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Infrastructure & PPPs in Vietnam - Q2 2024 Update

VIETNAM has increased its focus on transport sector projects, including roads, bridges, metro lines etc. We see development of these projects by local and international developers, and continued support from the procurement authorities in terms of applicable policies and incentives. It is encouraging to see PPP being used as preferred option for such projects.

Read the latest developments in Infrastructure and PPPs in Vietnam in our Q2 2024 insight.


April 2024


The North-South Expressway East with an estimated investment of USD 58.7 Bn connects 16 airports, 74% of seaports, and 75% of economic zones countrywide, directly affecting 62% of the population. The BOT (Build-Operate-Transfer) section in Lang Son Province is 60 km long and passes through Lang Son City and the districts of Chi Lang, Cao Loc, and Van Lang.

The project is invested under the public-private partnership (PPP), in which 45% of the total investment comes from the state coffer and 55% is funded by the investor – a joint venture led by Ho Chi Minh City-based Deoca Group.

It connects two economic zones, the Red River Delta and the northern mountainous region, linking four localities: Hanoi – Lang Son – Cao Bang – Quang Ninh. The route will connect and boost economic links between Vietnam and China and between ASEAN and China.   It helps connect four major economic zones, including the Northern Economic Zone, the Central Economic Zone, the Southern Economic Zone, and the Mekong Delta Economic Zone. The expressway is expected to significantly boost socioeconomic development, increase commodity competitiveness, facilitate connectivity with modern transportation, and promote regional trade.


The planning for 30 airports by Ministry of Transport of Vietnam, both international and domestic, is expected to be completed by 2025 under a master plan on airport development for 2021-2030 with a vision towards 2050. Among the 30 airports, 14 are international, namely:

1.       Van Don

2.       Cat Bi

3.       Noi Bai

4.       Tho Xuan

5.       Vinh

6.       Phu Bai

7.       Sa Nang

8.       Chu Lai

9.       Cam Ranh

10.    Lien Khuong

11.    Long Thanh

12.    Tan Son Nhat

13.    Can Tho

14.    Phu Quoc.

In the years 2026–2030, research and planning will be completed for Hai Phong International Airport and Cao Bang Airport, the second in the Hanoi metropolitan area.  In order to secure this funding, the ministry has suggested a phased distribution of the state budget. It further recommended that relevant ministries, agencies, and municipalities increase work coordination and maximize social sources through public-private partnerships (PPPs).



Vietnam Development Bank (VDB) has granted Vietnam's Deo Ca Group a credit line for investments in public-private transportation (PPP) projects. A loan arrangement of up to VND 20 Trn (USD 8 Bn) was inked by VDB and Deo Ca to finance the infrastructure investments of the company between 2024 and 2027.

Deo Ca Group and Vietnam Development Bank (VDB) - Lam Dong Branch signed a cooperation agreement on financing investment credit capital from the State to implement transportation infrastructure investment projects according to the public-private partnership (PPP) method.  This is a new cooperation model, promising to bring many benefits between a leading development credit unit and Vietnam's largest investor in the field of transportation infrastructure. Cooperation between the two units will solve some difficulties in implementing PPP projects, making capital mobilization easier, reducing the financial burden for investors and contractors participating in the project. . This creates trust for relevant parties, accelerates the project approval and implementation process, and at the same time, opens up new opportunities for transport infrastructure development, creating favourable conditions for the implementation of projects.

 Deo Ca is planning to increase collaboration with both domestic and international finance institutions and mobilize private resources. Deo Ca is one of the most active Vietnamese infrastructure conglomerates. In 2024,  it plans to invest in more than 300 km of highways and ring roads, such as the Lang Son section of Huu Nghi-Chi Lang Highway. 


Mitsui Oil Exploration Company (MOECO) has finalized its investment for Project B, located in southwest Vietnam’s Malay-Tho Chu basin. This project, also known as the Vietnam Gas Project, involves developing a gas field and a pipeline system connecting it to the O Mon Power Complex in Can Tho City, the main hub in the Mekong Delta.

