Coteccons Climbs Fortune 500 Ranking on Record Backlog, Strategic Shift

Coteccons Construction Joint Stock Company has climbed 19 places to rank 285th in the 2026 Fortune Southeast Asia 500, marking its third consecutive year of advancement on the influential list amid a strategic pivot and a record project backlog.

The Ho Chi Minh City-based contractor has steadily risen since its debut at 376th in 2024, improving to 304th in 2025. The annual ranking, compiled by Fortune magazine, lists the largest companies by revenue across seven Southeast Asian economies, with financial data independently verified by Refinitiv and S&P Global Market Intelligence.

In its report, Fortune highlighted Vietnam as one of the region's emerging growth engines. Vietnamese companies on the list posted average revenue growth of 10.5%, outpacing the overall average. While representing less than 10% of the 500 companies' total revenue, they contributed approximately one-quarter of the list's aggregate revenue growth. The publication also noted that much of the region's expansion is driven by mid-ranked firms strengthening their capabilities.

Against this backdrop, Coteccons reported revenue of approximately US$980 million and a profit of US$18 million in 2025, with a workforce of nearly 3,000 employees. The company attributed its recent gains to a series of strategic and governance reforms that have enhanced its business scale and operational performance.

For the 2026 fiscal year, the builder projects revenue will exceed VND30 trillion ($1.14 billion), with net profit forecast to surpass VND700 billion. This outlook is supported by a current project backlog of approximately VND65.5 trillion ($2.49 billion), the highest level in recent years, which provides strong visibility for future growth.

Management points to stronger internal capabilities and three long-term growth drivers: urbanization, industrialization, and international expansion. Overseas markets are expected to play an increasingly significant role in exporting Vietnamese construction expertise.

Alongside top-line growth, the company has focused on improving operational efficiency, cash-flow quality, and risk management. It expects profit margins to continue improving, while its days sales outstanding (DSO) have declined significantly, reflecting tighter financial controls. Its portfolio of large-scale, technically complex developments, including the Gia Binh International Airport and the APEC Convention Center in Phu Quoc, has bolstered its standing with domestic and multinational developers.

With a record backlog, the company said it is prioritizing transparent, high-value projects that align with its long-term strategy rather than pursuing rapid expansion alone. The third consecutive appearance in the Fortune ranking is viewed as recognition of its ongoing transformation.

According to Chairman Bolat Duisenov, the company is entering a strategic shift from "Growth" to "Quality Growth." He stated, "This journey begins with disciplined governance, optimized operations, and robust execution capabilities. It lays the foundation for our long-term sustainability, enabling us to deliver practical value to clients by specializing our capabilities in areas where Coteccons holds distinct competitive advantages."

Duisenov added that this approach unlocks new collaborations and cements investor confidence. "Earning a spot on the Fortune Southeast Asia 500 is a powerful endorsement of our capabilities and brand equity. It is also a driving force behind our greater aspiration: to write Vietnam's construction industry onto the regional and global construction map," he said.

Founded more than 20 years ago, Coteccons is a leading construction firm in Vietnam specializing in large-scale projects. The company plans to continue investing in engineering talent, technology, and execution capabilities to support sustainable growth and long-term value creation, with a focus on raising industry standards through innovation and ESG practices.