The cluster of Song Cai reservoir works in Tan My irrigation system has completed 98 percent of the volume with a capacity of 219 million m3. The finished project will irrigate 7,480 ha downstream and provide water to many areas of Ninh Thuan province.

Ninh Thuan is the country’s driest province. The province has 21 reservoirs with a total capacity of more than 194 m3, but they frequently run dry during the drought season. As a result, the Song Cai Reservoir Project, which is part of the Tan My Irrigation System Project and has more capacity than the capacity of 21 existing reservoirs. Upon completion, it will play a critical role in the province.

The vital irrigation system of Ninh Thuan’s “sub-desert” region

The Ministry of Agriculture and Rural Development has invested a total of 5,951 billion VND in the Tan My Irrigation System Project.

The Song Cai lake cluster consists of five dams totaling 2,770m in length and 66m in height, with a capacity of 219 million m3. Tan My irrigation system irrigates 7,480ha downstream; water supply Nha Trinh – Lam Cam, lakes Cho Mo, Thanh Son, Ba Rau, Song Trau, and Ong Kinh irrigation system; generating source for Bac Ai pumped-storage hydropower plant and two hydropower plants. At the same time, it provides a water source for the South Cam Ranh area (Khanh Hoa) and aids in the reduction of downstream floods and aquaculture in the lake bed.

According to a representative of the Irrigation Construction and Investment Management Board 7, the project will resume in 2018 and be completed by the end of 2021. The dams have been constructed up to the dam crest level, and the major items have been completed. The volume of completed work has reached 98 percent.

Currently, the operation center is under construction. Teams are cleaning and completing items in order to report to the State Inspection Council of construction works for acceptance and acceptance of water storage as soon as possible. Because this is a critical project, the State Inspection Council has paid seven visits during the construction period.

The State Inspection Council approved the water storage project in March 2021. The reservoir currently holds 60 million m3 of water. The final inspection will be performed by the State Inspection Council in December 2021, allowing the reservoir to accumulate water to its normal water level. Following that, the project will be handed over to the province of Ninh Thuan for management and operation.

Complete the project as soon as possible in order for it to be accepted.

On the afternoon of October 7, representatives from Ninh Thuan province’s departments went to inspect the project site. Workers are cleaning and completing the corridor of the dam body, dam foundation, and dam face. The corridor bottom is dry, and the corridor wall is being cleaned.

On this occasion, the Irrigation Investment and Construction Management Board 7 met with the Ninh Thuan Department of Construction, the Department of Agriculture and Rural Development, Ninh Thuan irrigation works single-member limited company, and the Descriptor Group of the Department of Construction Management of Agriculture and Rural Development to discuss the construction situation and quality of the Song Cai Reservoir Project Cluster.

Mr. Nguyen Tai Son, an expert with the Descriptor Group of the Construction Management Department of the Ministry of Agriculture and Rural Development, stated that the Song Cai dam was built with very good technique after an inspection. The samples taken directly from the dam system met the technical requirements.

The monitoring system for measuring infiltration inside the dam body and the temperature of the concrete placed on the dam body and at the dam’s foot all well function above 90%.

Mr. Nguyen Duc Thang, a Descriptor Group expert, agreed with Mr. Son and added that the Song Cai dam system is made of roller compacted concrete (RCC). The volume of concrete exceeded the regulation by nearly 50 kg/m3 when the drill samples were tested at 5 dams. As a result, the dam will increase safety.

This expert determined that the mass, volume, compressive strength, tensile strength, and layer tensile strength criteria were all satisfactory. Furthermore, the quality fluctuation of dam concrete is good to excellent.

Mr. Ho Ngoc Tien – Deputy Director of Ninh Thuan Department of Construction – requested the Project Management Board to prepare and review all the documents for acceptance; check and re-treat cracks according to technical specifications; develop procedures for dam operation and safety assessment for handover in accordance with the local situation.

On October 1, in Hoa Binh, Vietnam Electricity, Vietnam Electricity Trade Union, and a contractor joint venture (Truong Son Construction Corporation, Construction Joint Stock Company 47, LILAMA 10 Joint Stock Company) held an organization launch an emulation for the construction of the expanded Hoa Binh Hydropower Plant, with the goal of completing the entire project by 2024.

The expanded Hoa Binh Hydropower Plant is a special grade construction project approved by the Prime Minister for investment policy and directly presided over the groundbreaking ceremony on January 10, 2021. This is an important work in order to increase the capacity of generating peak covering capacity for the national power system, facilitate the maximum exploitation of the excess water discharged annually in the flood season of Hoa Binh Hydropower Plant to generate electricity; improve the ability to regulate frequency and stabilize the national power system.

This is also a national important project in terms of security, requiring an absolute level of safety in difficult construction conditions due to its location in the city, narrow ground, difficulty in ground clearance and the influence of security issues and social impacts.

