the activities to contribute to the Company’s Male (Gender) Foreign 18+ years of Non-executive Independent BOD
effective and constructive the total number of members is
of the BOD and Board growth;
nationality experience in BOD member member*
from 3 to 5”.
manner; management
Committees;
Diversity in capacity and expertise
Ensure objectivity, promote the Make prompt and informed
Company’s long-term interests decisions.
Finance
and raise the concerns; Business
Law Economics Banking and Investment Marketing
Management
Accounting
Due to the distinctive characteristics of the construction To improve the BOD governance capacity, the Legal
industry, all BOD members are male with different Board conducted internal training sessions to the BOD, Mr. Bolat Duisenov x x x x
backgrounds such as Kazakhstan, Singapore, or Belgium. BOM and BOD Secretary for them to stay updated Mr. Yerkin Tatishev x x x x
They are equipped with over 18 years of management with the new 2020 Law on Enterprise, 2019 Law on
experience in the fields of Economics, Management, Securities, Circular No. 116/2020/TT-BTC on CG, Circular Mr. Talgat Turumbayev x x x x
Legal, Finance, Investment, etc. The structural diversity No. 96/2020/TT-BTC on Information Disclosure and other Mr. Herwig Guido H. Van Hove x x x
will strengthen comprehensive perspectives, enrich idea related laws.
banks, foster governance efficiency, as well as monitor Mr. Tan Chin Tiong x x
strategic decisions.
1. 2. 3. 4. 5.
IMPLEMENTATION OF THE BOD AND ANNUAL GENERAL MEETING

OF SHAREHOLERS’ RESOLUTIONS
In 2020, in order to implement Details of the Board of Directors’ meetings
issues approved by the AGM and
In June 2020, the Company conducted one shareholders’ written opinion ballot and an support the BOM actively respond to Unit: Meeting
AGM to seek approval of 10 issues. The Company has fulfilled 100% of Resolutions as fluctuations of the macro-market and 30% 120
100% 86% 100% 86% 100% 100% 100% 100%
the industry, the BOD conducted 25% 100
committed to Shareholders and Investors. 29 meetings (both regular and 20%
66%
80
extraordinary, whether online or 15% 50
face-to-face), issued 39 resolutions 10% 40
COLLECTING SHAREHOLDER’S WRITTEN OPINIONS on Governance, Finance, HR, etc. 5% 20
All decisions by the BOD were well- 0% 0
informed and in compliance with
No. of
ev
ng
g
the Law to ensure objectivity and
no
ye
No. Date Content Status
ov
on
on
ie
an
h
uo
H
ba
se
tis
Ti
Th
Resolution
c
Ta
an
ui
um
Sy
n
transparency, protect legitimate
uo
et
Ba
hi
D
.V
uy
in
ur
n
t
ye
la
n
rk
tT
Q
n
ye
rights and interests of shareholders,
Bo
ye
Ye
Ta
gu
do
an
a
gu
01/2020/NQ- June 12th, Amended the Company Charter to organize
gu
lg
N
r.
ui
r.
r.
Tr
Ta
N
M
1 Unapproved
N
M
r.
investors and stakeholders.
r.
r.
r.
r.
ig
DHCD 2020 AGM online
M
M
M
M
w
er
H
r.
M
Number of meetings attended Meeting attendance ratio
2020 ANNUAL GENERAL MEETING OF SHAREHOLDERS
No. of
No. Date Content Status
Resolution
Details of the Board of Directors’ Resolutions in 2020
»» Revenue: VND23,733
billion, 88% as planned; BOARD OF DIRECTORS’ RESOLUTION
Approved the 2019 AR and Business results
»» PAT: VND711 billion,
55% as planned No. No. of Resolution Date Content Status
Fund provision, profit and dividend distribution,
01 01/2020/NQ-HDQT April 07th, 2020 Extended the AGM 2020 Accomplished
in 2019
Collected shareholders’ opinions on online AGM
»» Provision for Bonus and welfare fund: 5%
Accomplished 02 02/2020/NQ-HDQT May 07 , 2020
th in writing Accomplished
»» Provision for Investment and development
Decided on the date of AGM: June 30th, 2020
fund: 65%
03 03/2020/NQ-HDQT June 16th, 2020 Last registration date for AGM Accomplished
»» Dividend: 30%
»» Revenue: VND14,558 Approved the resignation of two BOD members
Business plan for 2020
billion, 91% as planned; Appointed two BOD members in replacement
»» Revenue: VND16,000 billion 04 04/2020/NQ-HDQT June 22nd, 2020 Accomplished
»» Profit after tax: VND335 of resigning members
»» Profit: VND600 billion billion, 56% as planned Supplement to the AGM documents
Profit distribution in 2020 05 05/2020/NQ-HDQT June 29 , 2020
th
Supplemented to the AGM agenda Accomplished
01/2020/NQ- June 30th, »» Provision for Bonus and welfare fund: 5%
1 Submitting the 2021 AGM to
DHCD 2020 06 06/2020/NQ-HDQT July 29th, 2020 Addressed a number of issues on CG Accomplished
»» Provision for Investment and development approve 2020 dividend plan
fund: 65% in cash at the rate of 10% 07 07/2020/NQ-HDQT July 29th, 2020 Addressed a number of issues on Company operations Accomplished
»» Dividend: 30% Approved EY as the Company’s auditor
Remuneration for the BOD and BOS in 2019: 08 08/2020/NQ-HDQT August 06 , 2020 th
Approved the resignation of Deputy CEO and CEO Accomplished
0.5% of 2019 PAT as Parent Company’s Accomplished
shareholders - equivalent to VND3.56 billion Approved the appointment of Acting CEO
Remuneration for the BOD and BOS in 2020: Submitting the 2021 AGM to 09 09/2020/NQ-HDQT August 06th, 2020 Approved dividend payment plan for 2019 Accomplished
0.4% of the 2019 PAT as Parent Company’s approve the payment of over
shareholders VND1.3 billion 10 10/2020/NQ-HDQT August 06th, 2020 Appointed legal representative Accomplished
Selected an auditor for FY2020 Accomplished 11 11/2020/NQ-HDQT August 12th, 2020 Last registration date for 2019 dividend payment Accomplished
Amended a number of articles of the Company

Accomplished 12 12/2020/NQ-HDQT September 08th, 2020 Appointed Strategy Director and legal representative Accomplished
Charter
Dismissed BOD members: Mr. Tran Quyet
Accomplished
Thang and Mr. Nguyen Sy Cong
Elected new BOD members: Mr. Bolat Duisenov
Accomplished
and Mr. Herwig Guido H. Van Hove
1. 2. 3. 4. 5.
No. No. of Resolution Date Content Status No. No. of Resolution Date Content Status
Approved the resignation of members of the BOD Addressed issues regarding collaboration with
33 33/2020/NQ-HDQT November 16th, 2020 Accomplished
Secretariat Vietcombank
13 13/2020/NQ-HDQT September 14th, 2020 Accomplished
Appointed the Company Secretary cum Person 34 33.1/2020/NQ-HDQT November 18th, 2020 Addressed investment by capital contribution Accomplished
responsible for CG
35 34/2020/NQ-HDQT November 23rd, 2020 Appointed additional legal representative Accomplished
Approved the resignation of the Chief Accountant
14 14/2020/NQ-HDQT September 14th, 2020 Accomplished 36 35/2020/NQ-HDQT December 09th, 2020 Approved the purchase of treasury shares Accomplished*
and the appointment of a new Chief Accountant
Addressed a number of issues regarding the
15 15/2020/NQ-HDQT September 17th, 2020 Appointed the legal representative of the subsidiary Accomplished 37 36/2020/NQ-HDQT December 09th, 2020 Accomplished*
purchase of treasury shares
Authorized representative for capital contribution in 38 37/2020/NQ-HDQT December 28th, 2020 Signed the credit limit contracts with the banks Accomplished
investment company
39 38/2020/NQ-HDQT December 28th, 2020 Approved internal transactions with subsidiaries Accomplished
Authorized representative for capital contribution in
associate
Note:
On February 01st, 2021, CTD repurchased 2,008,900 shares, raising its total treasury shares to 4,971,327, or 6.3% of charter capital.
18 18/2020/NQ-HDQT September 18th, 2020 Approved the 2020 budget for the IA Board Accomplished
19 19/2020/NQ-HDQT September 21th, 2020 Approved related parties’ transactions Accomplished Remuneration structure of the Board of Directors - Board of Management - Board of Supervisors
20 20/2020/NQ-HDQT September 24th, 2020 Appointed members of the Strategy Committee Accomplished
Remuneration structure of the Board of Directors,
21 21/2020/NQ-HDQT September 24th, 2020 Appointed the Head of the Strategy Committee Accomplished Board of Management - Board of Supervisors in 2020
22 22/2020/NQ-HDQT October 05th, 2020 Accepted the resignation of the Chairman of the Board Ongoing Unit: VND billion
0 5,000 10,000 15,000 20,000 25,000

23 23/2020/NQ-HDQT October 05th, 2020 Elected a new Chairman of the BOD Accomplished
BOARD OF DIRECTORS
Approved the resignation of Deputy CEO Mr. Bolat Duisenov
24 24/2020/NQ-HDQT October 09 , 2020
th
Appointed the Deputy CEO Accomplished Mr. Yerkin Tatishev 3,086
84
Appointed the Board Advisors Mr. Talgat Turumbayev 640
75
Mr. Herwig Guido H.Van Hove
Authorized Person to sign credit limit contracts with the
25 25/2020/NQ-HDQT October 09th, 2020 Accomplished Mr. Tan Chin Tiong
banks 512
70
Mr. Nguyen Ba Duong 20,566
26 26/2020/NQ-HDQT October 13th, 2020 Approved the resignation of the BOD member Ongoing 6,943
Mr. Nguyen Quoc Hiep 854
111
27 27/2020/NQ-HDQT October 16th, 2020 Agreed on the credit limit contract Accomplished Mr. Tran Quyet Thang 710
100
Mr. Nguyen Sy Cong 12,835
28 28/2020/NQ-HDQT November 16th, 2020 Approved the resignation of the Deputy General Director Accomplished 4,199
BOARD OF MANAGEMENT
Approved the resignation of CEO of the subsidiary Mr. Vo Thanh Liem 6,435
4,299
Appointed CEO of the subsidiary Mr. Pham Quan Luc 2,653
29 29/2020/NQ-HDQT November 16th, 2020 Accomplished
Appointed the Chief Accountant of the subsidiary Mr. Tran Tri Gia Nguyen 1,477
Appointed the BOM of the subsidiary Mr. Tu Dai Phuc 6,852

3,042
Mr. Tran Quang Quan 11,452
3,120
30 30/2020/NQ-HDQT November 16th, 2020 Appointed the BOD Advisors Accomplished
Mr. Tran Van Chinh 3,309
1,969
31 31/2020/NQ-HDQT November 16 , 2020
th
Abolished outdated BOD regulations Accomplished BOARD OF SUPERVISORS
Mr. Luis Fernando Garcia Agraz 436
32 32/2020/NQ-HDQT November 16th, 2020 Appointed members of the Committees under the BOD Accomplished 66
Mr. Dang Hoai Nam* 2,418
1,606
33 33/2020/NQ-HDQT November 16th, 2020 Addressed issues regarding collaboration with Vietcombank Accomplished Mr. Nguyen Minh Nhut 376
66
34 33.1/2020/NQ-HDQT November 18 , 2020
th
Addressed investment by capital contribution Accomplished
2019 2020
Note:
(*) Mr. Dang Hoai Nam is a member of the BOS cum Head of the IA Board.
1. 2. 3. 4. 5.
PERFORMANCE OF THE BOARD OF DIRECTORS IN 2020 GENERAL ASSESSMENT ON THE PERFORMANCE

OF THE COMMITTEES
In order to enhance transparency in CG activities and increase the BOD’s

Material areas Activities - results
effectiveness in decision-making with a high level of responsibility and
prudence, Coteccons established the Strategy Committee, Investment
• Removed outdated BOD’s regulations; Committee, HR & Remuneration Committee and Risk Committee. Annually, the
BOD shall evaluate each committee’s performance on the basis of objectivity,
• Reorganized the Board Committee’s structure to improve the Committees’ performance to accuracy, honesty and completeness.
support BOM in governance and management;
On November 16th, 2020, the BOD issued a resolution to appoint Committee
• Reviewed the charter and CG codes in accordance with the 2019 Law on Securities, 2020 members, replace the resigned members and promote the Committees’
Law on Enterprise and other legal regulations; activities. According to the assessment of the BOD, the Strategy Committee
and Investment Committee have been actively operated in 4Q2020,
• Developed integrated process and automatic control of related parties’ transactions to 2 remaining Committees, thanks to the close cooperation with the Strategy
ensure the transparency related potential conflicts of interest; committee have also achieved initial results, but these Committees need to
put more effort in order to successfully restructure the Company CG system.
• Focus on the financial audit: Signed VND1 billion contract with E&Y auditor in 2020 in order
Corporate governance to enhance auditor’s independence and quality, the Company hired other independent
consulting firms to advise on Strategy, Valuation, supply chain development, Cost
management, Site inventory, etc. with a total contract value of VND8.7 billion; STRATEGY COMMITTEE
• Appointed Person responsible for CG in compliance with the law and the best governance
practices; Members
• Met with majority shareholders to discuss Company strategies and foster future companionship;
Position in the Position in the Service time in the
No. Full name
Company Committee Committee
• Developed IR Department to facilitate IR activities and strengthen the relationship between
the Company, shareholders and investors; Head of the Strategy September 24th, 2020
1 Mr. Bolat Duisenov BOD Chairman
Committee - present
• Maintained and fostered the employee-oriented culture.
2 Mr. Yerkin Tatishev Non-executive BOD member Member July 3rd, 2017 - present
• Completed the Company’s organizational chart focus on specialization; November 16th, 2020
3 Mr. Talgat Turumbayev Non-executive BOD Member
- present
• Adopted a transparent segregation system for all levels of governance and management; November 16th, 2020
4 Ms. Trinh Quynh Giao Investment Director Member
- present
• Restructured the Finance-Accounting Department and the HR Department towards a
higher level of professionalism and transparency; November 16th, 2020
5 Mr. David Evans Strategic Advisor Member
- present
• Established ERP board to produce comprehensive management technology solutions;
Management and Overall assessment by the Board of Directors
Operation • Assisted the BOM in interaction with existing customers and investors to affirm
commitments on safety, quality, progress, finance as well as expanding customer base; In 2020, the Strategy Committee closely supported the BOM to stabilize the operation, improvement the system, assist
on training and recruiting new management, manage internal and public relation, plan the development strategy.
• Organized conferences with suppliers and subcontractors to ensure payment and In particular:
develop long-term strategic cooperation;
Evaluate the business environment, business lines and perform SWOT analysis;
• Met with employees to explain their concerns, communicate clearly the company’s short-
term and long-term remuneration policies and ensure the company’s commitments on
each employee’s career advancement roadmap. Develop short-term and long-term strategies to achieve sustainable development and create values added
to shareholders;
• Established Business Development Department to enhance the search for customers

Develop the Company’s structure in accordance with the proposed strategies;
and investment cooperation opportunities and to expand into new business and new
Development strategy customers, new products and services such as Design-Build-Finance. Moreover, the
expansion to the renewable energy and infrastructure sectors will reduce the competitive Identify risks in strategy implementation, propose risk management policies and risk control measures;
pressure in the construction industry and to improve profit margins.
Review the Company’s strategies and reach Board consensus before submitting the strategies to the AGM
for approval.
1. 2. 3. 4. 5.
INVESTMENT COMMITTEE HR AND REMUNERATION COMMITTEE
Members Members
Position in the Position in the Service time in the Position in the Position in the Service time in the
No. Full name No. Full name
Company Committee Committee Company Committee Committee
Head of the Investment November 16th, 2020 - Head of the HR

1 Mr. Bolat Duisenov BOD Chairman November 16th, 2020 -
Committee present 1 Mr. Tan Chin Tiong Independent BOD member & Remuneration
present
Committee
November 16th, 2020 -
Member July 03rd, 2017 -
present 2 Mr. Talgat Turumbayev Non-executive BOD member Member
2 Mr. Yerkin Tatishev Non-executive BOD member present
Head of the Investment July 03rd, 2017 -
Committee November 15th, 2020 3 Mr. Ly Xuan Hai Strategic Director Member
present
3 Ms. Trinh Quynh Giao Investment Director Member
present Overall assessment by Board of Directors
Overall assessment by the Board of Directors In 2020, the HR & Remuneration Committee has been flexible and proactive in reinforcing and promoting senior managers
to strengthen the entire CG and management. In the context of significant changes in HR, the Committee advised
The Investment Committee effectively reviewed and evaluated all Company’s investments, proposed solutions for each and guided the HR Department to evaluate and finalize the short-term and long-term remuneration system to ensure
case, including capital withdrawal and disposal of ineffective investments. In addition, the Investment Committee also employees’ benefits and keep them motivated.
proposed options to optimize cashflow, strategic cooperation with financial institutions to bring benefits to shareholders,
specially:
RISK COMMITTEE
Evaluate the investment activities and report to BOD the status, risks and effectiveness of each investment;
Source and analyze investment opportunities (including mergers and acquisitions, financial investment, technology
and equipment, etc.) in line with the Company’s strategy; Members
Prepare investment policies and monitor the compliance; Position in the Position in the Service time in the
No. Full name
Company Committee Committee
Analyze and evaluate risks, propose the preventive measures to BOD who will make final decision and supervise the
Head of the November 16th, 2020 -
compliance of investment policies in accordance with the Company Charter.
Risk Committee present
1 Mr. Talgat Turumbayev Non-executive BOD member
July 03rd, 2017 -
Member
November 15th, 2020
Mr. Herwig Guido H. Van November 16th, 2020 -
2 Non-executive BOD member Member
Hove present
3 Mr. To Quang Tung Risk Director Member
present
Overall assessment by Board of Directors
The Covid-19 outbreak has brought unprecedented challenges, showing the importance of risk management. In 2020,
the risk committee has built the risk evaluation system for each level: Company level, department level and construction
site level. The system addresses human resources management, regulations, processes, internal financial control and
business performance in order to come up with effective response.
1. 2. 3. 4. 5.
ASSESSMENT ON THE BOARD OF MANAGEMENT’S PERFORMANCE

REPORT OF THE INDEPENDENT
The BOM’s performance was assessed by Committees which reported directly to the BOD, at the same time the BOM needs
BOARD OF DIRECTORS
to provide periodic reports to ensure the implementation of the AGM and BOD’s resolutions. In 2020, under BOD guidance,
BOM has made properly adjustments to maintain safety, quality and keep projects stay on schedule, especially during the
lockdown. As a result, revenue and PAT reported positive results of VND14,558 billion and VND335 billion respectively Full Name Position Time of appointment
(91% and 56% of 2020 target). The results were fair and reasonable given that the Company is restructuring and facing Independent BOD member
unfavorable market which impacted significantly by Covid-19. June 29th, 2017
Mr. Tan Chin Tiong Head of HR and Remuneration Committee
Evaluate the Company’s operation before Solutions and plans Member of Strategic Committee July 2017 - November 2020
October 2020 in 4Q2020 and 2021
Independent BOD member June 2017 - October 2020
• The Company does not have a Business Development • The Company makes a decision to establish a Business
Mr. Nguyen Quoc Hiep Head of Risk Committee
department, which leads to a lack of diversified sources Development Division, diversify business sector to promote July 2017 - October 2020
of customer database and potential projects, ignoring customer search, follow up with each investor, capture Head of Investment Committee
opportunities to participate in project bidding. opportunities in the market, contribute to increased sales
Independent BOD member June 2017 - October 2020
• The signing of new contracts was delayed after Q1/2020. In revenues and profits for the Company. Mr. Tran Quyet Thang
Q2 and Q3 / 2020, the Company did not announce any new • The BOD, BOM and Business Development Department Head of HR and Remuneration Committee July 2017 - June 2020
projects. have promoted meeting with partners, investors, signing
• Delayed implementation projects come from uncontrolled strategic cooperation. As a result, in the last 40 days of In the first six months of 2020, the number of independent BOD members were 3 out of 7 BOD members, equivalent to
market factors. 2020, the Company successfully signed new contracts 43% BOD membership, higher than requirement of Decree 71/2017/ND-CP guidelines on CG of public companies dated
amounting to VND6,000 billion. June 06, 2017 (“Decree 71”).
• The BOD has directed the Site Steering Committee to closely
follow the implementation, ensuring the progress of handover Before 2020 AGM, Mr. Tran Quyet Thang resigned from BOD members due to personal reason and his resignation has
to the investor, safety and quality for each project. been officially approved on June 30, 2020. The ratio of independent BOD member was 2/6, meeting the requirements
stipulated in Decree 71.
• The control of debt is subjective, there is no effective • The Company has reviewed all the data and established
management mechanism/policy. The provision for bad debts specific policies for provision recognition based on In October 2020, due to personal reasons, Mr. Nguyen Quoc Hiep resigned as BOD member. The ratio of independent
is not consistent with the prudent principle of accounting. qualitative and quantitative factors. BOD members decreased to 1/5; still satisfying the requirement to have at least 1 independent member if the number of
BOD members is less than 5.
• The Finance & Accounting Department is responsible for
• Cost control mechanism is loose and ineffective.
controlling costs, ensuring the suitability and maximizing profits.
• The BOD directs the Finance - Accounting Department to

The main activities of the
participate in the tracking and counting at the construction independent Board in 2020 2021 Plans
sites. Based on such result, the Company has adjusted
• Financial figures were not recorded accurately, leading to a to reduce the historical difference of VND 26 billion in the
difference between reporting and actual situation. Audited financial statement of 2020.
During the year, independent BOD members have worked In 2021, independent BOD members will continue to
• Planning the implementation of ERP Enterprise Resource objectively to ensure the independence, protecting the support BOD to fulfill their roles and responsibilities,
Planning System to manage all operations of the Company best interest of the Company and complying with Law on ensuring the independence and objectivity in the decision-
comprehensively. Enterprise, relevant legislations and Company’s Charter making process of BOD, specifically:
• Inappropriate reporting mechanism leads to lagging • The Company has built a new risk control mechanism, as follows:
information among division/ departments, construction sites, ensuring information is continuously updated, increasing • Advise on development strategy for the period
creating potential risks in the operation of the Company. efficiency for decision-making. • Advise on amending and supplementing the Charter, 2021 - 2025;
Internal regulations on CG;
• The Company has not built a mechanism to evaluate the work • Amend and supplement the Charter and Internal
• HR Department has built a KPI evaluation system for each
efficiency of employees, applied an equal bonus mechanism • Advise on improving CG, strengthen supervision over Regulations on CG in accordance with Securities Law,
department and individual; ensure that each individual’s
to everyone, so it has not been able to properly assess the related party transactions; Enterprise Law, Circular 116/2020/TT-BTC on guiding
abilities and contributions are recognized and rewarded.
contribution of each individual, lack of fairness. on CG and Decree 155/2020 / ND-CP detailing in the
• Supervising the implementation of the resolutions of the implementation some sections of the Securities Law;
General Meeting of Shareholders, the resolutions of the
Operational orientation in 2021 BOD comply with the Law, Company charter and CG • Accompany with the BOD, support to make fair
practices. decisions, avoid conflicts of interest;
As members of the Strategic Committee, HR and • Risk management, ensure potential risks in business
Grasping the Government’s direction, Coteccons has made flexible adjustments in the 5-year strategy to Remuneration Committee, Investment Committee and operations are always identified and controlled
maximize strengths in order to seize opportunities and overcome weaknesses to go beyond challenges. Risk Committee, independent BOD members supported properly.
Entering potential fields being developed by the government shows the initiative and flexibility of the BOD in many areas including growth strategy, talent
Company to increase business efficiency, expand market share and maximize profits. For 2021, the development and HR strategy as well as risk appetite
Company set the targets: assessment and risk mitigation of Coteccons.
• Revenue: VND17,413 billion, an increase of 20% as compared with the 2020 actual;
• PAT: VND340 million, an increase of 2% as compared with the 2020 actual.
1. 2. 3. 4. 5.
BOARD OF SUPERVISORS’ CAPABILITY REPORT OF THE BOARD OF SUPERVISORS

Date of appointment: In 2020, the world economy dived into a chain of chaos due to the
As Head of the BOS: June 29 , 2017
th adverse effect of the Covid-19 pandemic on the global supply chain
and production capacity. A sharp decline in GDP and a steep increase
Professional experience:
in debt, as seen in numerous countries, has exerted a long-term impact
uis received a Master’s degree in Business Administration from the University of Texas at
L on the world’s economic recovery and growth.
Austin, USA. He has been active in corporate management for 27 years.
From 2002 to 2014, he held numerous important positions at world’s leading building In that context, Vietnam managed to achieve a GDP growth of 2.91%
materials company: Director of Strategy & Business Development at CEMEX Group; CEO with the construction sector alone reporting growth of 6.76%. The
at Puertas Acerostérmicas SA de CV; Deputy Director at Eagle Engineering & Construction average inflation rate saw an increase of 2.31% compared to 2019.
LLC, Building Materials Group; and Vice President of Management & Planning at HT 360
Consortium SA.
Mr. Luis Fernando Garcia Agraz In 2014, he joined Kusto Management Vietnam Co., Ltd as Planning Director in Cement As the 2020 financial statement revealed, the Company would continue to witness a decrease in both revenue and
Head of the Board of Supervisors Holding. Now he serves as Chief Operations Officer. PAT compared to 2019. The breakdown is as follows:
Nationality: Mexican In June 2017, he was elected Head of Coteccons BOS for the term 2017 - 2022.
Year of birth: 1970
Qualifications: Share ownership at the Company: 0%. No. Item Unit 2019 2020 Differentiate Percentage (%)
Master of Business Administration
1 Revenue VND billion 23,733 14,558 -9,175 61%
2 Profit after tax VND billion 711 335 -376 47%
Date of appointment:
Activities of the Board of Supervisors and Internal Audit Board

