RICONS HELD 18TH ANNUAL GENERAL MEETING OF SHAREHOLDERS – 2025

On the morning of June 21, 2025, Ricons Construction Investment Joint Stock Company held 18th Annual General Meeting of Shareholders (AGM) virtually from its headquarters in Ho Chi Minh City.

During the meeting, the Board of Directors, Executive Board and Supervisory Board reported on the business performance in 2024 and presented the strategic direction for 2025.

2024 BUSINESS PERFORMANCE:

The year 2024 marked the 20th anniversary of Ricons’ establishment – a significant milestone for the company to reflect on development journey and shape a sustainable path forward amid the recovery of the construction and real estate market.

Demonstrating strong construction capability, brand credibility and the decisiveness, flexibility, and creativity of leadership, Ricons reaffirmed the position as one of Vietnam’s leading general contractors—particularly through direct participation in two national key projects: Long Thanh International Airport and Terminal T3 of Tan Son Nhat International Airport. Despite challenges in bidding and long-standing debt recovery, the company successfully exceeded 2024 business plan with a remarkable increase in post-tax profit.

According to the 2024 consolidated financial report, Ricons recorded a net revenue of VND 8,012 billion, achieving 114.5% of the annual target—highlighting effective management in a challenging market environment. Notably, post-tax profit attributable to shareholders of the parent company reached VND 158.8 billion, fulfilling 264.7% of the plan and increasing by 101% compared to 2023. These figures reflected significant improvements in both profit margins and the company’s ability to control costs and recover debts.

Throughout the year, Ricons also earned numerous prestigious awards, including: Top 3 Most Reputable Construction Contractors in Vietnam, Top 5 Enterprises in the Construction/Architecture Sector (Large Enterprise Group), Top 500 Largest Enterprises in Vietnam, First Prize in the “The Design & Make 2024” BIM Competition held in the U.S, First Prize ASEAN Innovation Award – Southeast Asia Champion – BIM Competition, Top 100 Sustainable Businesses in Vietnam

These accolades recognized Ricons’ relentless efforts and reaffirmed its standing as a top-tier general contractor in Vietnam.

STRATEGIC DIRECTION FOR 2025:

The year 2025 marked a pivotal period as Vietnam entered a new phase of national reform, driven by comprehensive governance overhauls initiated by the Party and the Government. The Government’s ambition to maintain high and sustained GDP growth—alongside the launch of unprecedented infrastructure development programs—presented significant opportunities for Vietnam’s construction and real estate sectors, including Ricons.

However, despite the optimism regarding mid- and long-term sectoral prospects, Ricons’ Board of Directors adopted a prudent approach by setting the 2025 business target at VND 8,000 billion in revenue.

In 2025, the company continued to face a range of challenges in the construction market, including legal bottlenecks, intense competition in bidding—especially in southern provinces—and unresolved receivables from previous years. At the same time, Ricons had to maintain full focus on executing the Long Thanh International Airport project, which demanded strict adherence to progress and quality standards, along with multiple other ongoing projects.

Additionally, the ripple effects of global trade and tariff tensions—particularly those driven by the United States—impacted the flow of new foreign direct investment (FDI) projects. Despite these headwinds, the Board believed that Ricons—built on a strong foundation, a culture of continuous improvement, and a united workforce—was well-positioned to achieve further success in 2025 and capitalize on the momentum of Vietnam’s next wave of growth.

Notably, within just the first half of 2025, Ricons had already secured several high-value, large-scale contracts—further reinforcing brand reputation in the market.

The meeting also featured active discussions and feedback from online shareholders, all of which were addressed thoroughly and on-point by the Presidium within the allotted time.

Throughout the development journey, Ricons had consistently strived to affirm position as a leading construction contractor in Vietnam. The Board of Directors and Executive Board reiterated their full commitment to driving the company’s sustainable and robust growth—delivering maximum value to shareholders, partners and employees.