Do Duc Hung, Chairman of the Vietnam Electricity Trade Union, stated at the launching ceremony that on May 21, the General Director of the Group and the Standing Board of the Vietnam Electricity Trade Union decided to coordinate with the contractors to organize the emulation movement to build the expanded Hoa Binh Hydropower Plant.

The goal is to create a competitive environment in which the units involved in the construction unite and cooperate to strive for excellent task completion while also instilling a sense of responsibility and the will and determination to overcome difficulties to complete the project on time by 2024.

Do Duc Hung, Chairman of the Vietnam Electricity Trade Union, expresses a desire that all construction units, joint venture contractors, and the project management board encourage creativity and experience in order to organize a productive and appropriate construction process. Coordination with local authorities, units within and outside the Electricity sector to ensure that the construction of the expanded Hoa Binh Hydropower Plant proceeds as planned. Many typical examples of the emulation movement will appear on the construction site.

Recognizing the importance and significance of the emulation movement, the Vietnam Electricity Group, the Vietnam Electricity Trade Union, and the contractor joint venture agreed at the ceremony to organize the emulation and decide evaluation milestones to a reward collectives and individuals with outstanding performance; to regularly organize activities to visit, encourage and take care of the lives of workers involved in construction on construction sites.

After 46 years of operation, Construction Joint Stock Company 47 (HSX: C47) has become a prestigious brand in many irrigation, hydropower, civil and industrial projects across the country.

The journey to affirm the brand in the market

Highly appreciated by partners for applying new technology to the construction process, CC47 is currently the leading company using roller compacted concrete (RCC) technology, tunneling technology using TBM Tunneling Robots. … at many key projects worth thousands of billions of dong. Statistics show that CC47 has completed more than 30 irrigation and hydropower projects worth more than 20,000 billion VND in the last 15 years. The capacity of CC47 has been proven through technical parameters such as soil and rock excavation capacity of 4 million m3/year, concrete capacity of 1.5 million m3/year, capacity of sand and gravel supply of 1.3 million m3/year…

CC47, in addition to its primary activities in the construction industry, also invests in restaurants, hotels, travel and tourism, motorcycle repair and overhaul businesses, and manufactures mechanical engineering products, concrete products… Currently, this company owns 100% of the Hai Au 4-star standard hotel (169 rooms), Hai Au Bien Cuong 3-star hotel (80 rooms) in Quy Nhon, and a serviced motel, restaurant, and eco-tourism area in Binh Dinh. In the field of production, training and labor export, CC47 currently owns 100% of Phuoc An Enterprise (Phuoc An Industrial Complex), training center (Quy Nhon)… These businesses also make a significant contribution to the company’s annual revenue.

Quickly adapting to new business conditions – CC47’s survival problem

Mr. Pham Nam Phong, Chairman of the Board of Directors of CC47, spoke about CC47’s positive results in responding quickly to new business conditions in the face of the Covid-19 pandemic. This is also the time that he was elected for the new term 2020-2025. In 2020, the company’s sales totaled 1,233 billion VND, with a profit after tax of more than 21.7 billion VND. In the first six months of 2021, total revenue was VND 572 billion, and profit after tax was VND 17.1 billion, representing 52 percent of the revenue plan and 55 percent of the profit plan for the year. The rapid application of technology to management and supervision, the implementation of an ERP system, the optimization of production and business efficiency, cost reduction, particularly interest expense, and other factors contributed to the profit in the first six months of the year. CC47 prices in 2021 increased by 29.45 percent compared to the same period in 2020.

In 2021, besides many large hydropower projects such as Bac Ai hydropower plant (Ninh Thuan), Da Nhim expanded hydropower plant (Lam Dong), Dong Mit irrigation (Binh Dinh) … CC47 has also commenced and implemented the construction of expanded Hoa Binh hydropower projects (Hoa Binh), Dong Mit hydropower projects (Binh Dinh), repairing and improving safety of WB8 dam (Lam Dong) and continue to commence construction of Phu Phong rolling weir project (Binh Dinh) in October 2021. The total value of new works started in 2021 exceeds VND 1,500 billion, and the total value of bidding packages to be participated in at the end of 2021 and in 2022 exceeds VND 5,000 billion.

Strategic vision for the period 2021-2025

Having worked as a manager in foreign corporations and businesses in the energy industry, Mr. Pham Nam Phong and the members of the new Board of Directors have applied various innovations, vision and business philosophy for CC47. In the period of 2021 – 2025, with the advantage of construction capacity of large and diversified projects in technology, especially with the Government’s policy of promoting public investment, CC47 will have opportunities to participate in many projects such as projects using ODA loans; projects under medium-term bond capital 2021-2025 in the irrigation – transportation – infrastructure sectors; irrigation projects funded by the state budget in the Central – Central Highlands region; new and expanded hydropower projects in the country and neighboring countries. With a total investment capital of projects estimated at more than 200 trillion, it will open up new development opportunities for CC47.