As Member of the BOS: June 29th, 2017
Experience:
e obtained a Bachelor’s degree in Chartered Accountancy (Honors) from the University of
H
Waterloo, Canada and was licensed with the Canadian Certificate of Chartered Accountant. The BOS for the term 2017 - 2022 was elected at the AGM. BOS activities during the year are specified below:
rom 2012 to 2017, he held various executive titles at the Institute of American Education
F
and VinaCapital. In 2017, he was appointed CEO of TMF, a Vietnam-based provider of
Number of Reason
international business service. Date of
No. Board of Supervisors Title meetings Percentage for
In June 2017, he was elected a BOS Member at Coteccons for the term 2017 - 2022. appointment
attended absence
Mr. Nguyen Minh Nhut (Jack) Share ownership at the Company: 0%.
June 29th,
Member of the Board of Supervisors 1 Mr. Luis Fernando Garcia Agraz Head of the BOS 10/10 100%
2017
Nationality: Canadian
Year of birth: 1971 June 29th,
2 Mr. Nguyen Minh Nhut (Jack) Member 10/10 100%
Qualifications: 2017
Bachelor of Chartered Accountancy
(Honors) June 29th,
3 Mr. Dang Hoai Nam Member 10/10 100%
2017
In 2020, the BOS held a total of 10 meetings to strengthen supervision at the Company. The key contents included:
• Reviewing business operation;
As Member of the BOS: June 29th, 2017
Experience: • Selecting an independent auditor;
r. Nam holds a bachelor’s degree in Finance from the National Economics University
M
- Hanoi and a bachelor’s degree in English language from the University of Languages • Approving independent audit work of the company’s financial statements;
and International Studies - Hanoi. He has more than 21 years of experience in financial
accounting management. • Properly performing the role of the BOS in checking the legal requirements of shareholders, thereby requesting the
rom 1998 to 2006, he was an Accountant for Ba Ria - Vung Tau Petrolimex Company, FDC
F
BOD to perform obligations as required by laws;
Company and COTEC Construction Company.
• Supervising the BOD to ensure the transparency and accuracy of information disclosure and handle misinformation if
rom 2006 to 2015, he worked as Chief Accountant and Deputy General Director of Uy Nam
F occurs;
Mr. Dang Hoai Nam Investment Construction JSC, later known as Unicons Investment Construction Co., Ltd.
Member of the Board of Supervisors
e joined Coteccons in 2015. Since then, he was elected Head of the Finance Board, Head
H • Requiring the BOD to provide resources and ensure the effective performance of the IA Board.
Nationality: Vietnamese of the General Department and Head of the Legal Board.
Year of birth: 1976
Qualifications: In June 2017, he was elected Member of the BOS for the term 2017 - 2022. As assigned by
Bachelor of Finance, Bachelor of English the BOS, he also serves as Head of the IA Board.
language
Share ownership at the Company: 39,648 shares, equal to 0.05%.
1. 2. 3. 4. 5.
REPORT OF THE BOARD OF SUPERVISORS (CONTINUED)
The meeting details can be read below:
No. Meeting Date Contents
Discussed the letter dated March 6th, 2020 sent by BOD Secretary.
The letter cited the warning by the HCM Stock Exchange about
1 Meeting No.1 March 10th, 2020
the Company’s non-compliance with the CG Code, which directly
concerned the BOS responsibilities
2 Meeting No.2 March 12th, 2020 Approved 2020 IA Plan
Discussed the implementation of IA and the preparation of reports to the

3 Meeting No.3 March 16th, 2020
BOD and the BOM
Discussed BOS section in the 2019 AR and presented the results at

4 Meeting no.4 April 28th, 2020
2020 AGM of Coteccons
Discussed the calling of the extraordinary general meeting and the

5 Meeting No.5 May 29th, 2020 Required the BOM to arrange office layout to make room for
performance of the BOD and the BOM 1
the BOS and IA Board;
6 Meeting No.6 June 22nd, 2020 Supervised the BOD activities during the calling of AGM
2 Required the BOD to approve the budget plan for IA Board;
Required KPMG, Ernst & Young and PwC (Company’s auditor at
that time) to send the audit proposal. Ernst & Young was elected Risk management by the
Submitted IA report to the BOD’s Strategy Committee for
independent auditor for the fiscal year 2020 by voting Board of Supervisors 3
7 Meeting No.7 July 16th, 2020 information and corrective actions;
through the Internal Audit
Prepared BOS section in the CG report to disseminate required
Board
information Met with Ernst &Young to discuss accounting issues after a
4
6-month review.
Prepared BOS section in the CG report to disseminate required
information
September 17th,
8 Meeting No.8 Discussed Internal Audit Plan and completed the election of the IA Board
2020
Discussed accounting problems raised by E&Y after 6 months of ASSESSMENT ON PRIMARY FINANCIAL RATIOS OF
CONSOLIDATED FINANCIAL STATEMENTS
financial review
November 19th, Met with Ernst & Young to review the audit process and discuss matters
9 Meeting No.9
2020 related to the six-month review
Discussed IA report on Equipment Department No. Item Unit 2019 2020

December 12th,
10 Meeting No.10 Discussed and approved the 2021 IA Action Plan and 2021 Budget
2020 I Profit Margin
Plan
1 Gross profit margin % 4.4% 5.9%
Supervision of the activities of the BOD and the BOM
2 PBT/Revenue % 3.8% 2.9%
3 PBT/Owner’s equity % 10.5% 5.1%

• On January 22nd, 2020, BOS issued the report, included in the 2019 CG report, to BOD Secretary in
compliance with legal requirements about information disclosure; 4 PBT/Total assets % 5.5% 3.0%
• On March 3 , 2020, Head of the BOS required the Chair of the Board to adjust the CG reports to the
rd
II Efficiency Ratio
HCM Stock Exchange, aiming to fully disclose BOS activities in 2019;
1 Inventory turnover ratio Day 24 41
• On March 17th, 2020, BOS required the BOD to provide the review of 2019 financial statements;
2 Receivables turnover ratio Day 129 198
• On March 20th, 2020, Head of the BOS informed HCM Stock Exchange and State Securities
3 Payables turnover ratio Day 82 104
Commission about the operational transparency of the BOD and Executive Board;
III Liquidity Ratio
• On March 24th, 2020, BOS met with PwC to discuss 2019 audited financial statements.
PwC reserved the right to review audited financial statements with the BOS under the guidance of 1 Current ratio Time 1.9 2.2
the Executive Board;
2 Quick ratio Time 1.7 1.9
• On May 31st, 2020, BOS responded to Kusto’s calling of an extraordinary general meeting.
3 Leverage % 48% 41%
1. 2. 3. 4. 5.
B OA R D OF DI R EC T O R S’ R EPO RT
REPORT OF THE BOARD OF SUPERVISORS (CONTINUED)
EVALUATION OF IMPLEMENTATION OF
ANNUAL GENERAL MEETING RESOLUTIONS
Accomplished tasks
• Appointed E&Y Vietnam Company Limited, one of the 4 auditors approved at the AGM for 2020 audited financial
statements;
• Paid out 2019 dividend as approved in AGM.
Pending or Unaccomplished tasks
• Assessing the performance of business plans approved in 2020 AGM, as follows:
2020
2020 Plan
No. Items Accomplishment Differentiate % Plan
(VND billion)
(VND billion)
1 Revenue 14,558 16,000 -1,442 91%

2 Profit before Tax 335 600 -265 56%
PROPOSALS
1 In 2021, it is anticipated that the global and Vietnam economies shall continue to be affected by the Covid-19
pandemic. Meanwhile, delays in granting construction permits to projects located in the surrounding areas
of Ho Chi Minh City put pressure on the timing of new projects. Finally, the constant change in senior
management would certainly impact the Company’s business activities. These risks require the Company
to focus and provide preventive plan.
2 Regarding the domestic construction industry, many infrastructure projects have been launched, this is an
opportunity for leading companies like Coteccons. However, the expansion to infrastructure construction,
becoming a Design - Build - Finance General Contractor or an EPC General Contractor may impose the risk
of higher account receivables. the Company should implement appropriate preventive plans for business
expansion.
3 The BOD and the BOM should give focus on management of debts, assets, machinery and equipment
before - during and after handover, ensuring that assets are handed over in full and optimized.
4 Strengthening information security in business operation.
5 Improve CG, transparency and utilize all resources to increase business performance.
6 The AGM, BOD should continue to focus on long-term development strategies to drive the Company towards
sustainability, ensuring a balance of interests among stakeholders, customers, employees, shareholders,
partners and the community.
54 COTECCONS | Annual Report 2020

INVESTOR RELATIONS POLICY Shareholder structure by geography (%) Shareholder structure by category (%)
100 100 2.7% Domestic individual 2.8%

Foreign
80 80 34.0%
47.6% 46.2% 33.6% Foreign individual
Changes in charter capital 60

Domestic
60
Foreign organization
40 40
Unit: VND billion 44.9% 43.4%
20 52.4% 53.8% 20
Domestic organization
18.8% 19.8%
Charter 0 0
Time Detail 2019 2020 2019 2020
capital
August 2004 15.2 Initial charter capital

Charter capital (December 31 , 2020)
st
Issue of 1:1 bonus shares Shareholder structure by ownership ratio
(VND billion) October 2006 35.0 Shareholder structure by ownership ratio (%)
792.55
Issue of shares under ESOP program Majority shareholders (%)
Issue of 2:1 bonus shares
January 2007 59.5 Kustocem Pte.Ltd.
Issue of private shares to strategic shareholders 3.7%
Shareholder holding 5% or more 11.2% 17.6% Success Investment and Business
One Member Company Limited
June 2007 86.2 Shareholder holding 1% The 8th Pte. Ltd.
Issue of shares under ESOP program to less than 5%
39.8% 14.1% Preston Pacific Limited
49.1%
July 2007 120.0 Issue of private shares to strategic shareholders Shareholder holding under 1% 36.0% VOF Investment Limited
Treasury share 10.4% Treasury share

June 2009 184.5 7.4% Local individual and organization
Issue of shares under ESOP program
Foreign individual and organization
3.7% 3.1% 3.9%
May 2010 307.5 Issue of 3:2 bonus shares
September 2011 317.7 Issue of shares under ESOP program Source: VSD
March 2012 422.0 Issue of private shares to strategic shareholders

August 2015 432.5 Issue of shares under ESOP program Changes in Coteccons’ shareholder structure December 31st, 2020 - December 31st, 2019
Issue of shares to swap for Unicons’

December 2015 468.6 Number of shareholders
outstanding shares
Number of shares Ratio (%)
August 2016 492.0 Issue of shares under ESOP program No. Category Individual Organization
October 2016 655.7 Issue of 3:1 shares to existing shareholders 2019 2020 2019 2020 2019 2020 2019 2020
November 2016 770.5 Issue of private shares to strategic shareholders Majority shareholders
I 0 0 5 5 38,882,168 38,882,168 49.1% 49.1%
holding 5% or more
8/2004
10/2006
1/2007
6/2007
7/2007
6/2009
5/2010
9/2011
3/2012
8/2015
12/2015
8/2016
10/2016
11/2016
1/2018
2/2019
January 2018 783.6 Issue of shares under ESOP program

February 2019 792.55 Issue of shares under ESOP program 1 Domestic 0 0 1 1 11,192,652 11,192,652 14.1% 14.1%
2 Foreign 0 0 4 4 27,689,516 27,689,516 35.0% 35.0%
Shareholders holding
II 6 1 4 3 14,969,505 5,826,626 18.9% 7.4%
1% to less than 5%
PROTECTION OF
TRANSPARENCY EQUALITY SHAREHOLDERS’ 1 Domestic 5 0 0 1 8,928,059 1,257,040 11.3% 1.6%
RIGHTS
2 Foreign 1 1 4 2 6,041,446 4,569,586 7.6% 5.8%
Shareholders
III 3,663 6,847 123 118 22,440,900 31,583,779 28.3% 39.8%
holding under 1%
Transparency - Equality - Protection of Shareholders’ rights are high-
Number of shareholders (31/12/2020) priority items in Coteccons’ 2020 Investor Relations policy. 1 Domestic 3,441 6,580 56 58 18,450,921 27,277,390 23.3% 34.4%
(SHAREHOLDERS)
6,975
As of December 31st, 2020, Coteccons has 6,975 shareholders, an increase 2 Foreign 222 267 67 60 3,989,979 4,306,389 5.0% 5.4%
of 83% from 3,802 shareholders at the end of 2019. Coteccons has 5 major IV Treasury shares 0 0 1 1 2,962,427 2,962,427 3.7% 3.7%
institutional shareholders holding 49.1% of charter capital and 4 shareholders
holding 1% to less than 5% of share capital, accounted for 7.4% of charter V TOTAL 3,669 6,848 133 127 79,255,000 79,255,000 100% 100%
INCREASED 83%
COMPARED TO
capital. As a leading company in the construction industry, Coteccons has
3,802 SHAREHOLDERS managed to maintain foreign ownership ratio of +40% for 11 years. 1 Domestic 3,446 6,580 58 61 41,534,059 42,689,509 52.4% 53.8%
AT THE SAME TIME OF END 2019
2 Foreign 223 268 75 66 37,720,941 36,565,491 47.6% 46.2%
Source: VSD
1. 2. 3. 4. 5.
INVESTOR RELATIONS POLICY (CONTINUED)
Stock transactions of Major shareholders, Internal persons and Related parties in 2020
Number of shares Number of shares Number of shares Number of shares

Title/Relation December 31st, 2019 December 31st, 2020 Title/Relation December 31st, 2019 December 31st, 2020
Individual/ Individual/
No. to Internal Reason No. to Internal Reason
Organization Organization
persons Number of Number of persons Number of Number of
Ratio (%) Ratio (%) Ratio (%) Ratio (%)
shares shares shares shares
I MAJOR SHAREHOLDERS Responsible

for CG and
Major 13 Mr. Nguyen Anh Vu authorized 0(1) 0% 0 0%
1 Kustocem Pte. Ltd. 13,906,666 17.6% 13,906,666 17.6%
shareholder to disclose
information
Success Investment and
Major III RESIGNED INTERNAL PERSONS
2 Business One Member 11,192,652 14.1% 11,192,652 14.1%
shareholder
Company Limited
Sold shares
Major according to
3 The 8th Pte. Ltd. 8,256,500 10.4% 8,256,500 10.4% 1 Mr. Nguyen Ba Duong Chairman 3,901,754 4.92% 3,222,374(2) 4.07% personal needs
shareholder
Resigned on
4 Preston Pacific Limited 3,108,000 3.9% 3,108,000 3.9% Oct 2nd, 2020
Group of major
shareholders Resigned on
5 VOF Investment Limited 2,418,350 3.1% 2,418,350 3.1% 2 Mr. Nguyen Quoc Hiep BOD member 0 0% 0 0%
Oct 12th, 2020
II INTERNAL PERSONS AND RELATED PARTIES
Resigned on
3 Mr. Tran Quyet Thang BOD member 0 0% 0 0%
Jun 20th, 2020
1 Mr. Bolat Duisenov Chairman 0 0% 0 0%
BOD member Resigned on
2 Mr. Yerkin Tatishev BOD Member 0 0% 0 0% 4 Mr. Nguyen Sy Cong 1,181,006 1.49% 1,181,006 (3) 1.49%
cum CEO Aug 5th, 2020
3 Mr. Talgat Turumbayev BOD Member 1,590,150 2.0% 1,590,150 2.0% Resigned on
5 Mr. Tran Quang Quan Deputy CEO 1,180,107 1.49% 1,180,107 (3) 1.49%
Aug 5th, 2020
Mr. Herwig Guido H. Van
4 BOD Member 0 0% 0 0%
Hove Resigned on
6 Mr. Tu Dai Phuc Deputy CEO 261,094 0.33% 261,094 (3) 0.33%
Oct 12th, 2020
5 Mr. Tan Chin Tiong BOD Member 0 0% 0 0%
Resigned on
7 Mr. Tran Van Chinh Deputy CEO 154,700 0.21% 154,700 0.21%
Mr. Luis Fernando Sep 30th, 2020
6 BOS Head 0 0% 0 0%
Garcia Agraz
Chief Resigned on
8 Ms. Vu Thi Hong Hanh 641,014 0.81% 641,014 (3) 0.81%
Sold shares Accountant Sep 14th, 2020
7 Mr. Dang Hoai Nam BOS Member 89,648 0.11% 39,648 0.05% according to
personal needs Sold shares
Head of according to
8 Mr. Nguyen Minh Nhut BOS Member 0 0% 0 0% 9 Ms. Ha Tieu Anh Finance & 618,510 0.78% 425,260 (3) 0.54% personal needs
Accounting Resigned on
Acting General Sep 14th, 2020
9 Mr. Vo Thanh Liem 151,750 0.19% 151,750 0.19%
Director
Note:
(1): Number of owned shares starting at the time of becoming an internal person
9.1 Mr. Vo Thanh Cang Sibling 33,001 0.04% 33,001 0.04% (2): Number of owned shares reported at the time of no longer being a major shareholder
(3): Number of shares owned at the time of no longer being an internal person
Deputy General
10 Mr. Pham Quan Luc 3,066(1) 0.004% 3,066 0.004%
Director
Deputy General
11 Mr. Michael Tran 0(1) 0% 0 0%
Director
Chief
12 Ms. Cao Thi Mai Le 0(1) 0% 0 0%
Accountant
1. 2. 3. 4. 5.
Activities to improve transparency, ensure equitable treatment of Efforts in stock price stabilization and value gains for shareholders
shareholders and protection of their rights
In 2020, the Vietnamese and global stock market was Compared to the closing price at the end of 2019,
impacted significantly by Covid-19 pandemic. Upon CTD price saw an increase of 57% in 2020, higher than
Information plays a vital role for investment decisions. With that in mind, Coteccons the rapid escalation of pandemic in March 2020, the VN-Index’s increase 15%. The liquidity also improved with
Vietnamese stock market dropped sharply. However, the average trading volume of 670,726 shares per day in
has always strived to diversify and improve the quality of information channels and thanks to containment strategies and economic policies 2020, a rise of 561% from 101,462 shares per day in 2019.
kept all shareholders well-informed on the Company’s activities. With respect to the taken by the government, the stock market has recovered
in the remaining of the year since early April.
proportion of 46.2% of foreign shareholders, the Company has published bilingual
materials, driving transparency and disclosure above Vietnam’s minimum level and CTD stock price also began to show a sign of recovery Stock ticker CTD
in the second half of 2020 when its CG resumed stability
towards higher international standards. with positive financial data - results of effective measures
Index HOSE
Outstanding Shares 79,255,000
taken by the new Board of Management. On December
10th, 2020, the Company disclosed a repurchase of 4.9 As of December 31st, 2020
million shares as treasury shares. This plan, approved Basic price (VND) 77,700
In 2020, Coteccons has appointed and minority shareholders, the focal 2020 AR marked the first time
by the BOD, demonstrated Coteccons’ effort to increase Market Cap (VND bn) 5,853
Mr. Nguyen Anh Vu as Secretary of point stakeholder communications Coteccons evaluated its CG in Book Value (VND) 105,970
shareholder value in the light of undervalued CTD shares.
the BOD cum Person in charge CG and participate in solving problems accordance with the Vietnam CG New treasury shares also provide a source to ESOP going
52-Week High (VND) 82,270
52-Week Low (VND) 42,340
and at the same time established a about governance, implementation Code of Best Practices for Public forward. Average Volume (52 weeks) (Shares/session) 670,726
department of Investor Relations to of policies. The company pays Companies. The results provided 52-Week Average Selling Price (Bn/session) 45.6
strengthen effective administration, special attention to comply with shareholders with complete visibility On December 31st, 2020, CTD’s closing price stood at Foreign Ownership Limit 49%
Foreign Ownership Ratio 46.2%
disclosure of information, protection regulations, information disclosure, into Coteccons governance and VND77,700 per share, up 84% from the lowest adjusted
Free Float Ratio 43.7%
of shareholders’ interests, ensure Annual/Extraordinary General the Company with the basis for price of VND42,340 per share in 2020. .
equality among shareholders large Meeting of Shareholders, written improvement plans. Indicators
shareholders’ opinions, creating 12-month EPS (VND) 4,164
conditions for shareholders to By meeting all key criteria for brand P/E (x) 18.7
P/B (x) 0.7
perform voting rights, notice of name, CG, sustainable development
dividend payment, etc. In addition, prospects and 5-year business
Source: Finnpro, Vietstock
performance, Coteccons has been
the Company also develop the
named as one of “Top 50 best listed CTD stock price and VN-Index
process of synthesis and control
companies in Vietnam 2020” by Forbes
automatic control of transactions for the 8th consecutive year. Coteccons
with parties related to the objective has also been ranked as “Top 15 listed
Unit: Point Unit: VND
of transparency potential conflicts of companies with the best business 1,400 VN-Index CTD 200,000
interest. performance for 3 consecutive years”,
an award of the “Vietnam the Best
Company” program hosted by the
Vietnam Chamber of Commerce
and Industry (VCCI), with other
coordinators, namely the Institute of
Business Studies and Development
(INBUS), the Vietnam Association of
800 100,000
Accountants and Auditors (VAA) and
the Vietnam Association of Corporate
Administrators (VACD).
These awards have been a testimony

to Coteccons’ merits, reputation and
leading position, thereby providing
partners, credit institutions, investors
and particularly shareholders with
200 0
insights to make more effective
investment decisions.
1/20 2/20 3/20 4/20 5/20 6/20 7/20 8/20 9/20 10/20 11/20 12/20
On February 01st, 2021, Coteccons repurchased 2,008,900 shares, raising its total treasury shares to 4,971,327 or 6.3% of charter capital.
1
Source: Vietstock
1. 2. 3. 4. 5.
B OA R D OF DI R EC T O R S’ R EPO RT
3
Regular cash dividend policy
Coteccons understands that one
of the most significant rights of Dividend payout ratio in 2016 - 2020
Board of
Management’s
shareholders is to receive dividends.
Under regular cash dividend policy, Bonus share Cash
the Company ensures a stable 55%
dividend payment and a steady
income for shareholders. Coteccons 50% 50%
primarily pays dividends in cash with REPORT

an average rate of 40% per year - an
attractive offer in perspective with Average rate of 40%
78 Board of Management’s capability
the general rate from other listed 33% 81 Board of Management’s report
companies. 30% 30%
88 Subsidiaries and associates
90 Construction engineering
91 Construction quality management
92 Warranty management
94 M&E system
96 Design and Building information modeling
2016 2017 2018 2019 2020
2021 Outlook
• To build and expand communication channels with stakeholders, proactively provide information to
the market.
• To continue publicizing bilingual materials (English Vietnamese) on the company’s website.
Conquer
• To hold more meetings with investors, analyze their needs and attract favorable local and global
investors.
• To organize analyst meetings to share information on business activities, coordinate in the
implementation of Company research reports.
• To increase both the quality and quantity of information included AR, Sustainable development
reports, CTD stock analysis.
• To focus on CG training.
Financial Agenda of FY 2021
January 2021 March 2021 April 2021
4Q2020 Financial Statements 2020 Audited Financial 1Q2021 Financial Statements

2020 CG Report Statement 2020 AR
2021 AGM
July 2021 August 2021 October 2021
2Q2021Financial Statements 2021 Reviewed Semi-annual 3Q2021 Financial Statements

2021 Semi-annual CG Report Financial Statements

B OA R D OF M A N AGEMEN T ’ S R EPO RT GO BEYOND | COTECCONS
BOARD OF MANAGEMENT’S CAPABILITY

These are experts in the construction field, who have held senior management
Proactively facing the changes, Coteccons has the combined capability of both positions in many large companies in the world and in Vietnam. Under the leadership
experienced members from inside and outside to the Board of Management. of the Board of Management, Coteccons is expected to have new vitality and promote
the development of the whole Company.
Mr. Tran Tri Gia Nguyen (Michael Tran) Mr. Phan Huu Duy Quoc
Deputy CEO Deputy CEO
Nationality: Australian Nationality: Vietnamese
Year of birth: 1970 Year of birth: 1973
Qualifications: Bachelor of Construction Management Qualifications: Doctor of Construction
Date of appointment: Date of appointment:

As Deputy CEO: October 09 , 2020
th As Deputy CEO: March 05th, 2021
Employment history Employment history

2020 - present: Deputy CEO, Coteccons Construction JSC. 2021 - present: Deputy CEO, Coteccons Construction JSC.
2017 - 2020: Deputy CEO, Hoa Binh Construction JSC. 2017 - 2020: Deputy Chief Representative of Shimizu Construction Group Vietnam
2014 - 2016: Senior Project Director, Hoa Binh Construction and Real Estate Corporation
Professional experience Mr. Phan Huu Duy Quoc is an expert in the construction field with 19 years of
experience in Japan and is one of the key personnel involved in the construction
Backed by 26 years of experience, Michael has held various management positions
of Metro No. 1, Binh Khanh Bridge (Ben Luc - Long Thanh Expressway). Before
at major construction companies in the world and in Vietnam including Transfield,
being appointed as Deputy General Director at Coteccons, he used to hold the
Multiplex, Bauderstone Hornibrook, Abigroup Australia, Deputy CEO of Hoa Binh
position of Deputy Representative of Shimizu Construction Group Vietnam. Mr. Quoc
Construction JSC.
is currently a member of the 8th Central Committee of Vietnam Fatherland Front and
an expert of State Council for Construction Quality Control for key projects.
Mr. Pham Quan Luc

Deputy CEO
Mr. Chris Senekki
Nationality: Vietnamese
Deputy CEO
Year of birth: 1974
Qualifications: Architect Nationality: British
Year of birth: 1974
Date of appointment: Qualifications: Bachelor of Management and Finance
As Deputy CEO: October 09th, 2020
Employment history As Deputy CEO: March 05th, 2021
2020 - present: Deputy CEO, Coteccons Construction JSC.
2019 - 2020: Director of Technical Division, Coteccons Construction JSC. Employment history
2014 - 2019: Deputy CEO, Ricons Construction JSC. 2021 - present: Deputy CEO, Coteccons Construction JSC.
2018 - 2021: CEO of Turner Vietnam Company Ltd.
Professional experience 2015 - 2018: Project Director of Turner Vietnam Company Ltd.
Luc has been with Coteccons since its establishment and has held many positions
from Site Manager, Division Director, to DCEO. He has worked in various industries: Professional experience
commercial, residential, industrial with typical projects such as The Manor, Ecopark, Mr. Chris Senekki used to hold the position of CEO of Turner Vietnam Company.
ITG Phong Phu Da Nang. With more than 19 years of working experience in He has over 22 years of experience in the construction field, prominent with many
construction with local and international clients, he brings top level leadership to international and domestic projects such as Qatar oil and gas zone, port, marina
the team. and Cyprus International Airport (Cyprus), Porsche Autohaus (HCMC), Hilton Saigon
Hotel... Mr. Chris Senekki officially joined Coteccons on Apr 12th, 2021.
Share ownership at the Company:
3,066 shares, equal to 0.004%. Share ownership at the Company: 0%.
1. 2. 3. 4. 5.
HỒ SƠ NĂNG
BOARD OF MANAGEMENT’S
LỰC BAN TỔNGCAPABILITY
GIÁM ĐỐC (TIẾP
(CONTINUED)
THEO)
BOARD OF MANAGEMENT’S REPORT

Mr. Vo Hoang Lam
Deputy CEO
Nationality: Vietnamese OVERVIEW OF COMPANY’S MANAGEMENT IN 2020
Year of birth: 1978
Qualifications: Architect
Date of appointment: Despite being a year of many challenges and difficulties At the end of FY 2020, the BOM achieved consolidated
As Deputy CEO: March 05th, 2021 in human resources and operation management, revenue of VND14,558 billion and PAT of VND334 billion.
2020 is actually an opportunity for the BOM to review Although the target was not achieved, these results still
Employment history the organizational structure, implement changes and show great efforts of the BOM in the context of market,
2021 - present: Deputy CEO, Coteccons Construction JSC. innovations, arrange personnel in a professional, efficient political, pandemic and human fluctuations, as well as
2020 - present: CEO, Unicons Investment Construction Co., Ltd. and optimal model. Only within the last 6 months, a series partially reflect the transparency in operations of the
of policies and management directions have been set Company.
2019 - 2020: Deputy CEO, Unicons Investment Construction Co., Ltd.
out so that the entire Company can quickly catch up and
2017 - 2019: Project Director, Coteccons Construction JSC. continue a stable and effective operation.
In addition, the new members of the BOM, receiving
With more than 15 years of working experience, Mr. Vo Hoang Lam used to be the active support from Board members and senior advisors,
Director of Economic Division cum Project Director of large-scale projects such as:
have closely followed construction sites across the
MGM Grand Ho Tram, D’Capitale, Viettel Headquarters and other projects. As a
country to ensure the completion of construction with
BOM member of Coteccons and Unicons, Mr. Vo Hoang Lam will contribute his
experience in project management and advanced construction methods to bring
the highest level of commitment on safety, progress and
high quality products to customers, enhance the reputation of Coteccons and quality as required by the developers.
Unicons in both domestic and international markets.

