At 9:00 AM on June 12, 2025, Chuong Duong Corporation held its 2025 Annual General Meeting of Shareholders at the Rex Hotel in District 1, Ho Chi Minh City.
Attending and presiding over the meeting were Mr. Nguyen Ngoc Ben – Chairman of the Board of Directors of the Company; Mr. Van Minh Hoang – Member of the Board of Directors and General Director of the Company; other members of the Board of Directors; the Board of Management, Department Heads, and the leadership of subsidiary and affiliated companies. Also in attendance were shareholders and shareholder representatives who have accompanied the Company over the years.
Many Positive Results
Reporting on the business performance for 2024, Mr. Nguyen Ngoc Ben, Chairman of the Board of Directors, stated that in 2024, the Company maintained outstanding growth across all major business areas. The Company's financial situation was stable, meeting the needs for business operations throughout the year, which in turn created more momentum to promote business development. Capital recovery was a key focus and the set targets were achieved.
Specifically, the business results are as follows: Production value: VND 1,272.7 billion; revenue: VND 1,168.7 billion; development investment value: VND 200.8 billion; profit: VND 11.6 billion; capital recovery value: VND 1,644.3 billion.
Mr. Nguyen Ngoc Ben – Chairman of the Board of Directors of the Company, reports on the Board's activities in 2024 and the strategic development orientation for 2025 and the following years.
Regarding project management: Although some minor issues and limitations persist, the projects have generally met the requirements of investors, with no serious incidents related to quality or safety. The CDC brand is increasingly being positively recognized in the market.
Regarding industrial production activities: The marketing teams from the parent company to its subsidiaries have proactively bid for many projects with initial positive results. Chuong Duong Steel Structure Co., Ltd. is gradually recovering its operations and has achieved a degree of efficiency. The steel structure market remains highly competitive, with investors prioritizing familiar contractors. Commercial business activities: Chuong Duong Trading Corporation has maintained a stable customer base and good relationships with many major partners.
Mr. Van Minh Hoang – Member of the Board of Directors and General Director of the Company, reports on the 2024 business performance and the 2025 business plan at the General Meeting.
Regarding real estate investment and business activities: The planned social housing projects are still in the implementation phase. Investment activities in the southern provinces have seen positive developments; in May 2024, a groundbreaking ceremony was held for the Long Binh Tan Social Housing project in Bien Hoa City, Dong Nai Province.
Implementation of Numerous Housing Projects
Regarding the business plan for 2025, the Company's leadership stated that the goal is to complete all business plan targets as approved by the Resolution of the 2025 Annual General Meeting of Shareholders. This includes completing the recovery of outstanding debts in the construction sector from 2024 and earlier; launching the Long Binh Tan Social Housing project for apartment sales in 2025; and implementing investment in a social housing apartment project in Da Nang.
Based on an assessment of the positive and negative factors affecting the Company's business activities, the Board of Directors' proposed 2025 business plan submitted to the General Meeting of Shareholders includes the following specific targets: Production value: VND 3,198 billion, a 151% increase compared to 2024; revenue: VND 3,053 billion, a 161% increase compared to 2024; development investment value: VND 845 billion, a 321% increase compared to 2024; profit: VND 48.5 billion, a 316% increase compared to 2024; capital recovery value: VND 2,068.3 billion, a 25.7% increase compared to 2024.
Delegates attending the General Meeting.
Particularly in real estate investment and business, the Company will focus on implementing procedures to request that competent authorities issue ownership certificates to residents of the Tan Huong Tower and Chuong Duong Home Social Housing projects; this must be completed in 2025.
In parallel with the above activities, the Company will launch apartment sales for the Long Binh Tan Social Housing project in 2025 and accelerate the leasing of remaining vacant commercial spaces. Regarding investment work, the company will complete the investment procedures for its real estate projects.
For the Central Garden 2 Project, HCMC: The company will strive to finalize payments for signed contracts, complete phase 1 compensation, and negotiate phase 2 compensation (estimated 9.3 ha). It will also carry out legal procedures to obtain project approval; develop a 1/500 detailed plan; design the overall site plan and perspective drawings; and create the basic design, environmental impact assessment (EIA), fire protection plan, and apply for the phase 1 construction permit.
For the Social Housing Project in Long Binh Tan, Dong Nai: The company will design and plan the execution of mass piling, apply for a construction permit, and deploy the construction of the mass piling and basement sections. It will also strictly manage human resources, cash flow, and tasks to ensure the project proceeds on schedule and achieves high efficiency, while also posting project information on the Department of Construction's website.
A view of the General Meeting.
Dong Cau Huong An Residential Area Project, Quang Nam: The company will closely monitor ongoing work and re-evaluate the project's effectiveness to report to the Board of Directors for a decision. Once the 1/500 detailed plan is approved, site clearance and compensation will commence. It will then implement legal procedures to apply for a construction permit and carry out the next necessary steps.
The Social Housing Project in Da Nang, with a scale of over 719 apartments and a total estimated investment of more than VND 1,000 billion, was awarded in Q1 2025. The company is now preparing for the next steps to begin construction in Q4 2025 or early Q1 2026.
Creating an Effective Workspace
Besides business operations, the Company also places great emphasis on other activities. Specifically in administration and legal affairs: The company will continue to digitalize its management and operations; develop IT and build solutions to systematize the databank for all of CDC's data. It will put the Fastcons work management software into operation from the beginning of 2025; implement activities to build corporate culture and create a civilized, modern, and professional office environment; and carry out professional and effective legal work.
The Chuong Duong Home Social Housing project, developed by the Company, has been completed and is operational, helping thousands of families to "settle down and thrive."
Regarding human resources: The company will continue to build and implement plans for personnel training and recruitment to meet business requirements; continue to review and reorganize labor at the parent company and its subsidiaries; and maintain performance evaluations for all work positions.
Regarding Finance: The Company will formulate a plan to expand its credit limit and mobilize loan capital to ensure funding for business operations. It will evaluate current financial indicators and compare them with industry benchmarks, build a warning and risk management system, review and assess costs and business efficiency for each sector, and implement an increase in the company's charter capital in 2025.
Mr. Doan Thanh Tung – Head of the Shareholder Status Verification Committee, reports on shareholder attendance and the results of the General Meeting.
Regarding Accounting: The company will uniformly and thoroughly apply accounting software throughout the system; monitor and push for debt and capital recovery on a weekly and monthly basis; analyze profit/loss quarterly for ongoing construction projects and review the efficiency of completed projects; and review the operational efficiency of subsidiary companies in terms of revenue-cost and actual income-expenditure.
Election results at the General Meeting: Mr. Robert James Field McPhail was elected as an independent Member of the Board of Directors; Mr. Vo Quoc Khanh was elected as a Member of the Board of Directors.
The two newly elected members of the Board of Directors, along with the current members of CDC's board, greet the company's shareholders.
The meeting concluded successfully at 11:30 AM on the same day.