Coteccons, Vinaconex, Hoa Binh H1 2026: Revenue Up, Margins Diverge

Overview

Coteccons (CTD), Vinaconex (VCG), and Hoa Binh (HBC) released their H1 2026 financial statements, showing revenue growth across the board but sharply diverging profit margins. Coteccons posted the strongest revenue expansion, while Hoa Binh’s profit narrowed despite doubling revenue. The results highlight differing cost structures and non-operating income streams among Vietnam’s major construction firms.

Key Facts

• Coteccons (CTD) reported H1 2026 net revenue of VND 34,340 billion, up 38% year-on-year.
• Coteccons’ pre-tax profit reached VND 1,020 billion, with a net margin of 2.97%.
• Vinaconex (VCG) recorded H1 2026 revenue of VND 7,267 billion, up 4% YoY, and pre-tax profit of VND 705.5 billion (margin 9.71%).
• Vinaconex’s financial income surged 4.4x to VND 516 billion, driven by interest on deposits and loans.
• Hoa Binh (HBC) doubled revenue to VND 3,269 billion, but pre-tax profit fell to VND 77 billion.
• Hoa Binh’s other income dropped sharply from VND 183 billion to VND 42 billion, while financial costs remained at VND 190 billion.
• Coteccons’ other income jumped from VND 32 billion to VND 208 billion, mainly from a business cooperation contract liquidation.

What Happened

According to Q2 2026 financial reports, Coteccons achieved VND 34,340 billion in net revenue for the first half, a 38% increase from the same period last year. The company’s pre-tax profit stood at VND 1,020 billion, supported by strong revenue growth, higher financial income (up 59% to VND 407 billion), and a significant rise in other income to VND 208 billion. However, cost of goods sold rose to VND 32,894 billion, and administrative expenses more than doubled to VND 676 billion, partly due to a VND 135 billion bad-debt provision reversal in H1 2025.

Vinaconex recorded a modest 4% revenue increase to VND 7,267 billion, but its pre-tax profit reached VND 705.5 billion, with a margin of 9.71%. The key driver was a 4.4x jump in financial income to VND 516 billion, mainly from interest on deposits and loans. Cost of goods sold rose only slightly to VND 6,485 billion, helping margins.

Hoa Binh’s revenue doubled to VND 3,269 billion, but cost of goods sold also surged to VND 2,990 billion. Financial costs remained flat at VND 190 billion, while other income fell from VND 183 billion to VND 42 billion. Administrative expenses were cut to VND 29 billion, but the company’s pre-tax profit narrowed to just over VND 77 billion.

Market Context

On the HOSE, Coteccons (CTD) closed at VND 62,600 on August 3, 2026, while Vinaconex (VCG) traded at VND 15,750 and Hoa Binh (HBC) at VND 4,300. The construction sector has been under pressure from rising material costs and slow project disbursement, but these results show a clear divergence: Coteccons is scaling revenue aggressively, Vinaconex is leveraging financial income, and Hoa Binh is struggling to convert revenue into profit. The market will likely react to these margin differences, with Coteccons’ growth and Vinaconex’s profitability standing out.

Strategic Significance

For long-term investors, the H1 2026 results underscore the importance of cost management and non-operating income in Vietnam’s construction industry. Coteccons’ ability to grow revenue 38% while maintaining a 2.97% margin suggests it is winning market share, but its rising administrative costs warrant monitoring. Vinaconex’s reliance on financial income for profitability raises questions about the sustainability of its core construction business. Hoa Binh’s thin profit margin highlights the risks of aggressive revenue expansion without corresponding cost control. These dynamics will shape each company’s competitive position as Vietnam’s infrastructure spending accelerates.

What to Watch

• Q3 2026 earnings reports for CTD, VCG, and HBC, due in October 2026, to see if margin trends persist.
• Coteccons’ order book and new contract wins, particularly in industrial and residential construction.
• Vinaconex’s financial income trajectory, as interest rate changes could impact its non-operating earnings.
• Hoa Binh’s ability to reduce financial costs and stabilize other income streams.
• Any updates on large-scale infrastructure projects that could benefit all three contractors.