8,507 shares, equal to 0.01%.
HIGHLIGHTS OF 2020
Since October 2020, the BOM has implemented many new improvements to strengthen
the system, develop business and increase labor productivity of the Company:
Mr. Nguyen Ngoc Lan
Deputy CEO
ORGANIZATIONAL STRUCTURE:
Nationality:Vietnamese
Year of birth: 1978
Qualifications: Bachelor of Civil Engineering 1 Revise the Company organization chart to promote 4 Establish an Enterprise Resource Planning Project
specialization. Issue a transparent delegation system for Implementation Board (ERP Board). The ERP Board
Date of appointment
all levels of execution and management. is responsible for investing in and implementing ERP
As Deputy CEO: March 05th, 2021 systems in business operations to improve business
2 Restructure the Finance & Accounting Department efficiency. Personnel structure of the ERP Board includes
Employment history members of the BOD or the Strategy Committee; the BOM,
and the HR Department towards more professionalism
2021 - present: Deputy CEO, Coteccons Construction JSC. Accounting and Finance Department and IT Department,
and transparency. Focus, reorganize and analyze data to
2018 - 2021: Project Director cum Equipment Manager, Coteccons Construction JSC. get relevant information to support decision making of the etc. At the same time, there was the participation of
2013 - 2016: Construction Division Director, Coteccons Construction JSC. BOD and BOM. functional departments so that the ERP Board could be
2010 - 2013: Project Director, Coteccons Construction JSC.
implemented consistently and throughout.
3 Establishment of the R&D Team for Wind Power
5 Set up Commercial and Cost Optimization Team
Professional experience Project to optimize investment from the first days of
implementation and perform the entire work from technical with the coordination of many key departments such as
Mr. Nguyen Ngoc Lan has over 20 years of experience working in the construction
industry. He has been accompanying throughout the establishment and development design, material supply to construction. Members of the the Tender Department, the Equipment Department,
of Coteccons. In March 2021, he was appointed as Deputy CEO of Coteccons. With R&D team include representatives from departments such the CCM Department and the Workforce Building and
his solid expertise in construction techniques, enthusiasm and sincere relationships as CCM, Procurement, M&E Division, etc. Development Department... The goal of this team is to
with customers, Mr. Nguyen Ngoc Lan continues to dedicate his capabilities, build the foundation of the logistics system, effective
accompanies with the Company’s management to maintain the leading position of expenses management to support the tender, business
Coteccons and develop good partnership with clients. development and project execution.

9,820 shares, equal to 0.01%.
1. 2. 3. 4. 5.
BOARD OF MANAGEMENT’S REPORT (CONTINUED)
6 Establish a Business Development Department ANALYSIS OF FINANCIAL INDICATORS

to develop customer network and catch investment
cooperation opportunities. Coteccons will not only
work as contractor but also expand to comprehensive Consolidated revenue
cooperation, bring added value to customers; research
market and explore new potential opportunities in the field In FY 2020, in spite of objective challenges of the
of infrastructure, industrial construction, EPC contractors. market, Coteccons still completed 91% of the revenue Revenue structure by projects
Therefore, Coteccons has established a Business plan. Coteccons’ consolidated revenue was recorded
Development Division with the mandate: at VND14,558 billion, in which the parent company’s
revenue was VND10,284 billion, accounting for 71% of
28% 23%
• Research and develop markets, potential new business consolidated revenue.
11%
areas in line with the Company’s direction and market into the network system. Coteccons has successfully 24% 18%
trends; look for and expand operating markets, develop prevented hundreds of attacks every day from hackers Maintaining this position is the result of the BOM who 12%
new projects, expand potential local and foreign around the world. has made decisive judgments about the market through 48%
36%
customers (developers); timely assessment of potential risks to quickly formulate
In order to protect users from the increasing risks from risk response and policies to complete the targets 2019 2020
• Aggregate local and foreign customers’ information; the Internet space, while still ensure uninterrupted work together with all staff. This result has surpassed most
Residential Commercial
identify customers’ needs, thereby offer appropriate efficiency, Coteccons invests in an Internet Access of its competitors in the market, further demonstrating
Industrial Hotel - Resort
product design and pricing; Management System (IAM), which helps identify and Coteccons’ ability to cope with big waves.
divide stream of network applications, filter dangerous
• Organize research, survey and assess direct and addresses on the Internet, allocate all available bandwidth
indirect competitors in domestic and foreign markets, to critical business needs and improve business efficiency The year 2020 witnessed an increase in the proportion of revenue coming from residential projects with the contribution
thereby propose suitable business and communication and productivity. of 48% to the total revenue compared to 36% of 2019. Besides, the commercial and office segment also increased
strategies. from 12% in 2019 to 18% in 2020. The hotel-resort and industrial segments all decreased, in which the proportion of
Furthermore, continue to optimize existing information revenue from the industrial segment decreased more than 50% from 24% in 2019 to 11% in 2020. This clearly shows
COMMUNICATION: security systems such as detection systems, network the impact of the Covid-19 pandemic on the construction market, in which the new development of hotel and resort
intrusion prevention (IDS, IPS), firewalls, anti-malware projects slowed down due to the negative impact on the tourism industry, which led to the delay in construction
1 Meet and have dialogue with employees to stabilize systems (Antivirus), data loss prevention system (DLP), progress, the decline in investor finance and the adverse effect of the industry’s expectation. Moreover, restricting
working spirit and affirm short-term and long-term Email security gateway system (Email security gateway), traffic between countries makes foreign developers, especially from China, have difficulty in accessing to the domestic
remuneration and benefits policies, ensure staff peace form a solid defense system that helps to reduce the risks market, thereby the number of industrial factory projects decreased markedly.
of mind to work and have a clear development roadmap; of information insecurity from many sides, ensure that the
maintain and improve the Company culture towards business activities of Coteccons are always smooth and Value of contract backlog
Coteccons employees. safe.
2 Communicate with existing customers and developers 3 Complete the notification of salary, bonus and
Value of contract backlog Backlog structure
to affirm commitments on safety, quality, progress, finance allowances on Hris software, create favorable conditions
and expand potential customers; Organize conferences for employees to easily access.
Unit: VND Billion
with suppliers, subcontractors to ensure finance as well 7%
4% 20%
26%
as continue building long-term strategic cooperation. 4 Comply with State regulations on disease control and 27,000
9% 28% 32%
6%
prevention Covid-19, ensure the highest level of pandemic 25,000
12% 10%
11% 15%
22,800
OPERATION: prevention measures for all employees and workers at 21,000 16%
11%
16%
construction sites and offices. Also contribute test kits 80%
1 Enhance Coteccons Core system features. With the and negative pressure rooms to support the community to 52% 59%
44% 42%
aim of digitizing the operations, Coteccons has invested overcome Covid-19 pandemic together.
9,000
in applications directly related to operations from
departments/ offices to construction sites such as: site 5 Safety and quality control are continuously guaranteed. 2016 2017 2018 2019 2020
organizational chart application, workforce management The operation of all construction sites at all times is always Residential Commercial
software, construction site documents management under effective control whether it is affected by the Industrial Hotel - Resort
2016 2017 2018 2019 2020
software, weekly reporting software, logistics software for Covid-19 pandemic or natural disasters.
equipment transportation and many other applications.
These applications are combined with Coteccons core FINANCE:
invested in 2018 such as: e-office, core of finance and
accounting, core of cost and contract control, core of 1 Tighten the financial management of the construction According to statistics, the value of construction contracts signed in 2020 is about VND 9,000 billion (including
material and equipment management... to form a network site. Apply level-based project risk assessment system. consolidated figures from Unicons). Based on the contract progress, most of this value will be recorded in the revenue of
of centralized applications, fully meet the professional Enhance the training of all site commanders on the Cost- 2021. Market factors and internal factors of the Company such as Covid-19 pandemic, the stagnant real estate market,
work requirements and management of the Company’s Value Report, initially showing the improvement of the the lower number of licensed projects, the difficulties of developers, the fluctuation of personnel caused difficulties in
departments. project’s profit margin compared to 2019. finding jobs, signing contracts and converting into backlog for the following years. This poses a challenge for the BOM
to win new projects to create a driving force for the growth of the following years. In fact, at the end of 2020 and early
2 Strengthen system security and information safety. 2 Carry out a mass inventory count of assets and 2021, in addition to the value of the backlog value mentioned above, the BOM has consecutively won and signed many
Always emphasizing the importance of the intellectual equipment at all construction sites and warehouses to cooperation projects from the developers with the total value up to more than VND10,000 billion. Coteccons also started
property of the Company, in the past year, Coteccons has get an overall picture of the Company’s assets, thereby to expand into a potential renewable energy segment. This will be the premise for business expansion and product
invested a new external attack prevention system (IPS) assessing and completing the physical control and diversification of Coteccons.
equipment management system.
1. 2. 3. 4. 5.
In terms of structure, the trend of the construction - real with a number of leading enterprises in various fields more difficult, the enterprise has to make the stocktaking the control of constructional assets, only to perform the
estate market in 2020 will continue to be reflected in the such as wind power construction partners - to increase of all assets, particularly construction machinery, bookkeeping and depreciation in accordance with VAS.
value of backlog, in which the proportion of residential experience and strengthen expertise in infrastructure scaffolding, gang form, shaped steel, steel box, ring lock...
segment accounts for 59%. With the decline of the engineering and renewable energy, to ensure ample on construction sites in progress, in locations with many The value of machinery, equipment and construction
industrial segment from 11% in 2019 to 6% in 2020, this financial resources and credit lines to be able to quickly blind spots or in specialized tanks... The work requires tools of Coteccons accounts for 7% of the total assets and
will be a major area that requires the concentration of the grasp investment and construction opportunities. enterprises to mobilize large human resources, material the cost of using them accounts for 5% of the project’s
BOM. Specifically, Coteccons has strategic cooperation resources, along with the highly meticulous staffing, the revenue (depending on the scale and difficulty of the
organization and comprehensive coordination among the project). With the view of strict control and building of data
relevant departments, the count team and the construction to analyze the efficiency of asset use, the new financial
sites. And that is also the reason why the previous financial and accounting system of the Company organized a
Profit margin over revenue and accounting system assigned the stocktaking to the detailed count of all machinery, equipment and tools for
Profit Margin construction sites, warehouses to self-organize the count the first time throughout Coteccons and Unicons sites
During the quiet period of the real and the equipment department to be responsible for the including Company-owned and outsourced assets.
estate market, the number of new physical management. Accountants stand isolated in
10.0%
projects decreased while competitors 8.1% 8.7%
5.9
7.3% 7.5%
increased, many other construction 8.0%
6.8% 6.4%
companies even accepted negative 6.0%
5.4% 6.1% 5.9%
4.7% 5.3% 3.2
profits to keep market share and 4.4%
maintain cash flow, dragging the profit 4.0% 3.0% 2.3%
margin of the industry down. Therefore, 2,0%

to ensure profits for the Company 2020
0.0%
and its shareholders, the BOM has 2014 2015 2016 2017 2018 2019 2020
determined that cost control is the
40 300 20
priority. Many measures to improve
Gross profit/ Revenue Profit after tax/ Revenue
the performance of construction sites
have been applied and achieved
important results. Gross profit margin
PROJECTS MEMBERS DAYS
in 2020 reached 5.9%, up 34% compared to 4.4% of 2019. Additionally, the control of G&A expense will also be
strengthened through investment in information management systems, data analysis, control processes to optimize FROM THE NORTH TO PARTICIPATED IN THE TIME OF THE COUNT
Company’s financial performance. The decline in PAT margin comes from the additional provision for bad debts which THE SOUTH STOCKTAKING
aims to improve the Company’s transparency.
The inventory results reflected in the financial statements are very valuable “beginning balance” data of the
Finance & Accounting Department , recording the first effort in controlling assets and efficiency in using
ASSETS STRUCTURE assets of Coteccons. This is a premise for the management data system of the Equipment Department
and the Finance & Accounting Department , narrowing the gaps in management and financial information,
enhancing transparency in the management and use of Company’s assets.
Assets structure of 2019 Assets structure of 2020
Receivables
9.1% 9.1%
24.9% 23.9%
Receivables mainly come from contracts that are under with objective criteria to reflect reasonably the potential
Cash and short-term investment Cash and short-term investment
construction or awaiting final settlement. For the finalized risks of asset indicators on the balance sheet, enhancing
Other current assets Other current assets
works, most of them are the cash withheld for warranty. the transparency of Coteccons’ financial statements.
Non-current assets Non-current assets
Short-term receivables reached VND7,648 billion, down This was the priority target in the first 6 months of taking
66.0% 67% by 13%, equivalent to VND1,149 billion compared to over the financial system of the new BOM. Previously,
December 31st, 2019. This came from the accelerated the Company did not have clear policies in controlling
collection of debt from developers at the end of the year. debts, so many overdue receivables were not allowed
to make provisions. In 2020, the Finance & Accounting
In addition, collection of bad debts is being strongly Department carried out a comprehensive review, all of
Coteccons is not only a leader in the construction scale projects, actively invest in construction equipment concentrated and there are drastic solutions from the these receivables were assessed for risks and set up full
industry, but also a construction company with a and increase customers’ confidence in financial capacity BOM, Finance & Accounting Department and the Legal provisions in accordance with regulations. Along with the
sustainable balance sheet with abundant cash. As of of Coteccons. Board of the Company. For construction enterprises, slow participation in reviewing the records of the new team of the
December 31st, 2020, cash and short-term investments debt collection and reduction of construction contract Legal Board and the Finance & Accounting Department ,
(term deposits, corporate bonds) amounted to Managing and using assets effectively is always one of the value are unavoidable risks, especially projects in the the BOM have carefully evaluated the receivables of the
VND3,376 billion, equivalent to 23.9% of total assets. top responsibilities of the BOM of every company. Assets handover and finalization phases. The initial appraisal construction sites with negative cash flows, long-overdue
In addition, short-term assets continued to account for and inventory count is an indispensable and challenging of the “financial health” of the developers and the debts, clients who are seriously affected by the macro
a large proportion in the structure of total assets with task of an enterprise, especially the construction industry organization of construction documents are the measures economy (Covid, recession, etc.) to set up the provision
91% or VND12,868 billion. This asset structure is a solid with many complex and diverse properties of assets. For that Coteccons is taking to minimize these risks. However, for bad debts of nearly VND280 billions of 19 projects,
foundation for the Company to participate in many large- a large-scale enterprise like Coteccons, this work is even during the construction process, it is necessary to regularly together with the provision for decrease in construction
re-evaluate receivables and work in progress through a value of unfinished 9 other projects.
data recording system and professional process along
1. 2. 3. 4. 5.
Provisions for doubtful short-term receivables

DIRECTION FOR BUSINESS OPERATION IN 2021
31/12/2019 Increase in 2020 31/12/2020
(VND billion) (VND billion) (VND billion)
Provision - Short-term accounts receivable 188.47 270.53 459.00 Expecting the difficulties of the
construction and real estate industry
Provision - Other short-term assets 26.04 9.41 35.45 will continue in 2021, especially
with the new developments of the
Total 214.51 279.94 494.45 Covid-19 pandemic, the new BOM,
with support from the BOD and other
Senior advisors will need to pay
special attention, to consider the
market, to assess risks and to set out
Investments and capital contributions Owners’ equity
directions to win contracts. Aiming
to associates and other entities
to improve and fulfill the targets as
Compared to 2019, owners’ equity decreased by 0.8%, equivalent to
VND 71 billion due to the main factors from: set out by the BOD in 2021, the BOM
Coteccons and Covestcons have
focuses on implementing solutions
implemented many investments
Increase of VND 334.5 billion from the profit in 2019, in the management and operation of
through capital contribution, in-
the Company as follows:
principle agreement. In which,
many projects have been incurred Decrease of VND 76.1 billion from purchasing the Company’s shares as
treasury shares,
since 2017, especially there are
investments arising from 2007 that
Decrease of VND 51.5 billion from distributing to bonus and welfare fund,
have made 100% provision. These
projects are mostly related to real STRATEGY HUMAN OPERATION
Decrease of VND 228.9 billion from dividend payments to shareholders. RESOURCE
estate projects and there has been
almost no progress since the time Liabilities structure
of deposit or capital contribution. In 1 Continue to stabilize the human 1 Improve the culture and 1 At the same time, we continue
2020, the company has conducted Corresponding to the 2020 revenue, liabilities reduced by VND1,971 billion,
resources, perfect the system information exchange system in to take safety and quality as
meetings with all shareholders and equivalent to 25% compared to 2019. This proves that the Company always
to be ready for a new business the Company. Build and maintain the core elements to affirm
partners in the company’s portfolio, prioritizes the interests of suppliers and subcontractors who join in the value
development strategy in the next the culture of the Coteccons Coteccons’ reputation as the
as well as reviewed and analyzed chain of Coteccons. Although the clients’ finances may face difficulties, the
5 years. Promote and expand people, aiming to the vision, leading construction company in
the potential of these items and payment to Coteccons’ partners are always concerned and prioritized.
the operation of the Business mission and core values to unite the country. The Technical Division
carried out different solutions Maintaining prestige, fair and transparent behavior is the key to mobilizing
Development Department; people, gather the common and the R&D Board have applied
including focusing on recovering construction workforces when Coteccons implements large-scale projects
diversify products, services, new strength to act together to have technical innovation measures
and discontinuing ineffective with urgent progress. The Company’s payment ratios for the year all increased
customer segments and new new achievements in the future. to construction and equipment,
investments, investments with compared to 2019; in particular: the current ratio increased from 1.9 times in
business fields: Finance & Build, including improvement of
delays in implementation, setting up 2019 to 2.2 times in 2020 and the quick ratio also increased from 1.7 times in
renewable energy, infrastructure... 2 Apply a KPI system with construction materials, building
related provisions, or continuing to 2019 to 1.9 times in 2020. It can be seen that Coteccons is still a highly effective
to generate more revenue, profit specific, relevant and reliable methods, design of new products...
monitor and develop an appropriate company in controlling receivables compared to the benchmark.
and minimize the impact of the indicators for each division, to save construction time, improve
development investment strategy.
real estate market cycle. department, construction site and quality or reduce product costs.
each individual. The objectives
2 Set up the financial strategy, will be reviewed/evaluated 2 Research and aim to apply ERP
Liquidity ratios use borrowings effectively, periodically and objectively from system to figure out comprehensive
develop financial products to top to bottom and vice versa. The management technology solutions
2.5 2.2 optimize cash, invest in profitable completion of the action plans of for enterprises, ensure consistent
2.0 1.7
1.8
1,7 1.7
1.9 financial instruments with the each individual and department and transparent data, reduce the
1.5
1,4 1.9 main goal of improving ROE ratio. will be the key to create a premise workload of direct processing
1.7
1.5 1.6 1.5 1.6
Expand cooperation with financial to achieve the overall goals of the tasks, enhance transparency,
1.0 1.1
institutions, other business units to Company. minimize adjustment and data
0.5
expand network relationships and loss.
0.0
2014 2015 2017 2018 2019 2020
potential investment opportunities. 3 Ensure that each person in the
2016
Company has a clear and relevant
Current ratio Quick ratio
3 Implement PR and Marketing development roadmap. Build a
strategies to improve the image system of suitable benefits and
and reputation of the Company remuneration for each employee
As of December 31st, 2020, the Company still did not incur any bank loans. However, comprehensively in both internal in the short and long-term.
in order to optimize the cash flow and create the best efficiency for both operations and external communication Accordingly, employees can work
aspects. with peace of mind and contribute
and investment, Coteccons is and will cooperate with a number of reputable financial to the overall development and
institutions in the coming time. success of the Company.
1. 2. 3. 4. 5.
4. 5. 6.
SUBSIDIARIES AND ASSOCIATES

FCC Infrastructure Investment JSC. Quang Trong Commercial JSC. Hiteccons Investment JSC.
(“FCC”) (“Quang Trong”) (“Hiteccons”)
Ownership ratio Charter Capital Ownership ratio Charter Capital Ownership ratio Charter Capital
42.36% 280 (VND billion) 36% 100 (VND billion) 31% 300 (VND billion)
As of December 31st, 2020, Coteccons has 2 direct subsidiaries, 1 indirect subsidiary and 3 associates.
Headquarter: Headquarter: Headquarter:
2nd Floor, CEO Tower, HH2-1 Lot, 427/9 Nguyen An Ninh Street, Hoa Lac Hi-Tech Park, Km 29,
Me Tri Ha Urban area, Pham Hung Ward 9, Vung Tau City, Ba Ria - Thang Long Boulevard, Thach
1. 2. 3. Street, Me Tri Ward, Nam Tu Liem Vung Tau Province, Vietnam Hoa Commune, Thach That Dis-
Covestcons Co., Ltd. Unicons Investment Construction Phu Nhuan 168 JSC. District, Hanoi, Vietnam trict, Hanoi
(“Covestcons”) Co., Ltd. (“Unicons”) (“Phu Nhuan 168”) Business line: Business line: Business line:
Civil and industrial project Real estate business and project Real estate business and
Ownership ratio Charter Capital Ownership ratio Charter Capital Ownership ratio Charter Capital
construction management services construction
100% 1,872 (VND billion) 100% 94.5 (VND billion) 69.98% 180 (VND billion)
Headquarter: Headquarter: Headquarter:

236/6 Dien Bien Phu Street, 236/6 Dien Bien Phu Street, 236/6 Dien Bien Phu Street,
Ward 17, Binh Thanh District, Ward 17, Binh Thanh District, Ward 17, Binh Thanh District,
HCMC, Vietnam HCMC, Vietnam HCMC, Vietnam
COVESTCONS COMPANY LIMITED
Business line: Business line: Business line:
Real estate consultancy and real Construction and equipment in- Real estate business, owned,
estate business stallation services used and leased land use right
business Ownership ratio Charter Capital
100% 1,872 (VND billion)
Financial income of 2020 Total assets of 2020

UNICONS INVESTMENT CONSTRUCTION COMPANY LIMITED (VND billion) (VND billion)
109 2,128 Covestcons was officially established on

March 31st, 2017 with the mission of providing
support to our clients by delivering tailored
Ownership ratio Charter Capital
Profit of 2020 Owners’ equity of 2020 investment and financing solutions, since it is
100% 94.5 (VND billion) (VND billion) (VND billion) a trusted partner of clients. Covestcons is also
80 1,993
seeking investment in construction-related
Revenue of 2020: sectors, such as real estate consultancy and
(VND billion) A leading industrial construction company who has real estate business.
5,541 delivered some of the largest industrial complexes in

