On April 28, 2024, at the 11th floor Hall, Building C47 – Hai Au Bien Cuong Hotel, No. 8 Bien Cuong Str., Quy Nhon City, Binh Dinh Province, Construction Joint Stock Company 47 (HOSE: C47) held 2024 Annual General Meeting of Shareholders. Attending the meeting were 39 delegates who owned and were authorized to represent 18,919,741 voting shares, accounting for 52.06% of total number of voting shares.

The General Meeting listened to the Board of Directors’ (BOD) Operating Report, BOD’s Independent Member’s Operating Report in Audit Committee in 2023 and the 2024 Operating Plan; and the BOD’s proposals to the General Meeting of Shareholders.

Chairman Pham Nam Phong speaking at the General Meeting: In 2023, the overall economy background faced many difficulties, inflation and tight banking credit, disbursement and payment of the outstanding debts from the clients for some projects were slow, affecting the cash flow to implement the production plan. The BOD always closely followed the actual situation, production and business conditions, flexibly and promptly responded to the Company’s production activities at each stage, to ensure the progress and construction quality of key projects such as: Hoa Binh Hydropower Plant Expansion Project (Hoa Binh province); Phu Phong Dam Project, Tan An – Dap Da Irrigation System Project, Cat Tien – Diem Van Coastal Road Section Project, Becamex VSIP Binh Dinh (Binh Dinh province); Hoa Phat Dung Quat 2 Iron and Steel Complex Project (Quang Ngai province); Nam Phak Hydropower Project, Thaco-Agri Complex Project; Nam Neun 1 Hydropower Project (Lao PDR). Besides the construction field, the Hospitality – Tourism – Travel Service sector of the Company is also affected by the domestic and global economy difficulties, so number of tourists also lower than 2022. However, with timely direction and flexible adaptation policies of the BOD, Hai Au Hotels system also ensured stable growth. In 2023, C47 recorded total revenue of VND 1,000.8 billion, increased 25.9% higher than 2022 and reaching 100.1% of the plan as per the Resolution of the 2023 Annual General Meeting of Shareholders.

In the 2024 production and business plan orientation, C47 sets a target of total revenue of VND 1,000 billion, after-tax profit of VND 25 billion and a minimum dividend payout ratio of 5%, paid in cash or shares. C47’s core business is still the construction of domestic and international irrigation and hydropower projects and works. At the same time, C47 also promotes the development of domestic and international hotel, restaurant, and travel services to increase revenue and profit to ensure the harmony of interests of shareholders, investors and the Company in 2024 and the following years.

At the meeting, the General Meeting of Shareholders approved important contents such as: Audited financial statements for 2023; profit distribution and dividend payment for 2023; business plan for 2024; selection of an auditing unit to review semi-annual financial statements and audit financial statements for 2024; salary payment plan for the Board of Directors in 2023 and operating expenses in 2024; plan to offer shares to increase charter capital, the expected maximum number of shares offered is 30,000,000 shares; additional business lines; amendment of the Company’s charter, with an approval rate of more than 90.6%.

In addition, the C47’s BOD also submitted to the General Meeting of Shareholders the proposal to elect additional BOD members for 2020-2025 term as required in written by a group of shareholders holding 10.5% of C47 shares. Through voting results at the General Meeting with 14,604,648 voting shares, accounting for 77.807% of total voting shares which were not in approval. Thus, the C47’s BOD for 2020-2025 term is still 8 members.

At the 2024 Annual General Meeting of Shareholders, the shareholders highly appreciated the C47’s efforts, and expressed their desire continuing to support and assign the BOD and the Management Board to be proactive in management and operation, contributing to C47’s development and bringing practical benefits to shareholders, investors and employees.

Hoa Binh Hydropower Plant Expansion Project is built on right bank of the existing Hoa Binh Hydropower Dam. The power plant is located in Phuong Lam Ward, the intake and inlet canal are in Thai Binh, Phuong Lam, Thai Thinh Wards, Hoa Binh City, Hoa Binh Province. This is a special project approved by the Prime Minister in the Decision No.389/TTg-CN dated April 11, 2018. The project is of important significance in increasing the peak power generation capacity, improving the power regulation ability and stabilizing the frequency of the national power system, creating conditions for maximum exploitation of the annual surplus water discharged during the flood season of the existing Hoa Binh Hydropower Plant.

