Why the principle of “Trust” drives Bcons Group’s success

Building a strong foundation

Founded in 2013, Bcons Investment and Construction Joint Stock Company (Bcons Group) has made remarkable strides over the past 11 years. A major turning point came in 2018, when the company launched its first real estate project as a developer.

Despite challenges brought by the Covid-19 pandemic, Bcons has introduced 13 projects with approximately 11,000 units to the market. Among these, the group has already issued ownership certificates for seven projects, covering over 6,000 apartments. Procedures for issuing land-use certificates for the remaining projects are ongoing.

With 13 subsidiaries under its umbrella, Bcons is expanding its footprint beyond Binh Duong province into Ho Chi Minh City, Dong Nai and Lam Dong provinces.

It is also diversifying into services, education, and logistics, with the ambitious goal of becoming a multi-sector corporation generating $1 billion in annual revenue by 2026.

“The secret to our continuous growth - even in challenging market conditions - lies not only in selecting the right segments and markets but also in adhering to the principle of ‘Trust,’ which serves as the foundation for everything we do,” said Le Nhu Thach, Chairman of the Board of Bcons Group.

According to Thach, Bcons upholds trust on multiple fronts: with oneself, customers, partners, and shareholders. “We believe that maintaining personal integrity is paramount before we can talk about bigger commitments,” Thach emphasized.

Trust, therefore, is the central element of the company’s core values, complemented by a culture of discipline, leading by example, continuous learning, and knowledge transfer.

Discipline plays a vital role. As Thach explained, discipline must apply equally to everyone, regardless of rank or position. “Compassion, when misplaced, can be the seed of wrongdoing,” he remarked, noting that ignoring mistakes only allows them to accumulate.

Leading by example is another critical value. “If a senior manager shows up late or leaves early, it sets a poor example and undermines respect from their colleagues,” Thach said. Effective leadership, he added, ensures a fair and professional environment that fosters creativity.

Bcons emphasizes lifelong learning as a path to continuous improvement. “You learn to understand, understand to act, act to analyze, analyze to synthesize, and synthesize to innovate,” Thach noted.

The group promotes rigorous academic standards, requiring employees to undergo examinations after training programs.

Both rewards and penalties are used to encourage serious participation—those who score highest receive rewards, while the lowest performers face penalties. For example, the top scorer may receive VND10 million ($400), while the lowest performer is fined VND5 million ($200).

Additionally, Bcons does not promote based on tenure alone. Salaries are tied to the level of responsibility, not seniority. The company also avoids creating a “founder’s syndrome,” where past achievements become a barrier to change. Employees are rotated every three years - those who excel are promoted, others are reassigned, and underperformers are demoted, allowing younger talents to step up.

Trust is a gold mine

Chairman Thach emphasized that trust forms the backbone of Bcons’ business relationships, setting it apart from competitors.

“With customers, we honor every contract. If there’s a delay, we compensate them. However, delays due to internal mismanagement are rare, almost non-existent, as we strive to meet handover deadlines and issue certificates even during challenging times like the Covid-19 pandemic.”

Bcons also ensures strict compliance with legal standards. “Our construction projects pass inspections quickly because we follow the approved plans to the letter, without adding or omitting anything,” Thach explained.

The company conducts internal inspections before official reviews, ensuring any issues are resolved promptly. This commitment to transparency extends to the issuance of land-use certificates, where Bcons ensures accurate apartment measurements to avoid disputes.

“Our principle is simple: we strictly adhere to every clause in the contracts we sign with customers. This is our commitment, and it reflects our dedication to trust,” Thach stated.

As Bcons sets its sights on becoming a multi-sector conglomerate, it recognizes the need for significant capital. The group is preparing for an initial public offering (IPO) to raise funds for future expansion.

“In the past, each project required just a few hundred billion dong. Now, we need at least VND1 trillion ($40 million) per project,” Thach noted. One such project is Bcons City, a 10-hectare development with an estimated investment of VND15 trillion ($600 million).

Currently, Bcons holds nearly 35 hectares of land and has a total registered capital of VND5 trillion ($200 million), with the parent company accounting for VND1,416 billion ($56.64 million).

In 2023, the group reported revenue of VND4.8 trillion ($192 million) and pre-tax profits of nearly VND800 billion ($32 million), with total assets approaching VND12 trillion ($480 million).

“Every member of Bcons understands the importance of upholding both personal and collective trust,” Thach concluded. “Trust is like a gold mine - if we cultivate it well, opportunities will multiply, and the company will thrive. Trust is the foundation of the Bcons brand.”