Vietnam.
Profit of 2020
(VND billion)
FCC INFRASTRUCTURE INVESTMENT JOINT STOCK COMPANY
Unicons was established in 2006 as a joint stock company, with a current total
141
asset of VND3,331 billion. In 2016, after a continual increase of ownership ratio,
Coteccons officially acquired 100% of Unicons’ authorized capital.
FCC’s main business field is to build infrastructure, civil and industrial Ownership ratio Charter Capital
The company’s strength is their team of talented professionals who are works, road construction and public utility. 42.36% 280 (VND billion)
Total assets of 2020 innovative and dynamic in their approach to ensuring the successful delivery of
(VND billion)
industrial projects across Vietnam.
3,331
From 2014, the FCC started to implement an investment project to Currently, FCC is proactively looking for
Unicons has confirmed its position in the market by remaining in the top largest build the National Highway 1 section which avoids Phu Ly City and researching and developing other critical
private construction companies in Vietnam with an average annual growth reinforced road surface section Km215 + 775 7 Km235 + 885, Ha Nam infrastructure projects, contributing to
rate of over 20%. Unicons has continued to grow and now is regarded as province in the form of BOT contract worth more than USD86 million.
Owners’ equity of 2020 promoting economic development changing
the contractor of choice when it comes to industrial projects. They continue The project has been conducted ahead of schedule, put into operation
(VND billion) the country’s outlook as well as responding to
to deliver outstanding support to their local and international clients through
1,684
and started toll collection from November 2016. Although this is just the whole Group’s sustainable development
project management, innovation, value engineering and unbeatable access to
a medium scale project, the capacity in infrastructure construction of goals.
construction resources.
Coteccons, in particular and that of the FCC, in general, has initially
Unicons highly experienced in obtaining LEED and Green Building manages been built and confirmed. This project is a stable launch platform for
to deliver LEED-certified projects and Green standards valued customers. Coteccons to participate in more and more infrastructure projects in
the future.
1. 2. 3. 4. 5.
MANAGEMENT
CONSTRUCTION ENGINEERING CONSTRUCTION QUALITY MANAGEMENT

Built on years of experience in managing Vietnam’s largest construction projects, Coteccons has consistently maintained
Operation of Construction Engineering Department in 2020 quality control and ensured high quality of the construction. The Company has proactively coordinated with clients and
subcontractors to meet expectations of project’s quality upon completion. With optimal quality management methods,
Coteccons has brought not only completed products but premium properties.
Each construction or work project requires different

Shorten calculating time
Construction quality management activities in 2020
qualifications and techniques. To ensure the adherence of
the project’s design, technical expertise and experience
are the prerequisites in the contractor selection. Significant • Conduct research to improve method statement
constraints caused by the Covid-19 pandemic and the calculation.
intense competition of the industry entail the Construction OBJECT PLAN
Engineering Department to focus on strengthening the Optimize design, reduce equipment costs, shorten
apparatus, improve systems and internal management construction progress while ensuring quality • Renovate, improve the operating systems • Finalize the apparatus, organizational chart and operational
procedures, conduct research and drive R&D innovations
and streamline operational apparatus; regulations;
to improve competitiveness. • Supervise the construction of special components;
• Reduce costs, satisfy customers’ • Update the instructions for construction;
• Install tole formwork for the basement foundation;
requirements on construction progress • Coordinate efforts to train human resources;
• Conduct research on: and quality in the best way;
• Improve the supervision and acceptance of the mock-ups
»» Standardization of Gang-Form construction; • Increase labor productivity; and ensure the projects follow Cotecons quality standard;
»» Soil cement deep mixing (CDM) poles; • Ensure construction quality and work • Periodically evaluate suppliers;
»» Blueprint of supporting tunnels; safety;
• Coordinate with the Site Management Board to conduct
»» Design of automatic floor reinforcement; • Contribute to the Company’s overall research and apply innovations.
»» Analysis of rounded pits; development.
»» Ringlock lookup table to reduce the number of
diagonal braces;
ACTION
»» Incidences at tower crane foundation.
• Finalize the organizational chart and operational • Coordinate to implement and communicate 6
Standardize construction regulations of the Departments; technical topics within the Company;
• Develop and issue the regulations on construction • Evaluate 16 suppliers and update the list of
• Modify and supplement construction procedures on
quality control; qualified suppliers on the Coteccons system;
the Company’s Portal system;
• Develop and issue 4 new construction guidelines; • Exchange technology and technical insights with
• Develop and issue 10 construction guidelines for the
• Fully update and supplement measures and experienced suppliers and contractors;
Site Management Board;
procedures on the Portal to shorten time and easily
• Implement 6 technical themes. access to information; • Contribute opinions to the 2 draft Laws and
Decrees;
• Complete filming 5 Elearning movies, coordinate
Research construction techniques for renewable with the Coteccons Training Academy (CTA) • Participate in the National Construction Worker
energy projects to organize training sessions on watercolor Championship in 2020: Coteccons team achieved
painting, acotec and tiling for sub-contractors high results with 7 Golden Hand Prizes and 8
• Conduct research and field survey on wind power and construction teams and arrange 44 hours of Excellent Worker Prizes. These results once again
Install tole formwork for the basement foundation projects to prepare method statements. training for on-site workforce; confirmed the Company’s pretisge;
• Oversee construction quality of 7 mock-ups and • Continue R&D projects to improve efficiency and
23 construction projects; profitability.
2021 Plans
2021 Plans
• To design and well-control method
statements to ensure safety, reasonable
load-bearing capacity; Costs: Quality: Products:
• Prevent quality defects in important
• To keep operating costs below the • 100% of mock-ups are • To complete research
structure;
budget; directly supervised; and apply 3 innovative
• Support the Site Steering Board in • To keep defect costs below 0.5% of • 100% of projects’ quality is topics.
warning quality issues when developers the contract value; examined periodically;
use inappropriate solutions. • To conduct research and drive • No complaint about the mock-
innovation to save costs of more than
• To conduct research and apply technology up quality from investors.
VND3 billion.
in method statement calculations.
Conduct acceptance test of special components

1. 2. 3. 4. 5.
WARRANTY MANAGEMENT
Coteccons is proud to be one of a few contractors having a professional Warranty
Management Department, performing properly warranty service and project maintenance
post-handover. Adhering to the “Customer-centric” principle, the Company always
strives to bring clients the highest satisfaction, increase Coteccons brand reputation
and build customer loyalty.
Achievements in 2020
Projects were under warranty In 100% of the projects, Coteccons In 14 projects, Coteccons
has coordinated with the Building assisted the Building
42
Management Boards to instruct Management Boards in warranty
residents how to use the equipment and maintenance to ensure
in details: to ensure longevity and efficiency project quality during operation
In the North: 23 projects in
total, including 23 Construction 13 projects received defect Decreased 23% of total defects
items and 12 M&E items warnings. In these cases, Coteccons were reduced compared to 2019
developed precautionary measures
In the South: 17 projects in to manage potential risks after The average cost for a project was
total, including 17 Construction handover reduced to below < 0.3% of the
items and 13 M&E items contract value lower than that of 2019
In the Central region: 2 projects 03 innovative themes have been
in total, including 2 Construction implemented, saving more than 01 E-learning movie: Instruct to
items and 2 M&E items VND937 million and reducing handle permeation defects during
execution time the warranty period
Main functions and duties of Warranty Management Department Develop and complete of a set of maintenance manuals for the Building Management Boards and the investors
2021 Plans
Warranty claim Advice on
management Defect warning warranty In pursuit of quality assurance and efficiency, the Warranty Management Department sets up the following objectives:
under contract measures
Properly oversee 100% projects and give warnings on building defects such as: cracking, permeation,
blockage, leakage, etc.;
Check and control warranty Give early warnings about Develop and complete a set
claims; systematic defects that affect of maintenance manuals for Manage and locate warranty information at 52 projects;
the warranty process; Construction and M&E items;
Monitor and report the
conditions, progress and Warn defects affecting the Advise on measures aimed to
quality of project warranty; warranty process that are likely optimize resources and costs. Keep warranty costs below 0.3% of the contract value;
to occur during the project’s
Oversee warranty procedure operation and maintenance;
compliance; Provide 3 months of warranty closing period after the end of the warranty period as specified in
Issue a set of defects summary the contract;
Report to the BOM on poor- to minimize the occurence in
quality projects that may affect subsequent projects.
the Company’s reputation. Provide technical support and instructions for building maintenance to the Building Management
Boards and the developers.
1. 2. 3. 4. 5.
Resolve collisions and ensure proper arrangement of systems
M&E SYSTEM Coordinate construction Strengthen the coordination in construction in order to ensure consistency and
and the BIM model improve product quality in projects that Coteccons acts as the general contractor.
Typical projects include Landmark 81, Nam Hoi An Casino, D’capitale, Viettel
Head Office, etc.
Conduct Testing and Monitor the stable operation of the system

Commissioning (T&C) Gain experience
and provide after-sales
service Increase customer satisfaction
Meet with suppliers Discuss technology solutions, understand the current trends for practice
and design service application
providers to propose Apply innovative measures to shorten construction progress and save costs
The M&E Division is in charge of Technical Design Consulting and M&E Construction - improvement measures
an indispensable part of the project implementation.
The three components of the construction project:

Achievements in 2020
Among the three components of the construction project
(including the structure, finishing and M&E), the M&E accounts Value of construction contract M&E
Despite market challenges, the M&E Division made tireless efforts to perform
(VND BILLION)
for 35% to 50% of the budget, which is therefore considered
2,084
1. 2. 3. construction contract amounting to VND2,084 billion (83% as planned),
to be the lifeblood of the operation and durability of the helping to increase the Company’s overall consolidated revenue. 83% AS
STRUCTURE FINISHING M&E project. With this in mind, the M&E Division has continuously PLANNED
improved its management, as well as updated and completed
its construction and quality control processes. This aims to
introduce the highest quality products at a competitive price.
Operation of the M&E Division in 2020 2021 Plans

Total value of M&E bidding Total revenue from M&E
Facing market volatility and Company’s common In 2020, with the successful completion of the assigned (VND BILLION) (VND BILLION)
5,000 3,102
difficulties, the M&E Division has made numerous projects, the M&E Division again confirmed its brand value In order to achieve these goals, the
adjustments to the management upgrade. This and its compliance with Safety - Quality - Timeliness. M&E Division has set out specific AN INCREASE AN INCREASE
provides solutions throughout the implementation of In particular: OF 67% OF 49%
operation plans for 2021: COMPARED TO 2020
the projects, helping the Company, as well as its clients COMPARED TO 2020
and partners, to optimize techniques and costs.
Task Operation plan
Advise on design solutions Optimize the system to save investment costs; Improvement of project • To deliver quality projects with the highest level of safety;
and equipment Early ensure stable operation of the system from the bidding stage. quality control • To calculate, inspect, install and operate the systems stably to prevent
unexpected incidents, ensure human safety and offer trust and peace of mind
to customers.
Supervise construction quality to minimize risks, incidents and faults during the
Control the project quality from Expansion to potential areas • To expand to the renewable energy field, including solar and wind power, as
M&E construction;
the beginning to end a general contractor;
Save construction costs by precisely execute from the beginning.
• To make use of the advantages in factory construction, expand cooperation in
industrial zone investment.
Complete the management Control product quality, from the sources and from the first steps of the project; Completion of the M&E operation • To establish a model with full functions of a small M&E company: Tendering,
system and standardize Ensure the system fulfills the acceptance tests by authorities before handover model Cost-Contract Management (CCM), Technology, BIM/Shop, Quality Control,
the construction process and operation; T&C, After-sales service, Site Steering Board, etc. to ensure the best
and standards, the material coordination, consistency and quality of products.
Shorten construction time and save costs;
arrangement and management,
as well as the centralized Enhance reputation and professionalism. Reasonable appointment of • To optimize human capital and save costs;
processing employees and succession planning • To provide training to important positions including Head of Tendering
Department, M&E Chief /Deputy Chief, M&E Investment Manager, M&E
Investment Specialist.
1. 2. 3. 4. 5.
B OA R D OF M A N AGEMEN T ’ S R EPO RT
4
DESIGN AND
BUILDING INFORMATION MODELING
Technology plays an important role in innovation in the modern economy, helping
enterprises to increase competitiveness. In the field of construction, a number of new
technologies have been developed and applied to design, construction and management SUSTAINABLE
Development Report
processes. One of the highlights of this is BIM. Coteccons led the pack in adopting BIM
in construction. As a result, the building information is digitized into a 3D model and
benefits project participants: investors, designers, contractors and operators.
98 Sustainable development commitment
99 Stakeholders engagement
105 Economic growth promotion
BIM application in the projects 108 Environmental protection efforts
111 Enhancing social responsibility
119 Contact information for stakeholders
Coordinate with Structural - Technical

and M&E Departments to reduce
design faults and clarify Requests Simulate 3D for intricate details.
For Information (RFI) in projects.
Control structural - estimated volume Apply new technologies such as VR

right from the stage of building model (Virtual Reality) and AR (Augemented
for design. Reality) in complicated projects.
Believe
2021 Plans
In line with 2020 global trends and the Vietnam BIM Steering Committee’s vision, BIM Board of Coteccons shall drive
focus to BIM application in order to improve data management and promote the application of AR/VR technologies,
Models on Cloud and Digital Twins technology.
Specifically:
• To embrace data sharing in clouds to improve communication among project participants and shorten the gap
between construction sites and offices.
• To develop internal solutions to manage data from the model in accordance with the centralized digital data
management.
• To apply Quality Check model and information quality are the prerequisites for successful BIM application.
• To concentrate on 4D progress management solutions for gradual application of BIM and LEAN into construction
management.
• To handover Digital Twins to the investors and operators.
• To collaborate with institutes and universities to fund BIM innovation in project management.

S US TAI NAB LE D EVEL O PMEN T R EPO RT GO BEYOND | COTECCONS
SUSTAINABLE DEVELOPMENT COMMITMENT STAKEHOLDERS ENGAGEMENT

Facing the double crisis posed by external threats and internal challenges in 2020, as Every decision taken by the stakeholders has certain implications on Scope of the Report
the Company’s long-term performance. As a result, trust building and
a leader in the construction sector, Coteccons weathered the storm and conducted a stakeholders engagement always play a critical role in the Company’s The report is compiled in Vietnam and included
radical restructuring. We have upheld our business principles and implemented projects development strategies, particularly in this restructuring period. in the category of construction industry.
The report covers business activities
The BOD and the BOM are taking proactive approaches to engage
of the highest quality. Safety - Quality - Timeliness is our approach. stakeholders and to find effective solutions addressing their concerns
conducted by Coteccons Construction JSC.
and its subsidiaries.
about CG, economic efficiency, environmental protection and social
responsibility. Reporting period: January 1st, 2020 to
The sustainable development strategy of December 31st, 2020.
Coteccons is characterized by a balance
of growth among economic, society and The financial data stated in this report are
excerpted from the 2020 Consolidated
environment for long-term prosperity. Over the
Financial Statements audited by E&Y Limited
years, the Company has managed to deliver Company. The report is available online at the
projects at LEED Gold standard, employ state- website www.coteccons.vn.
of-the-art technology and use environmentally
friendly building materials such as Acotec wall Contact Information
panels, aggregate concrete blocks, lightweight
blocks (AAC), etc. With “Go beyond” desire, the Any inquiry concerning Sustainable
BOD outlined the next step: In a fast-changing Development, please do not hesitate to
business environment, we are obliged to work contact us:
closely to promote professionalism, innovation
COTECCONS PUBLIC RELATION
and efficiency. This aims to maintain the No.1 DEPARTMENT
position of Coteccons, to keep Coteccons’
brand name at the national and regional Email: [email protected]
levels and to ensure the best interests of Tel: (84-28) 3514 22 55
shareholders, employees, clients, society and (84-28) 3514 22 66
the government.
Address: 236/6 Dien Bien Phu Street,
Ward 17, Binh Thanh District, HCMC.
To achieve these objectives, the Company’s strategy for the next 5-10 years covers the following:
MEDIA EMPLOYEES
COMMUNITY DEVELOPERS
Harmony in
HUMAN RESOURCES CLIENTS AND PARTNERS ENVIRONMENT- SOCIETY needs and interests
• Put human at the core of • Promote a customer-centric • Expand business to potential Stakeholder
Coteccons’ transformation and culture, fulfill commitments to sectors, strengthen Coteccons’
development. clients and deliver the highest foothold as a sustainable engagement
• Establish compensation scheme level of quality. company, create more jobs and GOVERNMENT END USERS
and transparent career path. contribute to social development.
• Ensure individual career • Develop strategies for EPC -
development and well-being the Company’s new field - with
along with growing prosperity of a focus on renewable energy
Coteccons. industry and participate in
resolving climate change-related SHAREHOLDERS - PARTNERS
issues. INVESTORS (SUPPLIERS,
SUB-CONTRACTORS,
CONSTRUCTION TEAMS)
Coteccons is driving a transformation journey, drawing on its years of experience and rich heritage. Following suit, all its
members are committed to achieving these ambitious goals with their hearts and minds.
1. 2. 3. 4. 5.
STAKEHOLDERS ENGAGEMENT (CONTINUED)
Harmony in needs and interests - Stakeholder engagement
Coteccons’ achievements in
Stakeholder Mode of communication Concern
fulfilling stakeholders’ expectations
• Job stability, professional working • Vietnam’s best working environment in the construction industry
environment, equal treatment,
• Annual surveys on the working environment, salary, welfare and • Developing competitive salary, welfare and remuneration package
occupational health and safety
remuneration policy that are at or above market
• Adequate salary, welfare and remuneration
• Annual employee conferences • Considering rewarding and fair HR policy and career path
policy, appropriate working conditions
EMPLOYEES • Review conferences • 14,698 training hours in 2020
• Recognition of achievements/ contributions
• Training programs • Organizing sports events and health promotion activities for
• Career promotion roadmap and
employees
• Internal communication succession planning
• Disclosing information on the repurchase of shares as a source for
• Direct meetings, grievance mechanism and mutual consultation • Training programs for knowledge
ESOP issuance
broadening and skill improving
• Developing a succession plan
• Quality
• Via meetings, phone calls and emails
• Brand name and prestige
• Seminars and conferences regarding construction technical
• Progress of construction projects
consultancy • 100% projects are supervised
DEVELOPERS • Occupational health and safety
• Workshops on safety at construction site • Certificate of Construction Activity Capability
• Construction cost
• Website, social media, forum, etc. • Management system built and operated under latest international
• Construction techniques standards such as ISO 9001:2015, ISO 14001:2015 and ISO
• Market research
• On-site workforce 45001:2018
• Impressive capacity in construction equipment
• Equipment imported from Europe and neighboring developed
countries
• Via meetings, phone calls and emails after handover • Project quality for end users • Fulfilling commitments to clients and deliver the highest level of
• Website, social media, forum, etc. • Practical safety and effectiveness project quality
END USERS
• Market research
• Selection and evaluation of subcontractors,

suppliers and construction teams
• Support and development policy for • New signed contracts in 2020: VND11,000 billion
on-site workforce who accompany with • Working with more than 3,500 subcontractors, suppliers and
• Via meetings and discussions
PARTNERS Coteccons technical teams
(SUPPLIERS, • Annual conferences and seminars for subcontractors, suppliers
• Payment process for subcontractors, • Making timely payments to subcontractors, suppliers and technical
SUB-CONTRACTORS, and construction teams
suppliers and construction teams teams
CONSTRUCTION
• External communication via website, email, phone, etc.
TEAMS) • Job stability for partners • Meeting partners to find ways to improve work quality
• Transparency and equity
• Cooperation for mutual development
1. 2. 3. 4. 5.
Harmony in needs and interests - Stakeholder engagement
Coteccons’ achievements in
Stakeholder Mode of communication Concern fulfilling stakeholders’ expectations
• Corporate governance
• Governance and management capability of • Complying with regulations on information disclosure
the Board • Improving CG by adopting international best practices such as
• AGM, collecting shareholders’ written opinions
• Mid-term and long-term development OECD, ASEAN Scorecard, IFC and the Vietnam CG Code of Best
• Meetings and discussion strategies Practices for Public Companies
SHAREHOLDERS - • Domestic and international roadshows to expand investor and • Stable and improved business performance • Proactively seeking for opportunities to collaborate with strategic
INVESTORS professional analyst network, etc. shareholders and investors
• Information disclosure and transparency
• IR channel: email, phone, website, social media, forum, etc. • Flexibly adjusting business strategies to maximize profits and
• Equal treatment of shareholders and ensure shareholders’ interests
protection of investor’s rights
• 2019 cash dividend payout ratio of 30%
• Company’s prospects
• Company’s intrinsic value and share market
price
• Complying with applicable laws and regulations during operation

• Updating, adopting new policies and regulations
• Law-abiding • Ensuring safety on all construction sites
• Working with local authorities in fire protection, environmental
protection and construction safety • Business responsibility • Minimizing negative impacts on the environment
GOVERNMENT
• Participating in seminars and conferences held by the Government • Government budget contribution • Fulfilling tax obligations
authorities • Advocating policies and activities initiated • Member of Vietnam Association of Construction Contractors, BIM
• Participating in the legal documents drafting by the Government Board, etc.
• Effectively interacting with Government authorities
• Business responsibility and local economic • Over 400 nation-wide projects

development
• Creating jobs for 1,650 people
• Working with local authorities in community activities • Job creation and income improvement for
• Establishing “One Heart” fund
• Promote bilateral communication via events local household.
COMMUNITY • Donating VND6.4 billion to charity
• Charity activities at local communities • Job opportunities for undergraduates and
young talents • Building and renovating 20 houses in Quang Tri
• Cooperation programs with universities
• Local infrastructure development • Collaborating with universities including HCMC University of
Technology, University of Architecture HCMC, National University
• Practices to minimize negative impacts of
of Civil Engineering
construction on communities
• No violations against the environment or social regulations
• Press releases • Disclosing transparent information on timely basis to the public

• Accurate and transparent information that
MEDIA • Website and social media fairly represents the Company’s operation • Promptly tackling information crises and correcting disinformation
and development strategies. about the Company
• Seminars, conferences, forums on economy and construction
1. 2. 3. 4. 5.
ASSESSMENT OF MATERIAL TOPICS ECONOMIC GROWTH PROMOTION

At Coteccons, sustainable economic development goals entail not only business performance, but also shared prosperity
Based on the results of the for everyone and long-term efficiency for all related parties. Sustainable economic growth is the fundamental foundation
DETERMINE assessment of two-dimensional to expand the Company’s footprint in almost every field. In order to achieve this goal, it requires practical contributions to
IDENTIFY REVIEW
THE VERIFY AND key concerns between Coteccons the State budget and society; equal treatment for both shareholders and investors and protection of their rights; support
MATERIAL AND
PRIORITY OF APPROVE and its stakeholders, the Board has to staff’s livelihoods; provision of local employment opportunities and delivery of safe products to consumers.
TOPICS ASSESS
TOPICS identified a matrix of 13 key issues
on 3 areas including Economy,
Environment and Society.
ECONOMIC EFFICIENCY
5
GRI 301
4,5 GRI 404 GRI 413
GRI 302 GRI 405 GRI 205 GRI 201-1 Direct economic value generated and distributed
4 GRI 401 GRI 403
3,5 GRI 204 GRI 306

Business performance 2014 - 2020
Impact on Stakeholders
3
Unit: VND billion
%
R: 11
GRI 303 GRI 202 GRI 201
%
CAG R: 12
CAG
2,5
30,000
2
25,000
%
R: 19
1,5
20,000 CAG
1
14,558 14,370 14,157
%
R: 21
15,000
0,5
CAG
0 10,000
8,398
7,634 7,309
0 0,5 1 1,5 2 2,5 3 3,5 4 4,5 5
4,863
5,000
Impact on Coteccons 2,709
Net revenues Total expenses Total assets Owner’s equity
2014 2015 2016 2017 2018 2019 2020
Between 2019-2020, Coteccons took Although the numbers were down increasing gross profit margin in
a heavy hit on business activities yoy, this is a fair and reasonable 2020 to 5.9% compared to 4.4%
due to unfavorable movement in demonstration of the Company’s in 2019. Administrative expenses
the real estate market. The year effort considering the heavy impact recorded VND656 billion, increasing
2020 marked a turning point as of Covid-19 on the construction by 43% compared to 2019, mainly
the Company implemented a industry. In general, from 2014-2020, because the Company made
comprehensive restructuring in the Company recorded a 11% CAGR provision for short-term doubtful
terms of CG, operation and HR to in revenue. The Company’s business debts. This practice aimed to
achieve long-term and sustainable scale is still growing. At the end of enhance transparency of financial
ECONOMY ENVIRONMENT SOCIETY
business performance. There were 2020, the total assets and owner’s data and control over debt collection.
new projects commenced this year equity reached VND14,157 billion The Legal Department, Finance &
GRI 201 GRI 301 GRI 401
(such as Vinfast Auto Furniture and VND8,398 billion respectively, Accounting Department and debt
Economic Performance Materials Employment
Factory, Sun Grand City, Park Hyatt equal to 20% and 21% CAGR collection team of the Company
GRI 202 GRI 302 GRI 403 Phu Quoc, the Origami Vinhomes respectively for 2014 - 2020 period. are working closely together to
Market Presence Energy Occupational Health and Safety Grand Park, PiCity High Park tower supervise and address these
GRI 204 GRI 303 GRI 404 C4-C5) and also projects handed over Restructuring requires massive overdue receivables.
Procurement Practices Water Training and Education (such as Diamond Lotus Riverside, spending. Total operating expenses
GRI 306 GRI 405 One Verandah, Capital Palace). At the in 2020 were VND14,370 billion, with
GRI 205
Effluents and Waste Diversity and Equal Opportunity end of the year, Coteccons reported cost of goods sold accounting for
Anti-Corruption
VND14,558 billion of revenue and the most significant portion of 95%
GRI 413
VND335 billion of PAT, amounting and 5% for administrative expenses,
Local Communities
to 91% and 56% of the target other costs were negligible. Effective
respectively. cost management contributed to
1. 2. 3. 4. 5.
ECONOMIC GROWTH PROMOTION (CONTINUED)
With full compliance with tax regulations since establishment, Coteccons has managed to fulfill its responsibility to the State PROCUREMENT PRACTICES - ANTI-CORRUPTION
and localities where it operates. The total tax and other payables to the State budget in 2020 was VND485 billion; in which
the largest proportion is VAT (40.5%), followed by CIT (34%), Personal Income Tax (25.1%) and Import Tax (0.4%). Besides,
the Company also ensures shareholder’s rights through regular dividend payment. Cash dividend payout rate in 2020 was GRI 204-1 Proportion of spending on local suppliers
30%, or nearly VND229 billion.
GRI 205-1 Operations assessed for risks related to corruption
Tax structure in 2020 Cash dividend in 2014 - 2020 Suppliers remain an important link in the supply chain and
business activities, ensuring projects stay on schedule Share of transactions with suppliers by location
Unit: VND billion and contributing greatly to the success of the Company.
383 391 Therefore, the policies are always built on “strategic
0.4% 0.4%
partnerships” to ensure stable supplies, high quality 100 0.2%
products and competitive prices. The Company also 80