The project was commenced on January 10, 2021. Up to now, a lot of important project work items have been focused on by the Contractors with the highest determination, ensuring the progress and quality. In Package 01XL-HB “Construction and installation of Hoa Binh Hydropower Plant Expansion”, the largest package of the entire project costed more than VND3,100 billion undertaken by the Joint Venture of Truong Son Construction Corporation – Construction Joint Stock Company 47 (HOSE: C47) – Lilama 10 Joint Stock Company. In which, C47 undertaken construction work of the underground items including: Auxiliary Tunnel; Headrace Tunnel; Expanded Drainage Tunnel, New Drainage Tunnel and Vertical Shaft, etc.

With extensive construction capacity, along with an experienced team of staffs, engineers and workers, C47 has overcome difficulties, strived to speed up the construction progress, completed the important items such as the expanded drainage tunnel (reached 141.46m/141.46m); Auxiliary tunnel (reached 461m/461m), etc.; In addition, other work items also ensured the required schedule such as: Excavation of crowns of Headrace Tunnel No.1, No.2 reached 92%, excavation of foundation of Headrace Tunnel No.1, No.2 reached 52%; Excavation of Shaft No.1, No.2 reached 55%, etc. with excavation volume of more than 740,138 m3 of various types of soil and rock, shotcreting for tunnel support reached 27,950 m2, concreting more than 16,281 m3 and 890 tons of various steel.

2024 is the year determines the project progress, C47 has mobilized all manpower and machineries, accelerated the construction progress to soon complete the project target in 2024 such as: For Vertical Shaft item, complete excavation work in April and concrete work in November; For Headrace Tunnel, complete excavation work in May to move on to the tunnel lining concrete work.

Hoa Binh Hydropower Plant Expansion Project with total investment cost more than VND9,200 billion, installed capacity of 480 MW, the Employer is Electricity of Vietnam (EVN), and Power Project Management Board 1 as the Employer’s representative. Expected the Unit 1 will be generated in June 2025, the Unit 2 in July 2025, and the whole project will be completed in August 2025. Once completed, the Power Plant expected to annually supply around 500 million kWh to the national power system.

On March 8, 2024, Management Board and Trade Union Executive Committee of Construction Joint Stock Company 47 (HOSE: C47) held a friendly meeting to commemorate the 114^th anniversary of International Women’s Day (March 8, 1910 – March 8, 2024). Attending the meeting were Mr. Dương Minh Quang, Member of BOD and General Director; Mr. Trịnh Quốc Thọ, President of Trade Union; and all female staffs of C47.

In a warm and friendly atmosphere, on behalf of the Company’s Management Board, Mr. Dương Minh Quang sending his best wishes to all female staffs. He expressed: The Company’s Management Board always values, acknowledges, and commends the enthusiastic work spirit, continuous efforts, and significant contributions of the women to the Company’s development. He hopes that they will continue to excel, constantly assert themselves in the “C47 Common Home,” and strive to always be women who are “Good at work and good at home.”

Over the past period, with a spirit of solidarity and professional work, successfully completing assigned tasks, all women have made extremely positive contributions to the achievements C47 has gained, contributing to preserving and developing the culture and brand of C47, making it increasingly stronger. With the desire that in the future, along with male colleagues, female staff members in the Company will work together in unity and harmony to fulfill the common mission of continuously developing and advancing C47, asserting its leading position in the construction industry in Vietnam and internationally – Mr. Dương Minh Quang shared further.

On this occasion, the women also reviewed the fine tradition and historical significance of International Women’s Day; discussed plans to promote the labor emulation movement; enhance the role of women in the new era; and continue to make active contributions to production work to build C47 to be increasingly strong and prosperous.

On February 23, 2024, at Binh Dinh Provincial Labor Cultural House, the Provincial Red-Cross Association, in collaboration with the Provincial Labor Federation and the Hematology – Blood Transfusion Center (Binh Dinh General Hospital), organized the first volunteer blood donation day of 2024 with the message “Donate blood to save lives – A noble deed.” The event attracted over 360 cadres, trade union members, and workers in Quy Nhon City to register for blood donation.

In response to the event, demonstrating their responsibility to the community, from early morning, volunteers, including cadres, trade union members, and workers of Construction Joint Stock Company 47 (HOSE: C47), were present to participate in the volunteer blood donation.

