As previously reported by The Investor, Vinaconex (HoSE: VCG) said on March 7 it had received a notice from the Ministry of Public Security's investigative agency regarding the arrests of two senior executives for alleged violations of bidding regulations which caused “particularly serious consequences.” Those detained include Nguyen Huu Toi, a board member, deputy CEO and former chairman of the board, and Duong Van Mau, a board member and deputy CEO.

According to the company’s disclosure, the case remains under investigation and authorities have not specified which bidding package or project is involved.

Founded in 1988 and equitized in 2006 with initial charter capital of VND1.5 trillion ($57.08 million), Vinaconex operates mainly in civil and industrial construction, transport infrastructure, and irrigation projects. The corporation is one of Vietnam’s largest construction contractors.

Data for the 2014-2026 period show that Vinaconex has participated in 147 bidding packages, winning 97 with a combined value of nearly VND140.78 trillion ($5.36 billion).

Notably, the number of bids the company has joined has surged in recent years, reaching 47 in 2024 and 33 in 2025. Although the win rates were 42.5% and 54.5% respectively, the sharp increase in participation reflects the company’s expanding presence in large-scale public investment projects.

Presence across key packages

At phase 1 of Long Thanh International Airport, a flagship infrastructure project with total investment of more than VND109 trillion ($4.15 billion), Vinaconex is involved in several contractor consortia, participating in key packages from the passenger terminal to runway systems and technical infrastructure.

The largest is Package 5.10, covering construction and equipment installation for the passenger terminal, valued at more than VND35.2 trillion ($1.34 billion) with a construction period of 39 months.

According to an announcement by the Airports Corporation of Vietnam (ACV) in August 2023, the Vietur consortium was the only bidder to meet the technical requirements for the package. The consortium comprises 10 contractors led by IC Ictas Insaat Sanayi ve Ticaret A.S., one of Turkey’s major construction companies.

Vinaconex is a member of the Vietur consortium alongside several Vietnamese builders including Ricons Construction Investment JSC, Newtecons Construction Investment JSC, SOL E&C, Construction Corporation No.1 (CC1), Phuc Hung Holdings, Hanoi Construction Corporation, ATAD Steel Structure Corporatio,n and Hawee Mechanical & Electrical JSC.

Beyond the passenger terminal package, Vinaconex is also involved in several major contracts under Component Project 3 of Long Thanh airport, related to runways and aircraft aprons.

Specifically, the company is part of a consortium including ACC Construction Corporation, Truong Son Construction Corporation, Cienco4 Group, Vietnam Construction Investment Development JSC, and Airfield Construction Company 647.

This consortium was previously the only bidder meeting technical requirements for Package 4.6 - covering construction, equipment installation, and detailed design for runways, taxiways, aircraft aprons, and related works.

Package 4.6 has a value of more than VND8.1 trillion ($308.25 million), making it the second-largest contract under Component Project 3, after Package 5.10.

The same consortium won Package 4.7 in August 2024, valued at VND6.37 trillion, covering construction and equipment installation for aircraft aprons, the passenger terminal, and other technical facilities.

Vinaconex also participates in Package 3.4 - covering site leveling, drainage works, surveys, and construction design, with a total value exceeding VND4.4 trillion ($167.44 million). The consortium executing the contract includes Vinaconex, ACC Construction, Cienco8, Phuc Loc Group, and Truong Son Construction Corporation.

Most recently, in August 2025, Vinaconex joined another consortium that won Package 4.12, which involves construction and equipment installation for the second runway, taxiways, and related facilities.

The consortium includes ACC Construction, Truong Son Construction Corporation, Vinaconex, Vietnam Construction Investment Development JSC, Airfield Construction Company 647, Khanh Thien Trading Co., Ltd., and VTG Equipment and Technology JSC.

The contract is valued at VND2.57 trillion ($97.8 million) with a construction period of 365 days. Notably, this is also the consortium that previously built the corresponding package for the first runway at Long Thanh airport.

The total value of packages in which Vinaconex participates at the Long Thanh airport project is estimated at around VND56.6 trillion ($2.15 billion), including the passenger terminal Contract 5.10 and several packages related to runway systems, aircraft aprons, and technical infrastructure.

With its involvement in multiple key contracts at Vietnam’s largest aviation infrastructure project, Vinaconex is emerging as one of the contractors most deeply embedded in the phase 1 construction of Long Thanh International Airport.