257
229 229
diversifies suppliers and develops supply contingency
25.1% 211 60
34.0% Corporate Income Tax plans to avoid relying on an exclusive supplier. The
99.6% 99.8%
Value-added Tax processes of supplier selection, procurement and 40
Personal Income Tax bidding are also well-structured in order to promote 20
84
Import Tax centralized management, supply chain control, materials
0
40.5% coordination and procurement cost optimization. In 2020, 2019 2020
the total payment made to the suppliers was VND11,475
2014 2015 2016 2017 2018 2019 2020 billion, with 99.8% from local suppliers and 0.2% from
international suppliers. Foreign Suppliers
Domestic Suppliers
Source: 2020 Audited Financial Statements
Source: Coteccons
MARKET PRESENCE
Commitments to the suppliers:
GRI 202-1 Ratios of standard entry level wage by gender compared to local minimum salary Equal treatment, win-win cooperation, prevention
against actual or potential conflicts of interest
with suppliers;
After more than 17 years in construction, The ratio of income of Coteccons’ staff to Compliance with regulations on contract
Coteccons’ projects can be found in most regional minimum wage bidding, negotiation and signing;
Minimum
major provinces/cities, in both domestic Region
wage Unskilled
and overseas market. The Company aims Refuse to accept gifts or commissions from
Employee Specialist
to provide job employment and upskilling labor suppliers;
programs to local workers, contributes
Region I 4,420,000 177% 415% 724% Refuse to disclose confidential information of a
to the nation’s socio-eco development.
With better-than-average remuneration, Region II 3,920,000 213% 480% 829% supplier to its competitors.
Company offers its employees an entry
level wage which is higher than that Region III 3,430,000 257% 563% 961%
found regionally. The ratio of employees’ Region IV 3,070,000 299% 641% 1,086% Besides, the Company also pays attention to anti-
income to the regional minimum salary corruption and anti-bribery. Its Labor regulations strictly
varies depending on positions and prohibit embezzlement, fraud, abuse of position for
Source: Coteccons
locations, however it remains higher than personal gain and any action that hurts the Company’s
177%. Average income per employee In addition, Coteccons actively sponsors universities in terms of education reputation and benefits. In order to uphold compliance,
in 2020 was VND23.8 million/month, and training, demonstrating its strong commitment to providing highly- the IA Board should monitor, receive reports of violation
increase by 10% yoy. This helps increase skilled human resources. In 2020, the Company was affiliated with HCMC and inspect acclaimed violations, propose measures to
motivation in the workplace, enhance University of Technology, University of Architecture HCMC, University prevent risks of corruption. In terms of management, the
employee’s loyalty, promote productivity, of Civil Engineering, etc. Coteccons focuses its sponsorship to training Company also sets up a system to manage, monitor and
increase business efficiency, make programs, industry seminars and scholarships for internships. This also disclose information about family of key management
Coteccons stand out as a best place to helps Coteccons grow the talent pool of future engineers. personnel and employees. This aims to control related
work and enhance its market presence. party transactions, prevent fraud and conflicts of interest,
act as a basis for transparency of economic activities.
1. 2. 3. 4. 5.
ENVIRONMENTAL
ENERGY
PROTECTION EFFORTS
Environmental pollution is one of the most GRI 302-1 Energy consumption within the organization
urgent problems to be addressed. Rapid
GRI 302-4 Reduction of energy consumption
urbanization has resulted in a myriad
of urban management issues, affecting GRI 302-5 Reduction in energy requirements of products and services
quality of life and sustainable development
objectives. As part of corporate social Given the nature of the construction industry, energy is mainly consumed
responsibility, Coteccons adopts during the usage of construction equipment, transportation and system
operation. At Coteccons, business activities involve numerous subcontractors.
ISO 14001:2015 to identify and address However, within the scope of the energy section, only data on Office operations
environmental issues in a comprehensive is disclosed in this report.
manner, proactive management to ensure

compliance with legal requirements.
Construction sites:
Hazardous waste is properly managed,
risk factors and losses caused by In order to optimize energy consumption, the Company
developed detailed plans, ensured harmonized implementation
environmental incidents are effectively among functions and controlled operating time of heavy
prevented. machinery (such as tower cranes, hoists, etc.). The Company
also imported modern machinery and equipment from Europe
and Asian technologically-advanced countries, applied new
technology to save energy and minimize material losses
MATERIALS Warehouse system:
The Company located 3 warehouses with a total area of

GRI 301-1 Used materials by weight or volume 41,600 m2 in 3 regions to optimize logistic operations, save
transportation time and reduce energy consumption (gasoline, oil)
GRI 301-2 Recycled materials
Offices:
By the fact that conventional building materials are alternative materials for baked clay bricks such as Acotec At 2 offices in Ho Chi Minh City and Hanoi, the Company
resource-intensive, emit harmful substances and require wall panels, aggregate concrete blocks, AAC lightweight uses LED lights in place of fluorescent lamps, installs inverter
complex recycling processes, high-tech solutions and blocks, etc. Coteccons has also been coordinating with air conditioners, increases exposure to natural light, applies
smart materials are key alternatives. The adoption of these concrete suppliers to increase the proportion of fly ash scheduled switching and encourages employees to turn off
electrical equipment not in use. Electricity consumption in Energy consumption
energy-saving and environmentally friendly strategies (recycled materials) and to use concrete and mass
2020 of the offices decrease by 13%, recorded at 1.76mn kWh at the Office
is one of the trends in sustainability that attracts global concrete in most of its projects.
attention and advocacy. Unit: Million kWh
Materials used Project implementation:
Consumption
At Coteccons, the Technical Division and the Site 2.5 reduction: 13%
Steering Board have thoroughly inspected all materials 2019 2020 5,500 The Company worked with developers to build projects at the 2.01
2.0
used in the project, starting with the suppliers’ selection LEED Gold standard including: Diamond Lotus, Friendship, 1.76
process, to ensure that all project requirements are met. Hoi An South Integrated Resort, etc. LEED is a green building 1.5
Coteccons has developed a set of criteria for evaluating rating system developed by the United States Green Building
1.0
subcontractors and suppliers in order to find the highest Council. LEED encourages construction practices that save
quality suppliers and to deliver the best finished products 1,100 energy and protect the living environment. Currently, there are 0.5
800
to developers and clients. 410 only 165 projected located in Vietnam met LEED standard
114 55
2019 2020
In order to minimize environmental impacts, the Company Steel
(Thousand tons)
Concrete
(Thousand m3)
Adobe bricks
(Thousand blocks)
has expanded its use of unburnt construction materials and
Source: Coteccons
Source: Coteccons
1. 2. 3. 4. 5.
ENVIRONMENTAL PROTECTION EFFORTS (CONTINUED)
ENHANCING SOCIAL
WATER, EFFLUENTS AND WASTE RESPONSIBILITY
GRI 301-1 Interactions with water as a shared resource Water consumption The Covid-19 pandemic has Service was the worst-hit industry with 71.6% of workers affected by the pandemic,
at the Office disturbed the labor market worldwide. followed by construction sector with 64.7%. The proportion of affected workers in
As of December 2020, Vietnam the agriculture, forestry and fishery sector was 26.4%.
GRI 306-1 Water discharge by quality and destination had 32.1 million people aged 15
Unit: m3
and over negatively impacted by At Coteccons, in addition to the general crisis from the pandemic and economic
GRI 306-2 Waste by type and disposal method 12,000 Consumption
reduction: 27% the pandemic. In which those with recession, major management-operation reforms also have a strong impact
10,244
income decrease account for 69.2%, on the Company’s HR management. Considering people at Coteccons are
9,000
7,474 those with staggered working hours/ a core component in the development roadmap, adjustments were made to
During construction, Coteccons focused on saving domestic water, controlling layoffs and rotating leave at 39.9% remuneration policies towards a higher level of transparency and fairness in
6,000
water supply points and using natural water sources such as rainwater. and those having to quit working or order to keep employees motivated and attract talents.
In line with our concerns about water consumption at construction sites, stop their economic activity at 14%.
3,000
water-saving solutions met LEED Gold standard have been adopted. Staff in
HCMC and Hanoi offices were encouraged to apply water-saving practices
and as a result, the Office’s water consumption in 2020 was recorded at only 2019 2020 EMPLOYMENT
7,474 m3, decrease by 27% compared to that of 2019.
Source: Coteccons
GRI 401-1 New hired employee and turnover rate
GRI 401-2 Benefits provided to full-time employees
GRI 401-3 Maternity leave
As of December 31st, 2020, the total number of employees at Coteccons was

1,659 people, a decrease of 27% from the start of the year - a common practice
in the construction industry for the following reasons:
Economic crisis and decrease in labor demand due to Covid-19;
Disrupted licensing and approval process for real estate projects, resulting
in reduced labor demand;
Competition between construction companies;

At Coteccons, effluents and waste from construction
activities were strictly monitored: Waste classification in 2020
Demand for high quality HR, leading to reduced number of employees after
performance evaluations;
749,972
Domestic wastewater, generated from the
construction of concrete pile foundations Startup trends in the younger generation.
and equipment maintenance, was
treated in compliance with environmental
regulations before discharging into the
HR structure by gender HR structure by education
urban drainage system.
1.4%
Construction waste, particularly
hazardous waste, was collected, 104,000 9.4%
84,233
sorted and disposed safely by qualified 14.6%
organizations. The practices followed Post-graduate degree

Domestic waste Construction waste Hazardous waste Male 9.4%
environmental standards and helped (Kg) (m3) (Kg) University degree
minimize environmental impacts. Female
College degree
Others
Source: Coteccons
74.6%
90.6%
In 2020, the Company was not imposed any environmental penalty by competent authority.
Source: Coteccons
1. 2. 3. 4. 5.
ENHANCING SOCIAL RESPONSIBILITY (CONTINUED)
Compared
HR structure by seniority HR structure by position Policy Practice to the
market
• Maintained remuneration policies in the context of the prolonged Covid-19
0.3% 0.4%
pandemic
19.1% • Salary and bonus are calculated based on employees’ performance and
18.4% assigned positions. The Company has built a performance evaluation system
Leader
0 - 3 years Salary and using KPIs and updated the Regulation on grades, titles and welfare Better
45.8% > 3-5 years Senior management bonus
> 5-years Management • Maintained bonus on holidays, Lunar new year; exceptional bonuses, rewards
57.2%
Specialist for groups or individuals who had initiatives in production and business activities
35.1% 23.7%
Employee
• From October 1st, 2020, the HR Department developed C&B function, taking
charge of remuneration calculation for the Accounting Department
• The employee has 12 days of leave/year, the leave is accumulated in 3 years;

and the employee will get 1 more day of leave after every 5 years
Source: Coteccons Leave • Encouraged employees to take leave during job reduction time and provided Better
travel policy for employees to recharge their energy and spend time with their
families and for the Company to reduce cost of paid leave
Due to the nature of the construction industry, there is a In order to optimize employees’ performance and cost,
predominance of male employees at Coteccons. However, the Company conducted an evaluation on the quality • Adjusted criteria for vacation leave
it was encouraging to witness that the proportion of female and workload of the employees. This aimed to screen Vacation leave • Added travel expenses in the December salary due to travel restrictions in the Better
employees increase to 9.4% in 2020, up from 7.3% in underperformed employees and ensure a reasonable Covid-19
2019. The proportion of staff with university or higher recruitment policy. In 2020, Coteccons recruited
degrees remained at a high level of 76%, confirming the 158 new hires, equal to 9.5% of the total number of • Supported employees’ children education from 2016
quality of the Company’s HR. With 80.9% employees employees, mainly focusing on accounting, human Educational
• Depending on annual business results, education sponsorship expenses are Better
having +3 years of working here, Coteccons takes pride in resources, system, etc., from management level to sponsorship
appropriately deducted from the welfare fund to finance this activity
its high level of employee engagement and effectiveness executives.
of HR policy. • In addition to the compulsory health insurance, all employees and their relatives
(based on the hierarchy policy) are also entitled to a comprehensive health
insurance package from a reputable insurance company
Number of new hires and resigned employees Number of new hires and resigned employees by gender Health insurance • The Company continues to cooperate with major hospitals such as Vietnam -
France, University of Medicine, Thu Cuc and Vinmec Hospital ... for periodic Better
for staff
Unit: Person Unit: Person health check-up to provide employees with more useful health-care information
2,720 710
2,540 669 • Register to buy Covid-19 vaccine for 8,000 employees of Coteccons and Unicons
2,043
2,272
559 together employee’s relative
1,659 420
• Maintained a policy to support employees and their relatives who are seriously ill
307 and underprivileged, including visits and gifts on their birthdays or other special
771
217
195 occasions
704 590
436 140 126 121
243 207
328 • Held sports and festivals on public holidays and anniversaries such as:
148 142 158 26 12 35 8 21 31 17 61
37
Union and International Women’s Day 8/3, Vietnamese Women’s Day 20/10, New Year,
16
collective Lunar New Year ... to promote networking and engagement among employees Better
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 activities
• Held sports activities (soccer, zumba, yoga) to strengthen employees’ health
Number of new hires Number of resigned employees Number of new hires - Male Number of new hires - Female
• Established “One Heart Fund” to share love to special underprivileged cases.
Total Number of resigned employees - Male Number of resigned employees - Female
This is a place for each employee to voluntarily help unfortunate colleagues in
the Company
Source: Coteccons • Built a training center with modern facilities and effective study programs to
improve staff’s ability and lay the foundation for the next management generation
Coteccons is always concerned with both the physical and mental well-being of its employees. Despite significant of Coteccons
Training and
changes in senior management and the construction industry’s challenges, remuneration policies were well maintained • Promoted employees who meet the requirements in terms of competencies and Better
Development
and implemented. skills (focusing on internal resources, accounting for over 95%)
• Planed a successive team
1. 2. 3. 4. 5.
Besides annual health check-up,

female employees at Coteccons
having for children under 12 months
of age can take one hour off per
In 2020, 33 employees were on
maternity leave. During Covid-19,
OCCUPATIONAL HEALTH AND SAFETY
are fully enjoyed maternity regimes day while still receiving full salary. female employees who are in
in accordance with the Labor Law. If female employees responsible maternity period are allowed to
Female employees are entitled to for strenuous work get pregnant work from home. As of December GRI 403-1 Workers representation in formal joint management - worker health and safety committees
take health-check leave five times or have children under 12 months 31st, 2020, there were 10 employees
per pregnancy, one or two day off of age to care for, they will be taking maternity leave and 13 Types of injury and rates of injury, occupational diseases, lost days and absenteeism and number
for each time, if they have irregular transferred to other positions with returning to work and/or being GRI 403-2
of work-related fatalities
medical conditions or live far away less workload and not required to retained for 12 months after the end
from medical facilities. Female work overtime. The Company will of pregnancy, amounts of 57%. Health and safety topics covered in formal agreements with trade unions
GRI 403-3
employees would be on maternity not dismiss female employees or
leave 6 months before and after unilaterally terminate their labor With favorable compensation
children birth. Male employees contracts for the reason of their policy and devoted care of the Coteccons is always proud to be
will be entitled to parental leave in marriages, pregnancy, maternity BOD in terms of improving HR one of the leading companies in
accordance with the law when their leave, or care for children under policy, employees can be assured changing social perception and raising
wives give birth. 12 months of age, unless the labor to work and dedicate in the long awareness of occupational safety in
contract expires or the Company run. As a result, Coteccons has the Vietnam construction industry. This
According to the Company’s Labor terminates its operation. been awarded reputable titles in is a risky business sector, with a large
Regulations, female employees terms of HR management. proportion of the workforce being low-
educated workers. The company has
obtained ISO 45001:2018 certification
for its Occupational Health & Safety
Management System (OH&S), ensuring
control of health and safety risks in all
activities.
With an emphasis on occupational health
TOP 1 TOP 50 TOP 100 and safety, the Company has invested
in technical solutions, occupational
health and safety, personal protective
BEST PLACE TO WORK - MOST ATTRACTIVE VIETNAM’S BEST PLACE equipment, communication and training,
CONSTRUCTION SECTOR IN 2020 EMPLOYERS IN 2020 TO WORK IN 2020 risk assessment, etc. Coteccons ensures
regular monitoring of health risks
presented in certain construction
activities, which is especially important
LABOR/MANAGEMENT RELATIONS
when it comes to workers’ health. Aside
from mandatory health insurance, the
Company provides workers with health 2020 goal is to raise the awareness of employees participating in
insurance and personal accident Coteccons’ operation activities (including managers and workers) on
insurance, starting from their first working labor safety compliance. The Safety Committee continues to take a
GRI 402-1 Minimum notice periods regarding operational changes lead in seeking solutions to improve efficiency and put innovations into
day. With VND80 billion invested in
occupational safety, Coteccons has practice:
proved its responsibilities towards
The Company will hold an Employee Conference once employees and society.
a year to collect employee recommendations in order to Collaborated with the PR Department to produce the series “Safety
build and strengthen a harmonious, stable and progressive instructions for equipment use” with scenes shot on Coteccons
business relationship. The conference provides construction sites. Workers directly performing construction work
opportunities for employees to have direct discussions on project sites are the program’s target audience. Experienced
with employers, to participate in the development of members of the Safety Board were responsible for scripts and
business and production goals, to improve working instruction, while workers were starred for the series. This made the
conditions, income and life and to promote democratic instruction easier to understand. In the 1Q 2021, these topics will be
rights of employees. At the same time, the Conference Occupational safety affair
(VND BILLION) published and publicly displayed on all Coteccons sites. The Safety
will also adopt grassroots democracy at work. Rules,
80
Department is still working on scripts in order to produce better
regulations, collective labor agreements; emulation topics in 2021.
and commendation, discipline, labor protection, salary
increase, promotion and so on all help ensure that every Provided insights on 26 safety training topics using E-Learning method
employee is treated fairly, feels secure and stays with the Certification of Occupational Health
for staff. This enhanced staff’s expertise and training efficiency and
business in the long run. & Safety Management System
helped staff save time and costs (the nature of construction industry
makes it difficult for workers to directly attend training).
At Coteccons, all changes in operations are notified to all
employees as soon as possible by the HR Department,
ISO 45001:2018
allowing the departments to plan their actions in a timely
manner and the employees can also be active in arranging
their tasks.
1. 2. 3. 4. 5.
Issued new procedures such as Achievements in 2020 The Covid-19 pandemic and social distancing order gave
Working procedures on suspended rise to the demand for online learning. In order to meet the The number of participants
floors, working procedures in closed Achieved 22,732,078 safe hours, with 3,174,870 turns of workers demand, in 2020, CTA provided training both offline and
spaces. These are hazardous tasks working on Coteccons sites (excluding the back office) with peak online to 2,413 participants. Total training hours in 2020 was Unit: Person
that frequently occur during the period of 10,500 workers a day. 14,698 hours, a 12-fold increase yoy; in which, total offline
1,087
construction of high-rise buildings training were 6,309 hours and total online training hours 969
or factories. Procedures include were 8,659 hours. Accordingly, the average number of
visual or written instructions, helping 16 projects were handed over during the year with no reported training hours was 9 hours/student/year, increase sharply
workers understand every steps serious accidents. from 0.8 hours/student/year in 2019. Since online training 357
and easily identify right/wrong. allowed construction engineers to participate in more
Currently, in addition to updating old No cases of Covid-19 infection were detected in Coteccons thanks classes, it helped increase the number of participants
procedures, the Safety Committee is to strict compliance with the government’s control measures. and save training costs. The total training costs in 2020 Online Online Offline
writing new processes such as the Suspected cases of F2, F3 exposure were quarantined and tested was VND383 million, representing a savings of more than (Technical) (English)
Tower crane operation procedure, negative at health agencies. 50% compared to the budget.
Excavation procedure ...; which are
expected to be issued in the first and Last year, the Company also built a work performance
The number of offline training hours
second quarter of 2021. 2021 plan evaluation system based on KPIs. According to
evaluation, there were 1,528 qualified employees, 3,998
Unit: Hour
The Safety Board, in conjunction accounting for 92.1% of the total number of employees.
The year 2021 is expected to be a challenging year, but also one with
with the Construction Engineering The evaluation results showed that 4.3% of employees
many opportunities for businesses with potential and internal resources.
Department and the Material and excellently accomplished the required competencies,
The Safety Committee is preparing for a transformation in accordance
Equipment Department, upgraded 12.5% was at good, 72.9% met the requirements and
with the goal of participating in some new industries and fields in the
and standardized the site images, 2.4% needed to improve in 2021.
construction sector of the Company:
from the entrance area to the office, 644
444
toilets, cafeteria, training area, To be an active company in finding effective and cost-effective safety
383
96
208 176
360
etc. Besides brand awareness control solutions on construction sites. Potential Head Vice QA Shop QS Secretary, Others
improving, a professional working leader of site - QC - Intergration,
environment will change workers’ To coordinate with departments, boards and construction sites department manager MEP Warehouse
keeper
perception and behaviors and to control the safety of civil and industrial construction projects.
reduce the rate of occupational Engage comprehensively in project organization from the outset to
accidents. The Safety Board also ensure a standardized image of sites while also reducing wasted Total training (hours)
designed a new reflective vest for expenses from errors or unnecessary tasks.
14,698
the Safety force and supervised the
Site Steering Board to ensure that To consult with experienced experts in wind power construction The number of online training hours
international standards are met and - the focus area of 2021. Conduct research to understand
make the company different from construction procedures and methods, establish safety control Unit: Hour
contractors. procedures before deploying on-site work. 3,548
2,736
Evaluation result Ratio
EDUCATION AND TRAINING Excellent 4.3%
1,084
Good 12.5% 780
374
GRI 404-1 Average training hours per year per employee Meet requirements 72.9% 7 130
Need improvement 2.4% Site Site Safety Construction Shop

supervisor supervisor - Health - revit Drawing
T&C
and
English
GRI 404-2 Programs for upgrading employee skills and transition assistance 1 2 Environment electromechanics
Not enough conditions to be evaluated 7.9%
GRI 404-3 Percentage of employees receiving regular performance assessment and career development reviews Source: Coteccons
Source: Coteccons
Coteccons’ competitive advantage is strong, experienced, efficient and Based on the performance evaluation, the Company also promoted 181 people in 2020, accounting for 10.9% of the total
tenacious human resources. In the HR management strategy, the Board number of employees. Specifically:
focuses on solutions for assembling, training and developing highly qualified
personnel in key areas of work.
Level Amount Ratio
CTA implemented various intensive courses in 2020, with a team of lecturers Specialist 116 7.0%
made up primarily of Coteccons management. The internal faculty, with their
diverse specialized knowledge, long-term work experience and enthusiasm, Manager 61 3.7%
have contributed to the preservation of the Coteccons’ cultural identity. Director 4 0.2%
Total 181 10.9%
1. 2. 3. 4. 5.
DIVERSITY AND EQUAL OPPORTUNITY - NON-DISCRIMINATION

CONTACT INFORMATION FOR STAKEHOLDERS
GRI 405-1 Diversity of governance bodies and employees
GRI 405-2 Ratio of basic salary and remuneration for female compared to male employee Network
GRI 406-1 Incidents of discrimination and corrective actions taken
Headquarters:
workers in 2020 only accounted for 9.4%, most of them in Address: Coteccons Building, 236/6 Dien Bien Phu Street, Ward 17, Binh Thanh
HR structure by age charge of office jobs, supporting work for the construction District, HCMC
sector. The Company has always paid attention to Phone: (+84) 28 3514 2255 - (+84) 28 3514 2266
4% gender equality to ensure all employees are treated Fax: (+84) 28 28 3514 2277
fairly, free of discrimination in recruitment, compensation,
Email: [email protected]
remuneration, training and promotion opportunities.
10% At Coteccons, female employees are always given
Representative office in Hanoi:
opportunities to develop their talents. The rate of female
< 30 years old
managers in 2020 was 12%. Address: 5th Floor, Starcity Building, 23 Le Van Luong, Nhan Chinh Ward, Thanh
45% 30 - 39 years old
40 - 49 years old
Xuan District, Hanoi
The diversity of generations in the HR system allows
41% > 50 years old Phone: (+84) 24 7301 6216
employees to support one another in the workplace,
improve creativity and increase the diversity of ideas. This
enables businesses to constantly innovate and grow on a Branch in Binh Duong province:
solid foundation of experience. Coteccons’ workforce is
Address: 1B, An Phu Ward, Thuan An district, Binh Duong Province
primarily made up of young workers ranging in age from
23 to 40 years old, accounting for 86% of the total number Phone: (+84) 274 713 390
In 2020, the percentage of managers were 19%, the of employees in the Company. This is a healthy age for the Fax: (+84) 274 713 389
remaining 81% were employees. With the nature of the construction industry, contributing to increased efficiency
industry as a construction field, the percentage of female in the Company’s operations both now and in the future.
LOCAL COMMUNITIES
CONTACT INFORMATION FOR STAKEHOLDERS
GRI 413-1 Operation with local community engagement, impact assessments and development programs Business Development Department
Contact: Mr. Michael Tran - Deputy CEO in charge Business Development Division
Email: [email protected]
Regarding 17 global sustainable in Huong Phung commune - Quang subcontractors, construction teams
development goals, Coteccons Tri province. In 2020, Coteccons also constantly expand their scale HR Department
has been implementing a series contributed nearly VND6.4 billion to and professionalism. Contact: Ms. Tran Thi Lieu Vinh - HR Director
of activities to fulfill its corporate the community. Email: [email protected]
social responsibility. In March All partners agree that working with
2020, the Company established a Coteccons has created millions Coteccons helps them improve Union
non-profit organization - One-Heart of jobs for local workers, built their system and personnel in Contact: Mr. Tran Ngoc Manh - Chairperson of the Union
Fund. With this fund, employees sustainable values for the community terms of working skills, enthusiasm, Email: [email protected]
can support each other, particularly and contributed to national economic proactivity in work and solidarity.
those living in poverty due to illness development over the last 17 years, In the future, with a development PR Department
or natural disasters. Coteccons with over 400 projects in Vietnam strategy that includes the Contact: Ms. Giang Ai Diep - Head of PR Department
not only assisted its staff, but also and three Southeast Asian countries construction of renewable energy Email: [email protected]
contributed to the community through (Laos, Myanmar and Cambodia). projects, Coteccons will not only
meaningful voluntary activities such Coteccons also collaborates with diversify revenue-profit sources, but Investment Department
as sponsoring medical equipment over 3,500 construction units will also demonstrate responsibility Contact: Ms. Trinh Quynh Giao - Investment Director
and materials for Covid testing and to hold self-training sessions to by participating in addressing Email: [email protected]
treatment, the Agrifood Rescue improve construction workers’ climate change and ensuring
campaign, scholarships for students, skills, expertise and productivity. national energy security. Investor Relations Department
blood drive and the construction Along with the development of Point of contact: Mr. Nguyen Anh Vu - Person in charge of CG
and repair of 20 houses for people Coteccons, partners, suppliers, Email: [email protected]
1. 2. 3. 4. 5.
GO BEYOND | COTECCONS
GENERAL INFORMATION
5
THE COMPANY
Financial
Coteccons Construction Joint Stock Company (“the Company”) is a shareholding company incorporated under the
Law on Enterprise of Vietnam pursuant to the Business Registration Certificate (“BRC”) No. 4103002611 issued by the
Department of Planning and Investment (“DPI”) of Ho Chi Minh City on 24 August 2004, which was replaced by the
Enterprise Registration Certificate (“ERC”) No. 0303443233 on 23 August 2010 and the subsequent amended BRCs and
ERCs.
PERSPECTIVE
The Company listed on the Ho Chi Minh Stock Exchange with trading code “CTD” in accordance with Decision
No. 155/QD-SGDHCM has been issued by the Ho Chi Minh Stock Exchange on 9 December 2009.
121 2020 Audited Consolidated Financial Statements The current principal activities of the Company are to provide designing and construction services, equipment installation,
interior decoration and office leasing.
The Company’s head office is located at No. 236/6, Dien Bien Phu Street, Ward 17, Binh Thanh District, Ho Chi Minh City,
Vietnam.
BOARD OF DIRECTORS
Members of the Board of Directors during the year and at the date of this report are:
Mr. Bolat Duisenov Chairman appointed on 5 October 2020

