Coteccons And FPT IS Made Cooperative Moves To Digitalize Construction Management

Ho Chi Minh City, May 31, 2022, Coteccons Construction JSC. (Coteccons) and FPT Information System Company (FPT IS) officially signed a strategic partnership to develop a digital management solution for the construction industry. The event prolonged the next steps of cooperation between the two sides to help Coteccons develop a comprehensive digital governance platform specializing in construction management. It was also a critical strategy to help complete the 5-year plan (2021-2025) of Coteccons, aiming for USD 3 billion in revenue and USD 1 billion in market capitalization by 2025.

Specifically, within nine months, the two sides would collaborate to share experiences and resources to build specialized software solutions for construction quality management of Coteccons's construction. Solutions aimed at digitizing and effectively managing operations such as revenue, cost, project lifecycle management, construction applications with time progress updates, work volume & quality, archiving and reporting system... They would be the key to the specific issues of the construction industry, such as cost, resource, and time wastes due to paperwork processing in the past, especially for Coteccons, which is constantly expanding its projects with an increasingly complex nature.

FPT IS and Coteccons at the kick-off ceremony

Previously in July 2021, Coteccons cooperated with FPT IS to deploy the SAP S/4HANA solution for financial data management - the SAP project with a fantastic time of progress in more than three months (100 days). Moreover, it was carried out by the two sides with the spirit of high concentration and optimal methodology, thereby giving Coteccons a high investment efficiency.

By collaborating with FPT IS in digital solutions for construction management, Coteccons would confidently get an end-to-end digital management platform that fully meets the management requirements of a leading prime contractor. Furthermore, the digital transformation would help Coteccons constantly improve the construction quality and the brand reputation. Therefore, senior leaders expected that the solutions would equip Coteccons with an immediate, continuous, and accurate data management system. On the other side, FPT IS, one of a few units in Vietnam with the capacity and experience to advise and implement digital transformation solutions for the real estate industry, was committed to investing the best resources for the project.

"Coteccons is determined to invest and carry out digital transformation (DX) when the market suffers from many fluctuations. DX is one of the most vital strategies to prepare us for development goals in the coming period," Mr. Bolat Duisenov - Chairman of Coteccons - said at the signing ceremony. "The investment in developing a digital solution for construction management will help transform Coteccons' current management, reduce costs, time, and resources for more professional and faster development," he added.

Mr. Nguyen Hoang Minh - CEO of FPT IS - spoke at the ceremony.

Mr. Nguyen Hoang Minh - CEO of FPT IS - shared: "FPT IS is proud to be a companion with leading real estate and construction companies such as Coteccons in the journey of digital transformation. Not just about implementing a corporate governance system, the signing ceremony will be a launch pad for connecting and building a unique digital platform for the construction industry. I hope today's event will help us together to go further, creating a competitive advantage in the market. With a team of experienced experts, professional management solutions of FPT IS, specialized knowledge of the construction industry, and a well-known brand of Coteccons, we will join forces to form an effective, practical management system".

Construction is a specific industry with complex problems and processes in the field of consulting, design, construction organization, management, supervision, and acceptance of all types of construction works, such as high-rise buildings, hospitals, schools, factories, and trade centers. The organization, management, and pricing of construction and installation products of the general contractor, as well as the accounting of construction costs of vendors, are complicated. Not just that, unexpected incidents such as labor safety, material cost fluctuations, and epidemics may happen. Therefore, the construction industry, particularly Coteccons, needs a management system of revenue and expenses in order to better manage and minimize unnecessary risk costs. 

Coteccons is one of Vietnam's leading construction companies, with more than 400 domestic and foreign projects. The company has overgrown thanks to its ability to provide customers with unique experiences through a comprehensive restructuring strategy. Despite the significant influence from the recent pandemic that made construction material prices continuously increase, by 2021, Coteccons had completed the first phase of improvements in management systems and organizational processes, applying new technologies and standards. Coteccons also had initial achievements in the diversification orientation, with some brand-new product models deployed. In addition to civil construction, the company has expanded its scope to infrastructure works, technology investment, finance, etc. Many products and services in Finance, Design & Build (Financial investment, Design, and Construction) received excellent customer feedback.