Mitsui sees natural gas and LNG as vital solutions during this transition period and aims to contribute to a more sustainable, decarbonized society through the project. The project will also involve building infrastructure for gas transportation. Other partners in this endeavour include Petro Vietnam Exploration Production Corporation (PVEP), Petro Vietnam Gas Corporation (PV Gas), and PTT Exploration and Production Public Company from Thailand.

The total investment needed for the project is estimated to be at least USD 10 Bn, with Moeco’s share of the development cost coming to around USD 740 Mn, mainly for offshore installations and pipeline construction. The project’s production capacity is expected to reach 18.3 million cubic meters per day. In addition to developing the gas field itself, the project will also involve building infrastructure for gas transportation.



The government of Thu Duc city, Ho Chi Minh City draw investment in 11 public-private partnership (PPP) projects in the fields of education, culture and sports, with a total capital of over VNĐ2 Trn (USD 83.3 Mn). 

Among them, three projects have been approved for investment by the HCM City People's Council, involving the construction of international standard schools in the new Thủ Thiêm urban area, with a combined capital of VND 418 Bn (USD 16.43 Mn) . The remaining works fall under the fields of education, culture and sports. They have been submitted to the HCM City People's Committee for consideration.

HCM City People's Committee has ensured full support to firms throughout the implementation process, assuring that the city will actively address any challenges that may arise, ensuring the timely completion of these projects.


MAY 2024



Ho Chi Minh City aims to develop about 652 km of roads, 212 km of railways and Bus Rapid Transit (BRT), and 365 km of inland waterways every year to achieve its socio-economic development goals. The total of 18 large bridge projects, 51 big traffic intersections, and 13 traffic projects will be carried out citywide.

The city will implement seven projects under the smart urban programme and invest in national highways connecting the city with other provinces in the southern key economic zone according to the approved plans. The city would invest in the HCM City in below mentioned projects –

1.       Moc Bai Expressway

2.       Ring roads No. 2 and No. 3

3.       National Highway No. 1

4.       National Highway No. 2

5.       National Highway No. 50

6.       National Highway No. 13

It will construct and complete main and radial roads such as the North-South Expressway section from Nguyen Van Linh to Ba Chiem Bridge, a new road that connects Tran Quoc Hoan and Cong Hoa streets leading to Tan Son Nhat International Airport's third passenger terminal in Tan Binh district, and the cross-section of Ring Road No. 2 from Phu My Bridge to Nguyen Duy Trinh intersection.

In addition, regional connection projects such as building the road connecting HCM City and Long An and Tien Giang provinces, and Cat Lai and Lon bridges; the extended Vo Van Kiet Boulevard in the city's Binh Chanh district; and widening Nguyen Van Bua street will be implemented.


The HCM City People’s Committee has released a plan to build 4,500 classrooms in response to a shortage of educational facilities. The project targets to have 300 classrooms per ten thousand students to ensure sufficient classroom space. The city plans to call for investment in 110 projects to build 2,638 classrooms with a total of VNĐ 24.8 Trn (USD 974 Mn) under the public-private partnership model.

The city may face challenges such as land-use planning for PPP projects and a delay in acquiring land, which could increase costs and construction delays for schools and educational facilities. Another risk is a potential interest rate increase and changes in laws or regulations that could adversely impact the project.

The city would need to address land allocation issues, including relocating and recovering abandoned land, as well as increasing incentives for investing in educational facilities. The Government will encourage PPP investment in education that would create enabling conditions for investors and help to develop a healthy and competitive environment for teaching and learning.



The Vietnamese government has approved a feasibility study by a consortium for a project to develop a 42km section of a national highway in the public-private partnership model. The National Highway 15D project will cost an estimated VND 4 Trn (USD 158 Mn) and will be built jointly by Vietnam's Hoanh Son Group and Nan Tien Company along with Laos-based Phone sack Group.

Vietnam’s Quang Tri province will cover the site clearance and partial construction costs. The feasibility study for the highway project, which will connect National Highway 1 with the western branch of Ho Chi Minh Road, have been found to be economically feasible with a payback period of 18 years and 10 months. The province's Department of Planning and Investment will work with the investor consortium to further optimise the project before sending it on for review to the national assembly and other authorities.