Member appointed on 22 June 2020
Mr. Nguyen Ba Duong Chairman resigned on 2 October 2020
Mr. Talgat Turumbayev Member
Mr. Yerkin Tatishev Member
Mr. Tan Chin Tiong Member
Mr. Herwig Guido H. Van Hove Member appointed on 22 June 2020
Mr. Nguyen Quoc Hiep Member resigned on 12 October 2020
Mr. Nguyen Sy Cong Member resigned on 21 June 2020
Go beyond
Mr. Tran Quyet Thang Member resigned on 20 June 2020
BOARD OF SUPERVISION
Members of the Board of Supervision during the year and at the date of this report are:
Mr. Luis Fernando Garcia Agraz Head of Board of Supervision

Mr. Dang Hoai Nam Member
Mr. Nguyen Minh Nhut Member

* Note:
For the 2020 Audited Separate Financial Statements, please refer to our website at www.coteccons.vn
1. 2. 3. 4. 5.
Section: Investor Relations/Annual Financial report/ 2020 Audited Financial Statements.
General Information Board of Directors’ Report Board of Management’s Report Sustainable Development Report Financial Perspective 107
FI NAN C I A L P ER SPEC TI VE GO BEYOND | COTECCONS
GENERAL INFORAMTION (continued) REPORT OF MANAGEMENT
MANAGEMENT Management of Coteccons Construction Joint Stock Company (“the Company”) is pleased to present this report and the
consolidated financial statements of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2020.
Members of the Management during the year and at the date of this report are:
MANAGEMENT’S RESPONSIBILITY IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Mr. Vo Thanh Liem Deputy General Director
Management is responsible for the consolidated financial statements of each financial year which give a true and fair view
Mr. Vo Thanh Liem Acting General Director appointed on 6 August 2020, of the consolidated financial position of the Group and of the consolidated results of its operations and its consolidated
resigned on 5 March 2021 cash flows for the year. In preparing those consolidated financial statements, management is required to:
Mr. Nguyen Sy Cong General Director resigned on 5 August 2020
• select suitable accounting policies and then apply them consistently;
Mr. Pham Quan Luc Deputy General Director appointed on 9 October 2020
Mr. Tu Dai Phuc Deputy General Director resigned on 12 October 2020 • make judgments and estimates that are reasonable and prudent;
Mr. Phan Huu Duy Quoc Deputy General Director appointed on 5 March 2021
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and
Mr. Nguyen Ngoc Lan Deputy General Director appointed on 5 March 2021
explained in the consolidated financial statements; and
Mr. Vo Hoang Lam Deputy General Director appointed on 5 March 2021
Mr. Tran Tri Gia Nguyen Deputy General Director appointed on 9 October 2020 • prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that
the Group will continue its business.
Mr. Tran Quang Quan Deputy General Director resigned on 5 August 2020
Mr. Tran Van Chinh Deputy General Director resigned on 30 September 2020 Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable
accuracy at any time, the consolidated financial position of the Group and to ensure that the accounting records comply
LEGAL REPRESENTATIVE with the applied accounting system. It is also responsible for safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The legal representatives of the Company during the year and at the date of this report are:
Management confirmed that it has complied with the above requirements in preparing the accompanying consolidated
Mr. Bolat Duisenov appointed on 6 August 2020 financial statements .
Mr. Talgat Turumbayev appointed on 2 February 2021
STATEMENT BY MANAGEMENT
Mr. Nguyen Ba Duong to 2 October 2020
Management does hereby state that, in its opinion, the accompanying consolidated financial statements give a true and
Mr. Pham Quan Luc is authorised by Mr. Bolat Duisenov to sign the accompanying consolidated financial statements fair view of the consolidated financial position of the Group as at 31 December 2020 and of the consolidated results
for the year ended 31 December 2020 in accordance with the Power of Attorney No. 1277/2021/UQ-CTHĐQT dated 15 of its operations and its consolidated cash flows for the year then ended in accordance with Vietnamese Accounting
January 2021. Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and
presentation of the consolidated financial statements.
AUDITORS
For and on behalf of management:
The auditor of the Company is Ernst & Young Vietnam Limited.
Pham Quan Luc

Deputy General Director
Ho Chi Minh City, Vietnam

30 March 2021
1. 2. 3. 4. 5.
Reference: 60813343/22321723-HN
INDEPENDENT AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT
To: The Shareholders of Coteccons Construction Joint Stock Company Opinion
We have audited the accompanying consolidated financial statements of Coteccons Construction Joint Stock Company In our opinion, the consolidated financial statements give a true and fair view, in all material respects, of the consolidated
(“the Company”) and its subsidiaries (collectively referred to as the “Group”) as prepared on 30 March 2021 and set out financial position of the Group as at 31 December 2020 and of the consolidated results of its operations and its consolidated
on pages 126 to 167, which comprise the consolidated balance sheet as at 31 December 2020 and the consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise
income statement and the consolidated cash flow statement for the year then ended and the notes thereto. Accounting System and the statutory requirements relevant to the preparation and presentation of the consolidated
financial statements.
Management’s responsibility
Other matter
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory The consolidated financial statements of the Group for the year ended 31 December 2019 were audited by another audit
requirements relevant to the preparation and presentation of the consolidated financial statements and for such internal firm which expressed an unmodified opinion on those financial statements on 27 March 2020.
control as management determines is necessary to enable the preparation and presentation of the consolidated financial
statements that are free from material misstatement, whether due to fraud or error. In addition, we draw attention to Note 34 of the consolidated financial statements. In 2020, the Company’s management
restated and reclassified certain items to reflect better and fair presentation of the last year consolidated financial
Auditors’ responsibility statements.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted Our opinion is not modified in respect of this matter.
our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial Ernst & Young Vietnam Limited
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks
of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk
assessments, the auditors consider internal control relevant to the Group’s preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Duong Le Anthony Ly Hong My
Deputy General Director Auditor
Audit Practicing Registration Certificate Audit Practicing Registration Certificate
No. 2223-2018-004-1 No. 4175-2017-004-1
Ho Chi Minh City, Vietnam

30 March 2021
1. 2. 3. 4. 5.
CONSOLIDATED BALANCE SHEET

as at 31 December 2020 B01-DN/HN
VND VND
Beginning balance Beginning balance
Code ASSETS Notes Ending balance (As restated - Code RESOURCES Notes Ending balance (As restated -
Note 34) Note 34
100 A. CURRENT ASSETS 12,867,742,344,915 14,727,405,324,722 300 C. LIABILITIES 5,758,744,202,842 7,729,313,976,168
110 I. Cash and cash equivalents 5 1,396,764,826,755 800,791,418,362
310 I. Current liabilities 5,753,169,242,078 7,710,283,750,131
111 1. Cash 246,931,644,655 116,191,418,362
311 1. Short-term trade payables 17.1 3,307,186,103,090 4,571,387,201,404
112 2. Cash equivalents 1,149,833,182,100 684,600,000,000
312 2. Short-term advances from customers 17.2 509,692,174,529 720,914,499,291
120 II. Short-term investment 1,980,960,000,000 3,241,650,000,000
313 3. Statutory obligations 18 61,555,809,420 87,849,950,894
121 1. Held-for-trading securities 6.1 130,000,000,000 -
123 2. Held-to-maturity investments 6.2 1,850,960,000,000 3,241,650,000,000 315 4. Short-term accrued expenses 19 1,563,428,756,508 2,102,171,113,108
130 III. Current accounts receivable 7,648,321,521,326 8,797,679,575,624 318 5. Short-term unearned revenues 20 44,573,695,067 54,781,130,228
131 1. Short-term trade receivables 7.1 7,562,109,866,516 8,416,090,588,256 319 6. Other short-term payables 21 93,793,960,789 41,603,836,458
132 2. Short-term advances to suppliers 7.2 150,550,717,848 397,567,198,072 321 7. Short-term provisions 22 85,109,244,449 65,205,053,085
135 3. Short-term loan receivables 8 262,836,821,544 - 322 8. Bonus and welfare fund 23 87,829,498,226 66,370,965,663
136 4. Other short-term receivables 9 167,278,141,330 198,529,552,115 330 II. Non-current liabilities 5,574,960,764 19,030,226,037
137 5. Provision for doubtful short-term receivables 7.1, 9 (494,454,025,912) (214,507,762,819)
337 1. Other long-term liabilities 21 2,039,203,038 542,006,657
140 IV. Inventory 10 1,492,037,630,688 1,626,319,466,015
341 2. Deferred tax liabilities 30.3 - 12,177,967,496
141 1. Inventories 1,522,030,908,553 1,626,319,466,015
342 3. Long-term provision 22 3,535,757,726 6,310,251,884
149 2. Provision for obsolete inventories (29,993,277,865) -
400 D. OWNERS’ EQUITY 8,398,669,476,041 8,469,274,706,217
150 V. Other current assets 349,658,366,146 260,964,864,721
151 1. Short-term prepaid expenses 11 6,387,670,315 3,456,235,463 410 I. Capital 24.1 8,398,669,476,041 8,469,274,706,217
152 2. Value-added tax deductibles 343,270,695,831 257,508,629,258 411 1. Share capital 792,550,000,000 792,550,000,000
200 B. NON-CURRENT ASSETS 1,289,671,333,968 1,471,183,357,663 411a - Shares with voting rights 792,550,000,000 792,550,000,000
220 I. Fixed assets 603,825,141,002 704,236,452,568 412 2. Share premium 3,038,990,175,385 3,038,990,175,385
221 1. Tangible fixed assets 12 510,821,338,966 606,407,661,470 415 3. Treasury shares (519,526,282,648) (443,424,538,999)
222 Cost 1,008,777,580,204 1,044,721,740,952 418 4. Investment and development fund 4,667,193,310,873 3,998,330,960,122
223 Accumulated depreciation (497,956,241,238) (438,314,079,482)
421 5. Undistributed earnings 365,227,529,131 1,028,773,028,814
227 2. Intangible fixed assets 13 93,003,802,036 97,828,791,098
421a - Undistributed earnings by the end of prior year 30,852,913,513 318,128,283,386
228 Cost 119,238,318,503 118,687,800,078
421b - Undistributed earnings of current year 334,374,615,618 710,644,745,428
229 Accumulated amortisation (26,234,516,467) (20,859,008,980)
429 6. Non-controlling interests 54,234,743,300 54,055,080,895
230 II. Investment properties 14 46,847,830,834 49,603,357,264
231 1. Cost 69,677,550,622 69,677,550,622 440 TOTAL LIABILITIES AND OWNERS’ EQUITY 14,157,413,678,883 16,198,588,682,385
232 2. Accumulated depreciation (22,829,719,788) (20,074,193,358)

240 III. Long-term asset in progress 161,507,554,550 161,115,839,300
241 1. Long-term work in progress 15 160,541,000,000 160,541,000,000
242 2. Construction in progress 966,554,550 574,839,300
250 IV. Long-term investments 365,159,081,871 394,287,974,564
252 1. Investments in associates 16.1 63,553,604,412 394,287,974,564
253 2. Investment in another entity 16.2 301,605,477,459 -
260 V. Another long-term asset 112,331,725,711 161,939,733,967
261 1. Long-term prepaid expenses 11 98,248,717,152 161,939,733,967
262 2. Deferred tax assets 14,083,008,559 - Vu Thanh Phuong Cao Thi Mai Le Pham Quan Luc
Preparer Chief Accountant Deputy General Director
270 TOTAL ASSETS 14,157,413,678,883 16,198,588,682,385
30 March 2021

1. 2. 3. 4. 5.
CONSOLIDATED INCOME STATEMENT CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2020 B02-DN/HN for the year ended 31 December 2020 B03-DN/HN
VND VND
Beginning balance Previous year
Code ITEMS Notes Current year (As restated -
Code ITEMS Notes Current year (As restated - Note 34)
Note 34) I. CASH FLOWS FROM OPERATING ACTIVITIES
1. Revenues from sale of goods and 01 Accounting profit before tax 427,956,244,963 890,484,954,523
01 25.1 14,589,198,781,083 23,733,028,252,165 Adjustments for:
rendering of services
02 Depreciation and amortisation 12, 13, 14 107,825,436,581 108,513,963,904
02 2. Revenues deductions 25.1 (31,112,346,115) -
03 Provisions (reversal of provisions) 327,069,238,164 (6,825,375,905)
3. Net revenues from sale of goods and Foreign exchange gains arisen from revaluation of
10 25.1 14,558,086,434,968 23,733,028,252,165 04 (55,864,321) (636,401,875)
rendering of services monetary accounts denominated in foreign currency
11 4. Cost of goods sold and services rendered 26 (13,701,679,421,556) (22,684,921,110,980) 05 Profit from investing activities (200,859,707,369) (273,641,801,243)
08 Operating profit before changes in working capital 661,935,348,018 717,895,339,404
5. Gross profit from sale of goods and
20 856,407,013,412 1,048,107,141,185 09 Decrease in receivables 1,008,496,703,738 311,858,953,486
rendering of services
10 Decrease (increase) in inventories 104,288,557,462 (182,795,489,410)
21 6. Finance income 25.2 228,216,305,252 263,864,493,550 11 Decrease in payables (2,077,399,695,365) (997,251,807,534)
22 7. Finance expenses (462,594,755) (9,346,944) 12 Decrease in prepaid expenses 60,759,581,963 186,921,631,473
13 Increase in held-for-trading securities (130,000,000,000) -
24 8. Share of (loss) profit of associates 16.1 (27,004,720,298) 4,069,273,547
15 Corporate income tax paid 18 (164,932,519,420) (207,963,845,299)
26 9. General and administrative expenses 27 (655,860,103,467) (458,979,143,450)
17 Other cash outflows from operating activities (29,992,417,495) (167,578,157,521)
30 10. Operating profit 401,295,900,144 857,052,417,888 20 Net cash flows used in operating activities (566,844,441,099) (338,913,375,401)
31 11. Other income 28 39,342,162,410 41,825,059,246 II. CASH FLOWS FROM INVESTING ACTIVITIES
21 Purchases and of fixed assets (5,073,518,139) (76,630,918,237)
32 12. Other expenses 28 (12,681,817,591) (8,392,522,611)
22 Proceeds from disposals of fixed assets 8,302,796,307 9,545,855,152
40 13. Other profit 28 26,660,344,819 33,432,536,635 23 Net payments for term deposits at banks (3,853,486,821,544) (4,708,893,000,000)
50 14. Accounting profit before tax 427,956,244,963 890,484,954,523 24 Net collections from bank term deposits 4,981,340,000,000 5,374,301,000,000
25 Payments for investments in other entities - (163,516,404,212)
51 15. Current corporate income tax expense 30.1 (168,392,038,487) (164,453,039,966)
27 Interest received 260,522,570,634 334,358,499,651
52 16. Deferred tax income (expense) 30.3 74,990,071,547 (15,361,288,234) 30 Net cash flows from investing activities 1,391,605,027,258 769,165,032,354
60 17. Net profit after tax 334,554,278,023 710,670,626,323 III. CASH FLOWS FROM FINANCING ACTIVITIES
18. Net profit after tax attributable to 31 Issuance of shares 24.1 - 50,345,000,000
61 334,374,615,618 710,644,745,428 32 Capital redemption - (3,865,600,000)
shareholders of the parent
36 Dividends paid 24.4 (229,107,038,550) (229,028,397,550)
19. Net gain after tax attributable to
62 24.1 179,662,405 25,880,895 40 Net cash flows used in financing activities (229,107,038,550) (182,548,997,550)
non-controlling interests
50 Net increase in cash and cash equivalents 595,653,547,609 247,702,659,403
70 20. Basic earnings per share 24.5 4,164 8,856
Cash and cash equivalents at beginning
60 of the year 800,791,418,362 552,833,230,980
71 21. Diluted earnings per share 24.5 4,164 8,856
61 Impact of exchange rate fluctuation 319,860,784 255,527,979
70 Cash and cash equivalents at end of the year 5 1,396,764,826,755 800,791,418,362
Vu Thanh Phuong Cao Thi Mai Le Pham Quan Luc

