Nguyen Sy Cong, the new chairman of Ricons. Photo by VnExpress/Quynh Tran. 

Nguyen Sy Cong has taken over as chairman of Ricons with effect from June 24. 

He was earlier chairman of giant rival Coteccons and takes over from Tran Quang Quan, who remains CEO.

Cong, 48, will be paid VND60 million a month ($2,600), while the other four members of the board will get VND50 million.

All of them used to work for Coteccons, for which Ricons used to be a major subcontractor until it started to leave the former’s ecosystem in 2019.

Ricons targets a 2 percent increase in revenue this year to VND8.1 trillion, but post-tax profit are likely to halve to VND150 billion.

The construction industry faces major difficulties caused by the Covid-19 pandemic and surging steel prices, the board said.