With the message “Donate blood to save lives – A noble deed,” the first volunteer blood donation day of 2024 promoted the spirit of initiative and volunteering for the community in the noble deed of donating blood to save lives, addressing the shortage of blood for treatment at medical facilities in 2024. After a quick working time, the Organizing Committee collected over 360 units of blood, contributing to meeting the blood supply for emergency care and patient treatment.

Donating blood to save lives is a noble act, a noble deed that reflects the compassion and responsibility of each individual to the community and the tradition of mutual assistance of our nation. This is also the goal that every cadre, trade union member, and worker of C47 has always upheld throughout 49 years of formation and development. This noble deed needs to be spread everywhere, contributing to a beautiful life full of love, demonstrating the responsibility of each individual to the community.

Construction Joint Stock Company 47 (HOSE: C47) has just been honored in Top 500 Largest Private Enterprises in Vietnam in 2023 under VNR500 Ranking, marking the 16th consecutive year of this achievement.

Announcement ceremony of VNR500 Ranking (including Top 500 Largest Enterprises in Vietnam and Top 500 Largest Private Enterprises in Vietnam) and Top 10 prestigious companies in each industry in 2023 took place on afternoon of January 18, 2024, organized by Vietnam Report JSC in coordination with VietNamNet Newspaper – Ministry of Information and Communications.

VNR500 Ranking honors enterprises made great contributions to development of Vietnam’s economy, following Fortune500 model. The ranking is based on results of independent research and evaluation according to international standards of Vietnam Report, and has been annually periodically announced since 2007 under the advice of domestic and foreign experts.

As a leading enterprise in construction sector, with its scale, reputation and extensive capacity, C47 was honored in Vietnam Top 500 Largest Private Enterprises in the second year of VNR500 Ranking – 2008. Since then, C47 has maintained this excellent achievement for 16 consecutive years, and is currently one of 42 construction enterprises in Vietnam Top 500 Largest Private Enterprises in 2023.

It was known as a company with nearly half a century of tradition in construction sector, especially with outstanding capacity in construction of irrigation and hydropower projects. In recent 15 years, C47 has completed more than 30 irrigation and hydropower projects nationwide with total value more than VND20,000 billion. Presently, C47 is also taking part in a series of large-scale projects such as: Hoa Binh Hydropower Plant Expansion Project (Hoa Binh province), Hoa Phat Dung Quat 2 Iron and Steel Complex Project (Quang Ngai province), Tan An – Dap Da Irrigation System Project, Phu Phong Dam Project, Cat Tien – Diem Van Coastal Road Project (Binh Dinh province), Ta Hoet Reservoir Project and Ka Zam Reservoir Project (Lam Dong province), etc.

Not only executed the key projects valued thousands of billions of VND in Vietnam, C47 has also initially made its mark in regional markets. In Lao PDR, C47 is currently participating in Nam Phak Hydropower Project, constructing Nam Pha, Nam Phak and Phouphong dams of the project – totaling nearly VND800 billion. C47 is also joint ventured with Power Engineering Consulting JS Company 3 (EVNPECC3) for the EPC Contract “Engineering, Procurement and Construction” for Nam Neun 1 Hydropower Project, Lao PDR, valued USD184,999,999.

In parallel with promoting the influence expansion in the international market, in the green transition trend, towards sustainable development, C47 is also stepping up participation in new business segments related to renewable energy, reducing greenhouse gas emissions projects, etc. especially with companionship of Vu Phong Energy Group – a major shareholder of C47 (via its subsidiary company – VP Invest). Currently Vu Phong Energy Group is actively accompanying enterprises in the green transition journey with variety of solutions, notably rooftop solar solutions; registration for issuance & trading of Renewable Energy Certificates (RECs); ESG practice consulting, etc.

Shared by Mr. Pham Nam Phong – Chairman of C47’s BOD, also Chairman of BOD of Vu Phong Energy Group, in the coming time, C47 will continue to promote its core competencies in construction of irrigation and hydropower works to affirm its reputation in both the domestic and regional markets. C47 will also promote the activities and business segments associated with green transition and sustainable development. Taking advantage of its strengths and extensive experience in clean energy, Vu Phong Energy Group will accompany C47 as well as enterprises in Vietnam, especially VNR500 enterprises, on that journey, to develop sustainably and reach further, affirming the capacity and position of Vietnamese enterprises in the regional and international markets.