30 March 2021
30 March 2021
1. 2. 3. 4. 5.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

as at 31 December 2020 and for the year then ended B09-DN/HN
1. CORPORATE INFORMATION Phu Nhuan 168’s registered office is located at No.236/6 Dien Bien Phu Street, Ward 17, Binh Thanh District, Ho Chi
Minh City, Vietnam. Phu Nhuan 168’s principal activities are to providing trading and lease of real estates.
Coteccons Construction Joint Stock Company (“the Company”) is a shareholding company incorporated under the
Law on Enterprise of Vietnam pursuant to Business Registration Certificate (“BRC”) No. 4103002611 issued by the As at 31 December 2020 and 31 December 2019, the Company holds 69.98% equity interest and voting rights in
Department of Planning and Investment (“DPI”) of Ho Chi Minh City on 24 August 2004, which was replaced by Phu Nhuan 168.
Enterprise Registration Certificate (“ERC”) No.0303443233 on 23 August 2010 and the subsequent amended BRCs
and ERCs. 2. BASIS OF PREPARATION
The Company listed on the Ho Chi Minh Stock Exchange with trading code “CTD” in accordance with Decision 2.1 Applied accounting standards and system
No. 155/QD-SGDHCM has been issued by the Ho Chi Minh Stock Exchange on 9 December 2009.
The consolidated financial statements of the Company and its subsidiaries (“the Group”) expressed in Vietnam dong
The current principal activities of the Company and its subsidiaries (“the Group”) are to provide designing and (“VND”), are prepared in accordance with Vietnamese Enterprise Accounting System and Vietnamese Accounting
construction services, equipment installation, interior decoration, office leasing and trading of real estate. Standards issued by the Ministry of Finance as per:
The Company’s registered head office is located at No. 236/6, Dien Bien Phu Street, Ward 17, Binh Thanh District, • Decision No. 149/2001/QD-BTC dated 31 December 2001 on the Issuance and Promulgation of Four Vietnamese
Ho Chi Minh City, Vietnam. Accounting Standards (Series 1);
The number of the Group’s employees as at 31 December 2020 was 1,659 (31 December 2019: 2,272). • Decision No. 165/2002/QD-BTC dated 31 December 2002 on the Issuance and Promulgation of Six Vietnamese
Accounting Standards (Series 2);
Group structure
• Decision No. 234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese
The Company has two direct subsidiaries and one indirect subsidiary, in which: Accounting Standards (Series 3);
Unicons Investment Construction Company Limited (“Unicons”) • Decision No. 12/2005/QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese
Accounting Standards (Series 4); and
Unicons is a one-member limited liability company incorporated under the Law on Enterprise of Vietnam pursuant
to BRC No. 4103005020 issued by the DPI of Ho Chi Minh City on 14 July 2006, which was replaced by ERC • Decision No. 100/2005/QD-BTC dated 28 December 2005 on the Issuance and Promulgation of Four Vietnamese
No.0304472276 on 22 June 2018 and the subsequent amended BRCs and ERCs. Accounting Standards (Series 5).
Unicons’s registered office is located at No.236/6 Dien Bien Phu Street, Ward 17, Binh Thanh District, Ho Chi Accordingly, the accompanying consolidated financial statements, including their utilisation are not designed for
Minh City, Vietnam. Unicons’s principal activities are to providing construction services and equipment installation those who are not informed about Vietnam’s accounting principles, procedures and practices and furthermore are
services. not intended to present the consolidated financial position, consolidated results of operations and consolidated
cash flows in accordance with accounting principles and practices generally accepted in countries other than
As at 31 December 2020 and 31 December 2019, the Company holds 100% equity interest and voting rights in
Vietnam.
Unicons.
2.2 Applied accounting documentation system
Covestcons Company Limited (“Covestcons”)
The Group’s applied accounting documentation system is the General Journal system.
Covestcons is a one-member limited liability company incorporated under the Law on Enterprise of Vietnam pursuant
to ERC No. 0314326002 issued by the DPI of Ho Chi Minh City on 31 March 2017.
2.3 Fiscal year
Covestcons’s registered office is located at No.236/6 Dien Bien Phu Street, Ward 17, Binh Thanh District, Ho Chi
The Group’s fiscal year applicable for the preparation of its consolidated financial statements starts on 1 January
Minh City, Vietnam. Covestcons’s principal activities are to providing commission services and trading of real
and ends on 31 December.
estates.
2.4 Accounting currency
As at 31 December 2020 and 31 Decmeber 2019, the Company holds 100% equity interest and voting rights in
Covestcons.
The consolidated financial statements are prepared in VND which is also the Company’s accounting currency.
Phu Nhuan 168 Joint Stock Company (“Phu Nhuan 168”)
Phu Nhuan 168 is a joint stock company incorporated under the Law on Enterprise of Vietnam pursuant to ERC
No.0315807693 issued by the DPI of Ho Chi Minh City on 22 July 2019.
1. 2. 3. 4. 5.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
B09-DN/HN
2. BASIS OF PREPARATION (continued) Provision for obsolete inventories
2.5 Basis of consolidation An inventory provision is created for the estimated loss arising due to the impairment of value (through diminution,
damage, obsolescence, etc.) of raw materials, finished goods and other inventories owned by the Group, based on
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the appropriate evidence of impairment available at the balance sheet date.
year ended 31 December 2020.
Increases or decreases to the provision balance are recorded into the cost of goods sold account in the consolidated
income statement.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control
and continued to be consolidated until the date that such control ceases.
3.4 Tangible fixed assets
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using
Tangible fixed assets are stated at cost less accumulated depreciation.
consistent accounting policies.
The cost of a tangible fixed asset comprises its purchase price and any directly attributable costs of bringing the
All intra-company balances, income and expenses and unrealised gains or losses result from intra-company tangible fixed asset to working condition for its intended use.
transactions are eliminated in full.
Expenditures for additions, improvements and renewals are added to the carrying amount of the assets and
Non-controlling interests represent the portion of profit or loss and net assets not held by the Group and are expenditures for maintenance and repairs are charged to the consolidated income statement as incurred.
presented separately in the consolidated income statement and within equity in the consolidated balance sheet.
When tangible fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between
Impact of change in the ownership interest of a subsidiary, without a loss of control, is recorded in undistributed the net disposal proceeds and the carrying amount) is included in the consolidated income statement.
earnings.
3.5 Intangible fixed assets
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Intangible fixed assets are stated at cost less accumulated amortisation.
3.1 Cash and cash equivalents
The cost of an intangible fixed asset comprises its purchase price and any directly attributable costs of preparing
the intangible fixed asset for its intended use.
Cash and cash equivalents comprise cash on hand, cash in banks and short-term, highly liquid investments with an
original maturity of not more than three months that are readily convertible into known amounts of cash and that are
Expenditures for additions, improvements are added to the carrying amount of the assets and other expenditures
subject to an insignificant risk of change in value. are charged to the consolidated income statement as incurred.
3.2 Receivables When intangible fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between
the net disposal proceeds and the carrying amount) is included in the consolidated income statement.
Receivables are presented in the consolidated financial statements at the carrying amounts due from customers
and other debtors, after provision for doubtful debts. Land use rights
The provision for doubtful debts represents amounts of outstanding receivables at the balance sheet date which Land use right is recorded as an intangible fixed asset on the consolidated balance sheet when the Group obtained
are doubtful of being recovered. Increases or decreases to the provision balance are recorded as general and the land use right certificates. The costs of land use right comprise all directly attributable costs of bringing the land
administrative expenses in the consolidated income statement. to the condition available for intended use.
3.3 Inventories 3.6 Depreciation and amortisation
Inventories are stated at the lower of cost incurred in bringing each product to its present location and condition Depreciation of tangible fixed assets and amortisation of intangible fixed assets are calculated on a straight-line
and net realizable value. basis over the estimated useful life of each asset as follows:
Net realizable value represents the estimated selling price in the ordinary course of business less the estimated Buildings & structures 5 - 45 years
costs to complete and the estimated costs necessary to make the sale.
Machinery & equipment 3 - 10 years
The perpetual method is used to record inventories, which are valued as follows: Means of transportation 6 - 10 years
Office equipment 3 - 6 years
Raw materials, merchandise goods - cost of purchase on a weighted average basis Land use rights 45 - 49 years
Softwares 3 years
Construction work-in-process - cost of direct materials and labour plus attributable construction overheads
Others 3 - 8 years
1. 2. 3. 4. 5.
B09-DN/HN
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Where the Group is the lessor
3.7 Investment properties Assets subject to operating leases are included as the Group’s investment property in the consolidated balance
sheet. Initial direct costs incurred in negotiating an operating lease are recognised in the consolidated income
Investment properties are stated at cost including transaction costs less accumulated depreciation. Investment statement as incurred.
properties held for capital appreciation are not depreciated but subject to impairment review.
Lease income is recognised in the consolidated income statement on a straight-line basis over the lease term.
Subsequent expenditure relating to an investment property that has already been recognised is added to the net
3.10 Prepaid expensesc
book value of the investment property when it is probable that future economic benefits, in excess of the originally
assessed standard of performance of the existing investment property, will flow to the Group.
Prepaid expenses are reported as short-term or long-term prepaid expenses on the consolidated balance sheet and
amortised over the period for which the amounts are paid or the period in which economic benefits are generated
Depreciation of investment properties are calculated on a straight-line basis over the estimated useful life of each in relation to these expenses.
asset as follows:
3.11 Investments
Office building 30 - 45 years
Investments in associates
Others 25 years
The Group’s investment in its associate is accounted for using the equity method of accounting. An associate is an
Investment properties are derecognised when either they have been disposed of or when the investment properties entity in which the Group has significant influence that is neither subsidiaries nor joint ventures. The Group generally
are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference deems they have significant influence if they have over 20% of the voting rights.
between the net disposal proceeds and the carrying amount of the assets is recognised in the consolidated income
statement in the year of retirement or disposal. Under the equity method, the investment is carried in the consolidated balance sheet at cost plus post acquisition
changes in the Group’s share of net assets of the associates. Goodwill arising on acquisition of the associate
Transfers are made to investment properties when and only when, there is a change in use, evidenced by ending of is included in the carrying amount of the investment. Goodwill is not amortised and subject to annual review for
owner-occupation, commencement of an operating lease to another party or ending of construction or development. impairment. The consolidated income statement reflects the share of the post-acquisition results of operation of the
Transfers are made from investment properties when and only when, there is change in use, evidenced by associate.
commencement of owner-occupation or commencement of development with a view to sale. The transfer from
investment property to owner-occupied property or inventories does not change the cost or the carrying value of The share of post-acquisition profit (loss) of the associates is presented on face of the consolidated income
the property for subsequent accounting at the date of change in use. statement and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative
post-acquisition movements are adjusted against the carrying amount of the investment. Dividend, profit sharing
received or receivable from associates reduces the carrying amount of the investment.
3.8 Construction in progress
The financial statements of the associates are prepared for the same reporting period and use the same accounting
Construction in progress represents tangible fixed assets purchasing and under construction which have not yet policies as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those
been completed as at the balance sheet date and is stated at cost. This includes costs of construction, installation of the Group.
of equipment and other direct costs. Construction in progress is not depreciated until such time as the relevant
assets are completed and put into use. Held-to-maturity investments
3.9 Leased assets Held-to-maturity investments are stated at their acquisition costs. After initial recognition, held-to-maturity investments
are measured at recoverable amount. Any impairment loss incurred is recognised as finance expenses in the
The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement consolidated income statements and deducted against the value of such investments.
at inception date and requires an assessment of whether the fulfilment of the arrangement is dependent on the use
of a specific asset and the arrangement conveys a right to use the asset. Investments in other entities
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and Investments in other entities are stated at their acquisition costs.
rewards of ownership of the asset to the lessee. All other leases are classified as operating leases.
Provision for diminution in value of investments
Where the Group is the lessee
Provision of the investment is made when there are reliable evidences of the diminution in value of those investments
at the balance sheet date.
Rentals under operating leases are charged to the consolidated income statement on a straight-line basis over the
lease term.
Increases or decreases to the provision balance are recorded as finance expenses in the consolidated income
statement.
1. 2. 3. 4. 5.
B09-DN/HN
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.16 Earnings per share
3.12 Payables and accruals Basic earnings per share amounts are calculated by dividing net profit after tax for the year attributable to ordinary
shareholders of the Group (after adjusting for the bonus and welfare fund) by the weighted average number of
Payables and accruals are recognised for amounts to be paid in the future for goods and services received, whether ordinary shares outstanding during the year.
or not billed to the Group.
Diluted earnings per share amounts are calculated by dividing the net profit after tax attributable to ordinary equity
holders of the Group by the weighted average number of ordinary shares outstanding during the year plus the
3.13 Accrual for severance allowance pay
weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary
shares into ordinary shares.
The severance pay to employee is accrued at the end of each reporting year for all employees who have been in
service for more than 12 months up to the consolidated balance sheet date at the rate of one-half of the average 3.17 Treasury shares
monthly salary for each year of service up to 31 December 2008 in accordance with the Labour Code and related
implementing guidance. The average monthly salary used in this calculation is revised at the end of each reporting Own equity instruments which are reacquired (treasury shares) are recognised at cost and deducted from equity.
year following the average monthly salary of the 6-month period up to the reporting date. Increases or decreases No gain or loss is recognised in profit or loss upon purchase, sale, re-issue or cancellation of the Group’s own equity
to the accrued amount other than actual payment to employee will be taken to the consolidated income statement. instruments.
This accrued severance pay is used to settle the termination allowance to be paid to employee upon termination of 3.18 Appropriation of net profits
their labour contract following Article 48 of the Labour Code.
Net profit after tax is available for appropriation to shareholders after approval in the shareholders’ meeting and
3.14 Provisions after making appropriation to reserve funds in accordance with the Company’s charter and Vietnamese regulatory
requirements.
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event,
The Group maintains the following reserve funds which are appropriated from its net profit after tax as proposed by
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
the Board of Directors and subject to approval by shareholders at the annual general meeting:
a reliable estimate can be made of the amount of the obligation.
• Investment and development fund
Provision for warranty obligation of construction project is estimated from 0.3% to 1% on value of project based on
the specification of each project and actual experience. This fund is set aside for use in the Group’s expansion of its operations or in-depth investments.
3.15 Foreign currency transactions • Bonus and welfare fund
Transactions in currencies other than the Group’s reporting currency of VND are recorded at the actual transaction This fund is set aside for the purpose of pecuniary rewarding and encouragement, common benefits and
exchange rates at transaction dates which are determined as follows: improvement of the employees’ benefits and presented as a liability on the consolidated balance sheet.
• Transactions resulting in receivables are recorded at the buying exchange rates of the commercial banks 3.19 Revenue recognition
designated for collection; and
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and
• Transactions resulting in liabilities are recorded at the selling exchange rates of the commercial banks designated the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or
for payment. receivable, excluding trade discount, rebate and sales return. The following specific recognition criteria must also
be met before revenue is recognised:
At the end of the year, monetary balances denominated in foreign currencies are translated at the actual transaction
exchange rates at the balance sheet dates which are determined as follows: Construction contracts
For the construction contracts specifying that the contractor will receive payments according to the completed
• Monetary assets are translated at buying exchange rate of the commercial bank where the Group conducts
work, where the outcome of a construction contract can be determined reliably and accepted by the customers,
transactions regularly; and
revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance
sheet date which is accepted by the customers and reflected in the sales invoices.
• Monetary liabilities are translated at selling exchange rate of the commercial bank where the Group conducts
transactions regularly. Variations in contract work, claims and incentive payments are included to the extent that they have been agreed
with the customer.
All foreign exchange differences incurred are taken to the consolidated income statement.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the
extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses
in the period in which they are incurred.
1. 2. 3. 4. 5.
B09-DN/HN
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Deferred tax assets are recognised for all deductible temporary differences, carried forward unused tax credit and
unused tax losses, to the extent that it is probable that taxable profit will be available against which deductible
3.19 Revenue recognition (continued) temporary differences, carried forward unused tax credit and unused tax losses can be utilised, except:
Sale of goods • Where the deferred tax asset in respect of deductible temporary difference which arises from the initial recognition
of an asset or liability which at the time of the related transaction, affects neither the accounting profit nor taxable
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, profit or loss; and
usually upon the delivery of the goods.
• In respect of deductible temporarily differences associated with investments in subsidiaries, associates and
Rendering of services interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the
temporary differences will reverse in the foreseeable future and taxable profit will be available against which the
Revenue is recognized when services are rendered and completed. temporary differences can be utilised.
Rental income The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset
Rental income arising from operating leases is accounted for on a straight line basis over the terms of the lease. to be utilised. Previously unrecognised deferred tax assets are re-assessed at each balance sheet date and are
recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to
Interest be recovered.
Interest is recognised as the interest accrues (taking into account the effective yield on the asset) unless collectability Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
is in doubt. asset is realised or the liability is settled based on tax rates and tax laws that have been enacted at the balance
sheet date.
3.20 Taxation
Deferred tax is charged or credited to the consolidated income statement, except when it relates to items recognised
Current income tax directly to equity, in which case the deferred tax is also dealt with in the equity account.
Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Group to off-set current
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority
that are enacted as at the consolidated balance sheet date. on either the same taxable entity or when the Group intends either settle current tax liabilities and assets on a net
basis or to realise the assets and settle the liabilities simultaneously, in each future period in which significant
Current income tax is charged or credited to the consolidated income statement, except when it relates to items amounts of deferred tax liabilities or assets are expected to be settled or recovered.
recognised directly to equity, in which case the current income tax is also dealt with in equity.
3.21 Segment information
Current income tax assets and liabilities are offset when there is a legally enforceable right for the Group to set
off current tax assets against current tax liabilities and when the Group intends to settle its current tax assets and A segment is a component determined separately by the Group which is engaged in providing products or related
liabilities on a net basis. services (business segment) or providing products or services in a particular economic environment (geographical
segment), that is subject to risks and returns that are different from those of other segments.
Deferred tax
Group’s business segment is derived mainly from sales of rendering construction services, equipments rental,
Deferred tax is provided using the liability method on temporary differences at the consolidated balance sheet date
office rental and other services.
between the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
3.22 Related parties
Deferred tax liabilities are recognised for all taxable temporary differences, except:
Parties are considered to be related parties of the Group if one party has the ability to control the other party
• Where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which at
or exercise significant influence over the other party in making financial and operating decisions, or when the
the time of the related transaction affects neither the accounting profit nor taxable profit or loss; and
Group and other party are under common control or under common significant influence. Related parties can be
enterprises or individuals, including close members of their families.
• In respect of taxable temporarily differences associated with investments in subsidiaries and associates and
interests in joint ventures where timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.
1. 2. 3. 4. 5.
B09-DN/HN
4. SIGNIFICANT EVENT 7. SHORT-TERM TRADE RECEIVABLES AND ADVANCES TO SUPPLIERS
Covid-19 pandemic 7.1 Short-terms trade receivables
The Covid-19 pandemic is resulting in an economic slowdown and adversely impacting most businesses and
VND
industries. This situation may bring uncertainties and have an impact on the environment in which the Company
operates. The Company’s management has continuously monitored ongoing developments and assessed the Ending balance Beginning balance
financial impact in respects of the valuation of assets, provisions and contingent liabilities and has used estimates
and judgement in respect of various issues as the situation has evolved, using the best information obtained up to Hoi An South Development Co. Ltd. 933,514,005,301 1,052,674,643,124
the date of this consolidated financial statements.
Ricons Group Investment Construction
98,833,962,020 176,108,228,882
Joint Stock Company
5. CASH AND CASH EQUIVALENTS
Others 6,529,761,899,195 7,187,307,716,250
VND TOTAL 7,562,109,866,516 8,416,090,588,256
Ending balance Beginning balance Provision for doubtful short-term receivables (459,003,063,218) (188,469,800,125)
Cash on hand 28,750,000 1,985,476,702 NET 7,103,106,803,298 8,227,620,788,131
Cash at banks 170,801,151,006 114,205,941,660 In which:
Cash in transit 76,101,743,649 - Receivables from a related party (Note 31) 134,106,720 176,108,228,882
Cash equivalents (*) 1,149,833,182,100 684,600,000,000 Details of movement for provision for doubtful short-term receivables during the year:
TOTAL 1,396,764,826,755 800,791,418,362
VND
(*) Cash equivalents represent deposits at commercial banks with original maturity of no more than three (3) months
and earn interest at the applicable interest rates. Current year Previous year
6. SHORT-TERM INVESTMENTS Beginning balance 188,469,800,125 183,823,935,386
Add: Provision made during the year 270,533,263,093 4,645,864,739

6.1 Held-for-trading securities
Ending balance 459,003,063,218 188,469,800,125
VND
7.2 Short-term advances to suppliers
Ending balance Beginning balance
VND
Cost Provision Cost Provision

Shares - - -
130,000,000,000 An Gia Real Estate Investment and Development
- 130,000,000,000
Corporation
6.2 Held-to-maturity investments
Others 150,550,717,848 267,567,198,072
Held-to-maturity investment represents short-term bank deposits with maturity terms from three (3) months to less
TOTAL 150,550,717,848 397,567,198,072
than one (1) year and earns interest at applicable rates.
8. SHORT-TERM LOAN RECEIVABLE
Short-term loan receivable represents lending to Vinh Tan Stones Joint Stock Company in accordance to business
corporation contract No. 11/2020/CVC-VTS dated on 17 November 2020 and contract No. 12/2020/CVC-VTS dated
on 31 December 2020 for investing and purchasing IDICO Corporation’s shares.
1. 2. 3. 4. 5.
B09-DN/HN
9. OTHER SHORT-TERM RECEIVABLES Detail of movements of provision for obsolete inventories
VND VND
Ending balance Beginning balance Current year Previous year
Interest receivable 110,651,486,517 143,191,829,835 Provision made during the year and ending balance 29,993,277,865 -
Short-term deposits 33,286,833,152 33,114,069,591
Advances to construction teams and employees 20,358,683,544 19,678,975,560

11. PREPAID EXPENSES
Others 2,981,138,117 2,544,677,129
TOTAL 167,278,141,330 198,529,552,115 VND

Provision for doubtful short-term receivables (35,450,962,694) (26,037,962,694)
NET 131,827,178,636 172,491,589,421
Short-term 6,387,670,315 3,456,235,463
10. INVENTORIES Office tools and equipment 6,387,670,315 3,456,235,463
Long-term 98,248,717,152 161,939,733,967

VND
Construction tools and equipment 70,395,865,926 130,882,866,044
Office tools and equipment 27,852,851,226 31,056,867,923
Cost Provision Cost Provision
TOTAL 104,636,387,467 165,395,969,430
Construction work in
1,522,030,908,553 (29,993,277,865) 1,626,319,466,015 -
process (*)
(*) The details of work in process of on-going construction projects are as follows:
VND
Spirit Saigon project 130,712,678,437 7,681,985,504
Crowne Plaza Phu Quoc project 130,318,953,938 144,224,212,448
58 Tay Ho project 79,473,329,979 111,287,042,701
Other constructions projects 1,181,525,946,199 1,363,126,225,362
TOTAL 1,522,030,908,553 1,626,319,466,015
1. 2. 3. 4. 5.
B09-DN/HN
12. TANGIBLE FIXED ASSETS
VND
Buildings & Machinery & Means of Office

Others Total
structures equipment transportation equipment
Cost
Beginning balance
As previously reported 238,603,456,623 728,225,105,988 50,394,067,902 35,579,952,861 3,049,716,291 1,055,852,299,665
Impact of retrospective adjustments - Note 34 - (11,130,558,713) - - - (11,130,558,713)
As restated 238,603,456,623 717,094,547,275 50,394,067,902 35,579,952,861 3,049,716,291 1,044,721,740,952
New purchases 698,542,464 - 209,220,000 4,305,904,600 - 5,213,667,064
Reclassification - (12,445,427,701) - - - (12,445,427,701)
Disposal - (24,097,871,590) (987,809,273) (878,592,000) - (25,964,272,863)
Write off - (2,748,127,248) - - - (2,748,127,248)
Ending balance 239,301,999,087 677,803,120,736 49,615,478,629 39,007,265,461 3,049,716,291 1,008,777,580,204
In which:
Fully depreciated 29,644,318,328 33,671,350,216 19,713,745,332 24,304,489,606 3,049,716,291 110,383,619,773
Accumulated depreciation
Beginning balance
As previously reported (85,238,929,804) (303,327,617,212) (30,820,742,588) (26,761,659,958) (3,049,716,291) (449,198,665,853)
Impact of retrospective adjustments - Note 34 - 10,884,586,371 - - - 10,884,586,371
As restated (85,238,929,804) (292,443,030,841) (30,820,742,588) (26,761,659,958) (3,049,716,291) (438,314,079,482)
Depreciation for the year (13,139,342,748) (75,915,785,294) (5,513,241,404) (5,126,033,218) - (99,694,402,664)
Reclassification - 11,581,682,005 - - - 11,581,682,005
Disposal - 24,097,871,590 987,809,273 878,592,000 - 25,964,272,863
Write off - 2,506,286,040 - - - 2,506,286,040
Ending balance (98,378,272,552) (330,172,976,500) (35,346,174,719) (31,009,101,176) (3,049,716,291) (497,956,241,238)
Net carrying amount
Beginning balance (As restated - Note 34) 153,364,526,819 424,651,516,434 19,573,325,314 8,818,292,903 - 606,407,661,470
Ending balance 140,923,726,535 347,630,144,236 14,269,303,910 7,998,164,285 - 510,821,338,966
1. 2. 3. 4. 5.
B09-DN/HN
13. INTANGIBLE FIXED ASSETS
90,000,220,565
2,536,943,725
145,332,815
14.30 301,605,477,459
394,287,974,564
Amount
VND
VND
Total
238,350,000,000
(57,960,000,000)
180,390,000,000
155,937,974,564
(29,128,892,693)
2,124,172,395
- (245,769,649,854)
(211,515,618) (116,836,395,588)
394,287,974,564
63,553,604,412
Beginning balance
VND
Land use rights Software Total
42.36
31.00
36.00
Cost
Ownership
%
Hiteccons
2,790,000,000
-
2,790,000,000
(253,056,275)
41,540,657
2,536,943,725
2,578,484,382
Beginning balance 94,881,924,366 23,805,875,712 118,687,800,078
New purchase - 550,518,425 550,518,425
Amount
VND
42.36 60,832,672,517
2,578,484,382
142,447,513
63,553,604,412
Ending balance 94,881,924,366 24,356,394,137 119,238,318,503
In which:
Ending balance
Quang Trong
18,000,000,000
-
18,000,000,000
(17,854,667,185)
(2,885,302)
-
-
(17,857,552,487)
145,332,815
142,447,513
Fully amortised - 11,014,192,435 11,014,192,435
Accumulated amortisation
Ownership
%
31.00
36.00
-
Beginning balance (6,679,868,057) (14,179,140,923) (20,859,008,980)
Amortisation for the year (611,035,860) (4,764,471,627) (5,375,507,487)
Ending balance (7,290,903,917) (18,943,612,550) (26,234,516,467)
FCC
159,600,000,000
-
159,600,000,000
(69,599,779,435)
(29,167,548,048)
-
-
(98,767,327,483)
90,000,220,565
60,832,672,517
Business activities
Civil and industrial

constructions services
Real estates and
construction services
Real estates and
project management services
Trade of construction materials,
construction services and real estate
Net carrying value
Ending balance 87,591,020,449 5,412,781,587 93,003,802,036
14. INVESTMENT PROPERTIES
Ricons (*)
57,960,000,000
(57,960,000,000)
-
243,645,477,459
2,124,172,395
(245,769,649,854)
-
301,605,477,459
-
Accumulated share in post-acquisition (loss) profit of associates
VND
Office building Others Total
Cost
Details of these investments in associates are as follows:

Beginning balance and Ending
51,057,186,713 18,620,363,909 69,677,550,622
balance
Accumulated depreciation
Ricons Group Investment Construction Joint Stock

Quang Trong Commercial Joint Stock Company
Beginning balance (15,503,928,434) (4,570,264,924) (20,074,193,358)
Hiteccons Investmen Joint Stock Company
Share in post-acquisition profit (loss) of

Depreciation for the year (2,010,711,858) (744,814,572) (2,755,526,430)
FCC Infrastructure Investment Joint Stock

Ending balance (17,514,640,292) (5,315,079,496) (22,829,719,788)
Net carrying amount
16. LONG-TERM INVESTMENTS

16.1 Investment in associates
Unrealise profit in the year

associates for the year
Net carrying amount

Ending balance 33,542,546,421 13,305,284,413 46,847,830,834
Company (“Ricons”) (*)
Cost of investment
Beginning balance
Beginning balance
Beginning balance
Company (“FCC”)
Ending balance
Ending balance
Ending balance
The fair value of the investment properties was not formally assessed and determined as at 31 December 2020.
(“Quang Trong”)
However, given the present occupancy rate of these properties, it is management’s assessment that these
(“Hiteccons”)
Decrease
Decrease
properties’ market values are higher than their carrying value as at the balance sheet date.
TOTAL
Name
15. LONG-TERM WORK IN PROGRESS
This represent the Land use right that acquired for real estate project.
1. 2. 3. 4. 5.
B09-DN/HN
16. LONG-TERM INVESTMENTS (continued) 18. STATUTORY OBLIGATIONS
16.2 Investment in another entity

VND
The details of investment in another entity are as follows: Beginning Increase in Off set in Payment in
Ending balance
balance the year the year the year
Ownership Amount Ownership Amount Corporate
47,889,740,881 169,517,977,951 - (164,932,519,420) 52,475,199,412
% (VND) % (VND) income tax
Ricons Group Investment Construction Personal

14.30 301,605,477,459 - - 39,960,210,013 91,050,653,909 - (121,930,253,914) 9,080,610,008
Joint Stock Company (*) income tax
(*) The authorisation for 8.8% of voting right in Ricons given to the Company were expired on 31 December 2019. Value-added
- 1,551,195,902,854 (1,354,536,369,997) (196,659,532,857) -
According the Company has no significant influence on Ricons and the investment in Ricons was reclassified as tax
another investment.
Others - 1,788,397,002 - (1,788,397,002) -
17. TRADE PAYABLES AND ADVANCES FROM CUSTOMERS
TOTAL 87,849,950,894 1,813,552,931,716 (1,354,536,369,997) (485,310,703,193) 61,555,809,420
17.1 Short-term trade payables
19. SHORT-TERM ACCRUED EXPENSES
VND
Ending balance Beginning balance VND
226,006,088,641 594,123,185,007 Ending balance Beginning balance
Joint Stock Company
Riland Investment Joint Stock Company 64,036,085,177 154,762,782,088 Accruals for on-going
1,560,768,867,208 2,099,811,113,108
Others 3,017,143,929,272 3,822,501,234,309 construction projects
TOTAL 3,307,186,103,090 4,571,387,201,404 Others 2,659,889,300 2,360,000,000
In which:
TOTAL 1,563,428,756,508 2,102,171,113,108
Payables to related parties (Note 31) - 748,885,967,095
20. SHORT-TERM UNEARNED REVENUE
17.2 Short-term advances from customers
VND
VND
Ending balance Beginning balance Ending balance Beginning balance
Nam Phuong Development Investment
130,000,000,000 - Unearned revenue from
Joint Stock Company 43,760,269,001 54,781,130,228
construction works
Thai Son Construction Investment
57,387,230,960 76,609,584,169
Joint Stock Company Unearned revenue from
813,426,066 -
Vinhomes Joint Stock Company 52,926,365,384 - office leasing
Phu My Hung Development TOTAL 44,573,695,067 54,781,130,228
46,528,101,913 69,089,850,597
Company Limited
Le Phong Development And Investment
39,761,805,781 -
Company Limite
Sabeco Hp Investment
38,353,156,843 38,353,156,843
Company Limited
Phuong Nam 3A-2 Real Estate Business
- 114,618,345,120
Joint Stock Company
Other customers 144,735,513,648 391,506,868,808
TOTAL 509,692,174,529 720,914,499,291
1. 2. 3. 4. 5.
B09-DN/HN
21. OTHER PAYABLES
VND
Total
- 7,962,493,198,894
43,829,200,000
60,545,000,000
(3,865,600,000)
710,670,626,323
(75,520,000,000)
- (228,877,719,000)
1,028,773,028,814 54,055,080,895 8,469,274,706,217

VND
Short-term 93,793,960,789 41,603,836,458
Non-
controlling
interest
- 43,829,200,000
- 10,200,000,000
25,880,895
-
Payable to repurchase stocks 76,101,743,649 -
Payable to construction teams and employees 15,968,769,849 28,265,070,533
Others 1,723,447,291 13,338,765,925
Long-term 2,039,203,038 542,006,657
Undistributed
earnings
(As restated -
Note 34)
1,604,291,002,386
710,644,745,428
(981,765,000,000)
(75,520,000,000)
(228,877,719,000)
Deposits 2,039,203,038 542,006,657
TOTAL 95,833,163,827 42,145,843,115
22. PROVISIONS
Investment and
development
fund
783,550,000,000 2,997,645,175,385 (439,558,938,999) 3,016,565,960,122
981,765,000,000
792,550,000,000 3,038,990,175,385 (443,424,538,999) 3,998,330,960,122

VND
Short-term 85,109,244,449 65,205,053,085
Provisions for construction warranty 85,109,244,449 65,205,053,085
Treasury
shares
(3,865,600,000)
-
Long-term 3,535,757,726 6,310,251,884
Severance allowance 3,535,757,726 6,310,251,884
TOTAL 88,645,002,175 71,515,304,969
23. BONUS AND WELFARE FUND
Share
premium
41,345,000,000
-
VND
24.1 Increase and decrease in owners’ equity

Beginning balance 66,370,965,663 157,276,000,184
Share
capital
9,000,000,000
-
Increase in the year (Note 24.1) 51,450,950,058 75,520,000,000
Utilization of fund (29,992,417,495) (166,425,034,521)
Ending balance 87,829,498,226 66,370,965,663