Besides the traditional business segments, the company will promote participation in new segments to gradually increase the proportion of revenue. Participation in highway projects; anti-flood, anti-salinity projects, embankments to prevent rivers and seas; Metro project; airport and port infrastructure; renewable power plant projects; Projects of civil buildings, factories, industrial park infrastructure… will be targeted by CC47 to expand operations.

From 2022, the company is expected to set an average growth rate of 25% per year in both revenue and profit, aiming for sales of over VND 3,000 billion by 2025, soon reaching a market capitalization of VND trillion, becoming a listed company with medium-capitalization (MidCap) and high liquidity on the Ho Chi Minh Stock Exchange, strengthening investor relations (IR) activities, providing transparent and timely information, and striving to maintain a high dividend payout ratio and bonus shares averaging over 15% per year in the next few years.

In the increasingly complicated Covid-19 context, CC47 is confident to achieve much more fruitful success on the basis of its experience and previous accomplishments.

Mr. Pham Nam Phong, Chairman of the Board of Directors of Construction Joint Stock Company 47 (HoSE: C47), has just delivered a message outlining the company’s vision and strategy for the next four years, from 2021 to 2025, when it has just celebrated its 46th anniversary. Mr. Phong has only been Chairman of the Board of Directors since mid-August; prior to that, he was Vice Chairman of the Board of Directors.

Accordingly, the company is expected to set an average revenue and profit growth target of 25% per year beginning in 2022, with a goal of exceeding 3,000 billion dong in sales by 2025. The average dividend and bonus share ratio is greater than 15% per year.

CC47 is expected to participate in many national projects in experience fields such as irrigation, hydroelectricity, civil and industrial works, and so on, with an investment capital of more than 200,000 billion VND. In addition to traditional segments, the company will encourage participation in new segments to gradually increase the proportion of revenue, such as highway projects, anti-flood, anti-salinity projects, embankments along rivers and seas, metro projects using TBM tunneling technology, airport and port infrastructure, renewable power plant projects, industrial park infrastructure….

THE BUSINESS RESULTS OVER THE YEARS

In this year, the company has completed and will complete and hand over major projects such as Bac Ai Pumped-Storage Hydropower plant (Ninh Thuan), Da Nhim Expanded Hydropower Plant (Lam Dong), Tan My Irrigation (Ninh Thuan), Dong Mit (Binh Dinh). In addition, CC47 has also started and implemented the construction of expanded Hoa Binh Hydropower projects (Hoa Binh), Dong Mit hydropower projects (Binh Dinh), repairing and improving safety of WB8 dam in Lam Dong province (Lam Dong). In October, the company will start construction of Phu Phong Rolling Weir (Binh Dinh).

According to the company, the total value of new construction works in the year exceeded 1,500 billion VND. The total value of the bidding packages to be participated in by the end of 2021 and 2022 is expected to exceed VND 5,000 billion, ensuring a source of investment for the following year.

In the first half of the year, the company earned 572 billion dong in revenue and more than 17 billion dong in profit after tax, representing increases of 3% and 29%, respectively, over the same period last year. In comparison to the year plan, the company completed 52% of revenue and 55% of profit. Business leaders anticipate that profit growth will continue in the third quarter, and that the year will exceed expectations.

CC47 targets an average growth of 25% per year from 2022 in both revenue and profit, aiming for sales of over VND 3,000 billion by 2025.

In a letter to shareholders on the occasion of the 46th anniversary of the establishment of Construction Joint Stock Company 47 (CC47) on September 27, Mr. Pham Nam Phong, Chairman of the Board of Directors of Construction Joint Stock Company 47 (CC47) stated that in addition to successfully completing and handing over the works of large projects in 2021, the total value of new works begun in 2021 will reach 5,000 billion dong, ensuring a steady source of income in the coming years.

Major projects that have been and will be handed over in 2021 include Bac Ai Pumped Storage Hydropower Plant (Ninh Thuan), Da Nhim Hydropower Extension Project (Lam Dong), Tan My Irrigation Project (Ninh Thuan), and Dong Mit Irrigation Project (Binh Dinh). CC47 has also started and implemented the construction of Hoa Binh Hydropower Plant Extension (Hoa Binh), Dong Mit Hydropower Plant (Binh Dinh), repairing and improving the safety of WB8 dam in Lam Dong province and will continue to start construction of the Phu Phong Rolling Weir project (Binh Dinh) in October 2021.

According to Phong, CC47 aims to grow at a rate of 25% per year in both revenue and profit beginning in 2022, with sales exceeding VND 3,000 billion by 2025 and a market capitalization of VND trillion and high liquidity. Attempts should be made to keep the average dividend payout ratio and bonus shares above 15% per year.

In terms of business results, revenue was 572 billion dong in the first half of the year, profit was 17.1 billion dong, completing 55 percent of the profit plan, and the third quarter achieved a high profit compared to the same period last year, according to the Board of Management report.