JUNE 2024


Ho Chi Minh City People's Committee has decided to build Ho Chi Minh City - Moc Bai Expressway Construction Investment Project (phase 1) according to PPP method. The investment project to build Ho Chi Minh City - Moc Bai expressway (phase 1), the project has the starting point intersecting with ring road 3 of Ho Chi Minh City in Cu Chi district, Ho Chi Minh City; The end point connects to National Highway 22 (at route Km53+850) in Ben Cau district, Tay Ninh province.

The total length of the project is about 50.977 km, of which the section through Ho Chi Minh City is 24.66km, the section through Tay Ninh province is 26.317km.  The project in Phase 1 was built with a scale of 4 expressway lanes with a roadbed width of 25.5m; One-time site clearance with 6 expressway lanes for the entire route, meeting grade 120 expressway standards, equivalent to a design speed of 120km/h.



The Government of Vietnam has announced plans to expand its international optical cable system and introduce at least 10 new submarine optical cable lines by 2030. This initiative aims to enhance digital infrastructure and increase total capacity more than tenfold.

The projected number of cables clearly defines the importance of Vietnam's international fibre optic cable system as part of the digital infrastructure and something which must be prioritised in terms of investment, ensuring the country's connection internationally.

The Government aims to deploy four new submarine optical cable lines by 2027, increasing total capacity to at least 134 Tbps. From 2028 to 2030, six more lines will be operational, including one owned by Vietnam, pushing the designed capacity to at least 350 Tbps. These efforts will enhance resilience against disruptions and meet growing data transmission needs.

Developing the international fibre optic cable system aims to build international connectivity bridge for digital economic promotion, digital society, defence and security. Currently, Vietnam operates two land cables to Hong Kong and Singapore with a total capacity of 5 Tbps, alongside five international submarine optical cables with a total available capacity of 34 Tbps.



The EU will provide EUR 10 Mn (USD 10.8 Mn) in non-refundable Official Development Assistance (ODA) to carry out a feasibility study for extending Metro Line 3 in Hanoi. The first phase of the project involves funding a feasibility study for the extension, followed by updates to Ha Noi's urban transport master plan and enhancement of management capabilities.

The initial Metro Line 3, which has been under construction, runs from Nhon to Hanoi Railway Station, with a total length of 12.5 km, including 4 km underground route. The extended section of the line will have a length of nearly 8.8km, with an underground route of 8.13 km and seven stations, and total investment capital estimated at over VND 40.57 Trn (USD 1.59 Bn).

This expansion of Metro Line 3 is meant to address critical infrastructure, transportation, and environmental challenges arising from rapid urbanization in Ha Noi. The extended project will be implemented with ODA loans sourced from the Asian Development Bank, Agence Française de Développement (AFD) and Agence Française de Développement (KfW) Development Bank of Germany and the counterpart capital of the Vietnamese government which is estimated at VND 6.28 Trn (USD 247 Mn)



Vietnam’s capital Hanoi plans to develop a VND 20 Trn (USD 790 Mn) cable-stayed bridge as a public-private partnership (PPP). In 2024, Hanoi city strives to start construction of the Tu Lien Bridge project and the road from Tu Lien Bridge to Hanoi - Thai Nguyen Expressway, the project is expected to be implemented under the PPP method. According to the plan, Tu Lien Bridge and the road from Tu Lien Bridge to Hanoi - Thai Nguyen Expressway have a total length of about 11.5km, from Nghi Tam intersection to Ring Road 3 intersection (Hanoi - Thai Nguyen Expressway).

The span of the bridge is 1,000m long, the distance of the pillars is 500m, the top of the tower is 158m high, and it can withstand a level 8 earthquake. The scale of the cross-section according to the plan ensures 6 lanes for motorized vehicles, including 2 pedestrian lanes. Tu Lien Bridge has a main span across the Red River, connecting the west bank of the Red River along the Au Co - Nghi Tam route in the territory of Yen Phu ward, Tu Lien, Tay Ho district with the east bank of the Red River in Dong Anh district.


List of Key Transactions - Q2 2024

Source: YOG INFRA analysis



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