24. OWNERS’ EQUITY
Dividends declared
Profit appropriation
Beginning balance
(As restated - Note
Transfer to bonus
and welfare fund
Net profit for the
Increase capital
Treasury shares
Ending balance
Previous year
New establish
(Note 23)
year
34)
1. 2. 3. 4. 5.
B09-DN/HN
24. OWNERS’ EQUITY (continued)
24.1 Increase and decrease in owners’ equity (continued)
VND
Undistributed
Investment and
Share capital Share premium Treasury shares earnings Non-controlling interest Total
development fund
(As restated - Note 34)
Current year
Beginning balance
As previously reported 792,550,000,000 3,038,990,175,385 (443,424,538,999) 3,998,330,960,122 1,029,019,001,156 54,055,080,895 8,469,520,678,559
Impact of retrospective
- - - - (245,972,342) - (245,972,342)
adjustments - Note 34
As restated 792,550,000,000 3,038,990,175,385 (443,424,538,999) 3,998,330,960,122 1,028,773,028,814 54,055,080,895 8,469,274,706,217
Net profit for the year - - - - 334,374,615,618 179,662,405 334,554,278,023
Profit appropriation - - - 668,862,350,751 (668,862,350,751) - -
Transfer to bonus and welfare fund

- - - - (51,450,950,058) - (51,450,950,058)
(Note 23)
Treasury shares - - (76,101,743,649) - - - (76,101,743,649)
Dividends declared - - - - (228,877,719,000) - (228,877,719,000)
Others - - - - (48,729,095,492) - (48,729,095,492)
Ending balance 792,550,000,000 3,038,990,175,385 (519,526,282,648) 4,667,193,310,873 365,227,529,131 54,234,743,300 8,398,669,476,041
24.2 Capital transactions with owners and distribution of dividends 24.3 Shares
VND
Number of shares
Current year Previous year
Share capital
Authorised shares 79,255,000 79,255,000
Beginning balance 792,550,000,000 783,550,000,000
Shares issued and fully paid 79,255,000 79,255,000
Increase in year - 9,000,000,000
Ordinary shares 79,255,000 79,255,000
Ending balance 792,550,000,000 792,550,000,000
Treasury shares 3,922,427 2,962,427
Dividends
Ordinary shares 3,922,427 2,962,427
Dividends declared 228,877,719,000 228,877,719,000
Shares in circulation 75,332,573 76,292,573
Ordinary shares 75,332,573 76,292,573
1. 2. 3. 4. 5.
B09-DN/HN
24. OWNERS’ EQUITY (continued) 25. REVENUES
24.4 Dividends 25.1 Revenues from sale of goods and rendering of services
VND VND
Gross revenue 14,589,198,781,083 23,733,028,252,165
Dividends paid during the year In which:
Dividends on ordinary shares Rendering of construction services 14,564,921,164,687 23,619,283,888,092

Rental income from investment properties 8,340,266,212 11,983,510,668
Dividends by cash 229,107,038,550 229,028,397,550
Rental of construction equipment 5,080,823,041 5,699,361,534
Others 10,856,527,143 96,061,491,871
24.5 Earnings per share Less (31,112,346,115) -
Sale allowances (31,112,346,115) -
The following reflects the income and share data used in the basic and diluted earnings per share computations:
Net revenue 14,558,086,434,968 23,733,028,252,165
In which:
VND
Rendering of construction services (*) 14,533,808,818,572 23,619,283,888,092
Previous year Rental income from investment properties 8,340,266,212 11,983,510,668
Current year
Rental of construction equipment 5,080,823,041 5,699,361,534
Net profit after tax attributable to shareholders of the Others 10,856,527,143 96,061,491,871
334,374,615,618 710,644,745,428
parent
(*) Revenue from construction contracts recognised during the year are as follows:
Less: Bonus and welfare fund and allowance for Board
16,718,730,781 35,532,237,271
of management (*)
VND
Net profit after tax attributable to ordinary equity Current year Previous year
317,655,884,837 675,112,508,157
holders
Revenue recognised during the year of the on-going
Weighted average number of ordinary shares during 14,052,907,179,265 22,092,156,759,821
76,291,258 76,232,012 construction contracts
the period (shares)
Revenue recognised during the year of the completed
Basic and diluted earnings per share (VND/share) 4,164 8,856 480,901,639,307 1,527,127,128,271
construction contracts
(*) Net profit used to compute earnings per share for the year ended 31 December 2019 was adjusted for the TOTAL 14,533,808,818,572 23,619,283,888,092
provisional allocation to bonus and welfare fund from 2019 profit following the plan as approved in the resolution Cumulative revenue recognised up to end of year of
of the shareholders meeting dated 9 April 2019. 60,410,219,080,290 67,155,159,766,955
the on-going construction contracts
Net profit used to compute earnings per share for the year ended 31 December 2020 was adjusted for the
25.2 Finance income
provisional allocation to bonus and welfare fund from 2020 profit following the plan as approved in the resolution
of the shareholders meeting dated 30 June 2020.
VND
There have been no potential dilutive ordinary shares during the year and up to the date of these consolidated Current year Previous year
financial statements.
Interest income from bank deposits 227,282,210,281 254,817,694,365
Dividend received 9,072,000,000 -
Foreign exchange gains 234,077,936 752,387,267
Late payment interest (8,371,982,965) -
Interest from stock transfer - 8,294,411,918
TOTAL 228,216,305,252 263,864,493,550
1. 2. 3. 4. 5.
B09-DN/HN
26. COST OF GOODS SOLD AND SERVICES RENDERED 29. PRODUCTION AND OPERATING COSTS
VND VND
Current year Previous year Current year Previous year
Rendering of construction services 13,689,912,459,801 22,586,608,633,250 External services expenses 8,337,793,572,465 14,625,860,046,650
Rental of investment properties 5,637,016,516 5,501,858,231 Raw materials 4,238,389,410,025 6,570,708,886,147
Rental of construction equipment 2,360,003,103 3,551,644,401 Labour costs 909,712,787,896 1,324,689,003,789
Others 3,769,942,136 89,258,975,098 Tools and supplies 166,562,940,626 322,965,271,017
TOTAL 13,701,679,421,556 22,684,921,110,980 Depreciation and amortization (Notes 12, 13 and 14) 107,825,436,581 108,513,963,904
Provision 308,103,826,788 3,584,626,947

27. GENERAL AND ADMINISTRATIVE EXPENSES
Others 188,354,245,950 281,114,970,288
VND TOTAL 14,256,742,220,331 23,237,436,768,742

30. CORPORATE INCOME TAX
Labour costs 259,952,985,817 324,052,057,490
The statutory corporate income tax (“CIT”) rate applicable to the Group is 20% of taxable profits.
Provision expense 277,171,768,935 4,645,864,739
The tax returns filed by the Group are subject to examination by the tax authorities. As the application of tax
Expenses for external services 43,443,497,111 42,773,397,376
laws and regulations is susceptible to varying interpretations, the amounts reported in the consolidated financial
Depreciation and amortisation 35,089,822,983 34,344,122,138 statements could change at a later date upon final determination by the tax authorities.
Others 40,202,028,621 53,163,701,707 30.1 CIT expense

TOTAL 655,860,103,467 458,979,143,450
VND
28. OTHER INCOME AND EXPENSES
VND CIT expense of current year 166,415,557,102 164,565,133,761

Previous year Adjustments for under (over) accrual of
Current year 1,976,481,385 (112,093,795)
(As restated - Note 34) tax from prior years
OTHER INCOME 39,342,162,410 41,825,059,246 168,392,038,487 164,453,039,966
Reversal of warranty provision 13,043,451,634 16,881,423,182 Deferred tax (income) expense (74,990,071,547) 15,361,288,234
Reversal of over accrual for construction expenses 9,219,293,348 12,067,878,931 TOTAL 93,401,966,940 179,814,328,200
Gain from disposal of fixed assets 3,111,959,650 6,151,724,373
Others 13,967,457,778 6,724,032,760
OTHER EXPENSES (12,681,817,591) (8,392,522,611)
OTHER PROFIT 26,660,344,819 33,432,536,635
1. 2. 3. 4. 5.
B09-DN/HN
30. CORPORATE INCOME TAX (continued) 30.3 Deferred tax
30.1 CIT expense (continued) The following are the deferred tax assets and deferred tax liabilities recognised by the Group and the movements
thereon, during the current and previous years:
Reconciliation between CIT expense and the accounting profit before tax multiplied by CIT rate is presented below:
VND
VND
Consolidated Consolidated
Previous year balance sheet income statement
Current year
Ending balance Beginning balance Current year Previous year
Accounting profit before tax 427,956,244,963 890,484,954,523
CIT at applicable tax rate 85,591,248,992 178,096,990,906 Revaluation of an asset (48,729,095,492) - - -
Adjustments: Provision for

(76,576,360) (13,997,620,725) 13,921,044,365 (13,921,044,365)
investments
Share of loss (profit) from associates 5,825,778,539 (813,854,709)
Unrealised foreign
Non-deductible expenses 1,752,629,917 2,808,413,675 (6,801,121) (6,801,121) - -
exchange differences
Dividend income (1,814,400,000) - Provision for doubtful
55,094,597,994 - 55,094,597,994 -
debts
Unrealised loss (profit) 70,228,107 (165,127,877)
Provision for obsolete
Adjustments for under (over) accrual of tax from 5,998,655,573 - 5,998,655,573 -
1,976,481,385 (112,093,795) inventories
prior years
Unrealised profit 1,192,426,420 564,403,973 628,022,447 (995,571,711)
CIT expense 93,401,966,940 179,814,328,200
Severance allowances 609,801,545 1,262,050,377 (652,248,832) (444,672,158)
30.2 Current tax
Net deferred tax
14,083,008,559 (12,177,967,496)
The current CIT payable is based on taxable income for the current year. The taxable income of the Group for the liabilities
year differs from the profit as reported in the consolidated income statement because it excludes items of income or Deferred tax income (expense) 74,990,071,547 (15,361,288,234)
expense that are taxable or deductible in other years and it further excludes items that are not taxable or deductible.
The Group’s liability for current tax is calculated using tax rates that have been enacted by the consolidated balance
sheet date.
1. 2. 3. 4. 5.
B09-DN/HN
31. TRANSACTIONS WITH RELATED PARTIES
Significant transactions with related parties in current year and prior year were as follows:
VND
Related party Relationship Nature of transaction Current year Previous year
Ricons Group Investment Construction Related party

Construction cost 114,239,370,412 1,229,921,873,283
Joint Stock Company (to 30 September 2020)
Construction services 22,291,104,533 322,047,576,437
Equipment rental expense 3,250,591,593 5,384,563,447
Office rental income 2,898,989,838 4,546,200,804
Equipment rental income 861,621,105 3,504,982,251
Purchase of construction material - 97,605,744,748
Others 516,438,955 4,834,447,474
FCC Infrastructure Investment Joint Stock Company Associate Capital contribution - 61,600,000,000
Riland Investment Joint Stock Company Related party (to 30 September 2020) Purchase of construction materials and services 241,473,969,226 459,551,718,277
Kusto Group Pte. Ltd. Related party Office rental income 123,334,966 -
Amounts due to and due from related parties at the balance sheet dates were as follows:
VND
Related parties Relationship Nature of transaction Ending balance Beginning balance
Short-term trade receivables

Related party (to 30 September 2020) Sale of construction materials and construction services - 176,108,228,882
Joint Stock Company
Kusto Group Pte. Ltd. Related party Office rental income 134,106,720 -
134,106,720 176,108,228,882
Short-term trade payables

Related party (to 30 September 2020) Purchase of construction materials and construction cost - 594,123,185,007
Joint Stock Company
Riland Investment Joint Stock Company Related party (to 30 September 2020) Purchase of construction materials and construction cost - 154,762,782,088
- 748,885,967,095
1. 2. 3. 4. 5.
B09-DN/HN
31. TRANSACTIONS WITH RELATED PARTIES (continued) 32. COMMITMENTS
Transactions with other related parties The Group leases out its Coteccons Building property under operating lease arrangements. The future minimum
rental receivable as at the balance sheet dates under the operating lease agreements is as follows:
Remuneration to members of the Board of Directors, Board of Supervision and Board of Management:
VND
VND
Individuals Position Remuneration
Less than 1 year 9,447,132,780 9,098,747,924
Current year Previous year From 1 to 5 years 8,390,776,515 32,788,984,563
Mr. Bolat Duisenov Chairman of BOD - - TOTAL 17,837,909,295 41,887,732,487
Mr. Herwig Guido H. Van Hove Member of BOD - -

33. SEGMENT INFORMATION
Chairman of BOD
Mr. Nguyen Ba Duong 6,943,349,361 20,565,840,314 The primary segment reporting format is determined to be business segments as the Group’s risks and rates of
to 2 October 2020
return are affected predominantly by differences in the products and services rendered. Secondary information is
Member of BOD reported geographically. The operating businesses are organised and managed separately according to the nature
Mr. Nguyen Quoc Hiep 111,000,000 854,000,000
to 12 October 2020 of the products and services provided, with each segment representing a strategic business unit that offers different
Mr. Talgat Turumbayev Member of BOD 75,000,000 640,000,000 products and serves different markets.
Member of BOD Construction services segment;

Mr. Tran Quyet Thang 100,000,000 710,000,000
to 20 June 2020
Construction materials trading segment;
Mr. Tan Chin Tiong Member of BOD 70,000,000 512,000,000
Mr. Yerkin Tatishev Member of BOD 84,000,000 3,086,000,000 Investment properties activities segment; and
General Director to Other segment.

Mr. Nguyen Sy Cong 4,198,759,423 12,835,368,617
5 August 2020
Mr. Vo Thanh Liem Acting General Director 4,299,376,919 6,435,399,387 Transfer prices between business segments are set on an arm’s length basis in a manner similar to transactions
with other parties. Segment revenue, segment expense and segment result include transfers between business
Mr. Pham Quan Luc Deputy General Director 2,653,198,845 - segments.
Mr. Tran Tri Gia Nguyen Deputy General Director 1,477,489,813 -

Mr. Tu Dai Phuc 3,041,662,808 6,852,307,079
to 12 October 2020

Mr. Tran Quang Quan 3,120,111,646 11,451,768,618
to 5 August 2020

Mr. Tran Van Chinh 1,968,562,500 3,309,398,271
to 30 September 2020
Mr. Dang Hoai Nam Member of BOS 1,605,511,605 2,417,893,125
Mr. Luis Fernando Garcia Agraz Head of BOS 66,000,000 436,000,000
Mr. Nguyen Minh Nhut Member of BOS 66,000,000 376,000,000
TOTAL 29,880,022,920 70,481,975,411
1. 2. 3. 4. 5.
B09-DN/HN
33. SEGMENT INFORMATION (continued) In addition to the retrospective adjustments as disclosed above, certain corresponding figures on the consolidated
financial statements as at and for the year ended 31 December 2019 have been reclassified to reflect the presentation
The following tables present revenue and profit information regarding the Group’s business segment: of the current year’s consolidated financial statements. Impacts of restatement and reclassification are as follow:
VND VND
As previously reported Restatement Restated amount
Rental of Investment
Construction
construction properties Others Total Consolidated balance sheet
services
equipment services Non-Current Assets
Tangible fixed assets 606,653,633,812 (245,972,342) 606,407,661,470
Previous year
Cost 1,055,852,299,665 (11,130,558,713) 1,044,721,740,952
Net revenue 23,619,283,888,092 5,699,361,534 11,983,510,668 96,061,491,871 23,733,028,252,165
Accumulated depreciation (449,198,665,853) 10,884,586,371 (438,314,079,482)
Cost of goods sold/
(22,586,608,633,250) (3,551,644,401) (5,501,858,231) (89,258,975,098) (22,684,921,110,980) Capital
services rendered
Undistributed earnings 1,029,019,001,156 (245,972,342) 1,028,773,028,814
Gross profit 1,032,675,254,842 2,147,717,133 6,481,652,437 6,802,516,773 1,048,107,141,185
Current year
Net revenue 14,533,808,818,572 5,080,823,041 8,340,266,212 10,856,527,143 14,558,086,434,968

VND
Cost of goods sold/
(13,689,912,459,801) (2,360,003,103) (5,637,016,516) (3,769,942,136) (13,701,679,421,556) As previously reported Restatement Restated amount
services rendered
Consolidated income statement
Gross profit 843,896,358,771 2,720,819,938 2,703,249,696 7,086,585,007 856,407,013,412
Other expenses (8,146,550,269) (245,972,342) (8,392,522,611)

Accounting profit before tax 890,730,926,865 (245,972,342) 890,484,954,523
34. RESTATEMENT OF PRIOR YEAR’S ERRORS AND RECLASSIFICATION OF CORRESPONDING FIGURES Net profit after tax 710,916,598,665 (245,972,342) 710,670,626,323
Basic earnings per share 8,859 (3) 8,856
Management decided to retrospective adjust the omission in previous year where certain machineries and
Diluted earnings per share 8,859 (3) 8,856
equipment were disposed but have not been recorded in accounting book. Accordingly, the Company recorded
the decrease in “Tangible fixed assets” and the decrease in “Undistributed earnings” as at 31 December 2019 and Consolidated cash flow statement
the increase in “other expenses” for the year then ended by the amount of VND 245,972,342. Cash flows from operating activities
Accounting profit before tax 890,730,926,865 (245,972,342) 890,484,954,523
Impacts of retrospective adjustments to “Undistributed earnings” are summarized as follows:
Profit from investing activities (273,887,773,585) 245,972,342 (273,641,801,243)
VND 35. EVENTS AFTER THE CONSOLIDATED BALANCE SHEET DATE

As at 31 December 2019
As at 29 January 2021, the Group sold 22,545,000 shares of IDICO Corporation (“Idico”). Accordingly, the Group’s
Undistributed earnings were reported previously 1,029,019,001,156 ownership in IDICO decreased to 0.62%.
Impact of retrospective adjustment:
(245,972,342) There is no matter or circumstance that has arisen since the consolidated balance date that requires adjustment or
Adjustment for overstatement of tangible fixed assets
disclosure in the consolidated financial statements of the Group.
Undistributed earnings after retrospective adjustments 1,028,773,028,814

30 March 2021
1. 2. 3. 4. 5.
APP E ND I X - 20 2 0 SI GN I F I CA N T PR O J E CTS GO BEYOND | COTECCONS
APPENDIX
RESIDENTIAL PROJECTS
Developer : Sun Group
Location : Hanoi
58 TAY HO
Type of project : Residential
Package : General contractor
Scale : 3.6ha
Contract value : VND1,580 billion
Construction time : Aug 2018 - Ongoing
Developer : Mapletree
Location : HCMC
ONE Type of project : Residential
VERANDAH Package
Scale
: General contractor
: 120,000 m2 GFA
Construction time : May 2018 - Feb 2020
152 COTECCONS | Annual Report 2020 Appendix 153

RESIDENTIAL PROJECTS (CONTINUED)
Developer : Hoa Lam Developer : Phu My Hung

Location : HCMC Location : HCMC
Type of project : Residential CR8 2B&3 Type of project : Residential
KINGDOM 101
PROJECT
Package : General contractor Package : Design & Build
Scale : 151,200 m GFA
2 Scale : 57,158 m2 GFA
Contract value : VND1,650 billion Contract value : VND824 billion
Construction time : Sep 2017 - 2020 Construction time : Feb 2019 - Oct 2021

RESIDENTIAL PROJECTS (CONTINUED)
THE MARQ AKARI NAM LONG
Developer : Son Kim Land Developer : Hongkong Land Developer : Nam Long Group
Location : HCMC Location : HCMC Location : HCMC
METROPOLE Type of project : Residential Type of project : Residential Type of project : Residential
THU THIEM
Package : General Contractor Package : Design & Build Package : Design & Build
2
2
Scale : 213,900 m2 GFA
Contract value : VND1,330 billion Contract value : VND2,050 billion Contract value : VND2,000 billion
Construction time : May 2019 - Mar 2021 Construction time : Jul 2018 - May 2021 Construction time : Aug 2019 - Mar 2021

COMMERCIAL PROJECTS
CAPITAL PLACE FRIENDSHIP TOWER TECHCOMBANK TIMES CITY OFFICE

OFFICE - HANOI
Developer : Vingroup Developer : CZ Slovakia Vietnam Developer : Techcombank Developer : Vingroup

Location : Hanoi Location : HCMC Location : Hanoi Location : Hanoi
Type of project : Office Type of project : Office Type of project : Office Type of project : Office
Package : General Contractor Package : General Contractor Package : General Contractor Package : General Contractor
Scale : 4 basements, 38 floors Scale : 4 basements, 21 floors, 25,000 m GFA
2
Scale : 5 basements, 22 floors Scale : 63,884 m2 GFA
Contract value : VND1,080 billion Contract value : VND380 billion Contract value : VND523 billion Contract value : VND174 billion
Construction time : May 2019 - 2020 Construction time : Oct 2019 - 2020 Construction time : Jul 2019 - Sep 2020 Construction time : Jul 2019 - 2020

INDUSTRIAL PROJECTS
HOA PHAT
DUNG QUAT
Developer : Hoa Phat

Location : Dung Quat
Type of project : Iron and Steel Production Complex
Package : Design & Build
Scale : 378 ha
Construction time : Aug 2017 - 2020
VINFAST EXPANSION
- CELL BATTERY
FACTORY
Developer : Vingroup
Location : Hai Phong
Type of project : Factory
Package : General Contractor
Scale : 29,000 m2 GFA
Construction time : May 2020 - ongoing

HOSPITALITY PROJECTS
Developer : VinaCapital, Chơ-Tai-Fook, SunCity Developer : Ho Tram Project Co., Ltd.
HOIAN SOUTH Location : Hoi An HO TRAM STRIP Location : Vung Tau
DEVELOPMENT (PHASE 2)
Type of project : Resort, Casino Type of project : Resort and Casinol
Package : General contractor Package : Design & Build
Casino + Podium (3 floors, 16,600 m /floor)
2
Scale : 164 ha
Scale : New World Hotel (18 floors, 2,563 m2/floor)
All Suites Hotel (21 floors, 2,170 m2/floor) Contract value : VND5,453 billion
Contract value : VND7,000 billion : Phase 1: Oct 2010 - Dec 2012

Construction time
Phase 2: Ongoing
Construction time : Aug 2017 - Dec 2020

APP E ND I X - 20 2 0 SI GN I F I CA N T PR O J E CTS
HOSPITALITY PROJECTS (CONTINUED)
Developer : Nhat Ha Co., Ltd. IN ORDER TO PROTECT THE ENVIRONMENT, CONTECCONS FY2020
PULLMAN Location : Hai Phong ANNUAL REPORT IS PRINTED IN A LIMITED NUMBER OF COPIES.
ONCE NO LONGER IN USE, PLEASE KINDLY HAND THEM OVER
HAI PHONG
Type of project : Hotel
TO PERSONS WHO ARE INTERESTED IN.
Package : General Contractor
Scale : 01 basement, 32 floors IN ADDITION, CONTECCONS FY2020 ANNUAL REPORT IS ALSO ANNOUNCED
Contract value : VND1,600 billion IN ELECTRONIC VERSIONS. INTERESTED READERS
Construction time : May 2018 - Dec 2020 PLEASE KINDLY ACCESS TO COMPANY WEBSITE:
WWW.COTECCONS.VN

COTECCONS CONSTRUCTION JOINT STOCK COMPANY
No. 236/6 Dien Bien Phu, Ward 17, Binh Thanh Dist, Ho Chi Minh City.
T | (84) (28) 35142255 - 35142266
F | (84) (28) 35142277
E | [email protected]
www.coteccons.vn

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KHÁT VỌNG VƯƠN XA

With aspirations and strong beliefs in the future,

Co., Ltd. : Limited Liability Company PBT : Profit Before Tax

98 Sustainable development commitment

5 Financial Perspective 121 2020 Audited Consolidated Financial Statements

ABOUT US OUR PRESENCE

With outstanding capabilities, undertaking projects of international stature,

Vietnamese name : Công ty Cổ phần Xây dựng Coteccons

English name : Coteccons Construction Joint Stock Company

LOCAL AND INTERNATIONAL

MAIN BUSINESS LINES

Installation of water supply, drainage, heating and air conditioning

VISION, MISSION, HISTORY OF ESTABLISHMENT AND DEVELOPMENT

To Customer Open | Sincere | Effective

400+ 1,659 3,500

TOP 500 TOP 50

105,970 4,164 30%

2014 - 2020 FINANCIAL OVERVIEW

14,558 428 14,157

Long-term liabilities 14 13 12 11 9 19 6 -68% -14%

Increase/ Profit margin

COTECCONS - EFFORTS IN 2020

JULY Commencement Ceremony of Sun Grand City Project - SunGroup

Commencement of Park Hyatt Phu Quoc Project - six-star class

AUGUST Commencement of The Origami Vinhomes Grand Park in District 9

Green day Campaign - Ho Tram Strip Project

Response to the movement “Vietnam joins forces to prevent Covid-19 pandemic”

OCTOBER Best place to work 2020 - Construction/Construction materials/Architecture Industry

Board of Directors’ capability

BOARD OF DIRECTORS’ CAPABILITY

Professional experience Professional experience

BUSINESS ENVIRONMENT Contribution to GDP of construction sector

Promising future in 2021

Optimistic scenario Pessimistic scenario

Key public investment projects in 2020 - 2026 SWOT ANALYSIS

Metro 1 (Ben Thanh - Suoi Tien) 43,757 2012 4Q2021 STRENGTHS

Resolution No. 55-NQ/TW Letter No. 828/BCT-ĐL OPPORTUNITIES

Share of renewable energy: Share of renewable energy:

UNLOCK FOR COUNTRY

FOR SUPPLIERS FOR CUSTOMERS

Create equal Contribute to the

INTERNAL AUDIT COMMITTEE

Risk factors Risk responses

OPERATIONAL RISK FINANCIAL RISK

WORK SAFETY PRICE FLUCTUATION

Risk factors Risk responses Risk factors Risk responses

REPORT OF THE BOARD OF DIRECTORS

Risk factors Risk responses

Governance and Operations Mechanism at Coteccons Coteccons is currently implementing a

SECRETARY Investment Committee

Internal Audit Board CEO

COMPLIANCE DESIGN &

Technical Tender Dept. Procurement Hanoi Unicons Investment

Quality Mgmt. Tender Dept. Equipment

Diversification Contract & Claims

100% 100% 100% 100%

IMPLEMENTATION OF THE BOD AND ANNUAL GENERAL MEETING

Amended a number of articles of the Company