Infrastructure & PPPs in Vietnam - Q2 2025 Update
- YOG INFRA
- Jul 1
- 19 min read
VIETNAM has taken a lew of policy and regulatory measures such as updation of Power Development Plan, notification of feed-in tariffs for solar with location-based pricing and project specific approvals, with an objective to promote private sector participation/ PPPs in across various sectors. Multiple new projects have been notified in transport sector, notably for development of roads and new airports, which are seeing good interest from international investors through partnerships/ JVs with local players.
Read the latest developments in Infrastructure and PPPs in Vietnam in our Q2 2025 insight.
APRIL 2025
VIETNAM’S MOC PLANS USD 6.4 BN EXPRESSWAY EXPANSION
Vietnam’s Ministry of Construction (MoC) has proposed a USD 6.4 Bn plan to widen 1,144 km of the North-South Expressway (Eastern section) to six lanes, prioritizing the Hanoi-Ho Chi Minh City segment. The expansion aims to enhance capacity, improve traffic safety, and align with expressway standards.
The expressway, spanning 2,063 km from Lang Son to Ca Mau, was initially developed in limited phases. The proposed project will complete roadbeds and ensure continuous emergency stopping lanes. The plan supports economic growth targets, with Vietnam aiming for 8 % GDP growth in 2025 and double-digit expansion from 2026 onward.
VINGROUP WANTS TO BUILD HCMC’S USD 4 BN METRO LINE TO COAST
Vingroup is offering to put up the entire USD 4 Bn cost of a high-speed metro line between downtown HCMC, and coastal district Can Gio. Vietnam’s biggest private company wants to develop it through a Public-Private Partnership (PPP), a proposal it made to city authorities.
The company, controlled by Vietnam’s richest man Pham Nhat Vuong, will arrange the funding for the construction in exchange for operational permits. Private investors can raise funds through bank loans and bond and equity issuances, which enhances financial flexibility for large infrastructure projects.
The proposed metro line will run over 48.5 kilometers from Nguyen Van Linh Avenue in District 7 to the Can Gio, renowned for its mangrove forests and tourism potential. Vingroup eyes speeds of up to 250 kilometers per hour for the metro to boost traffic and business in Vietnam’s biggest city. Can Gio, around 50 kilometres to the southeast of downtown, is home to an urban area Vingroup is developing on nearly 2,900 hectares for a population of 230,000 with a price tag of USD 9 Bn. HCMC plans to add six metro routes by 2035 to the existing Ben Thanh – Suoi Tien line and three more by 2045 at an estimated total cost of USD 67 Bn.
VIETNAM RAISES SOLAR FEED-IN TARIFFS WITH ENERGY STORAGE, REGIONAL INCENTIVES
Vietnam’s Ministry of Industry and Trade (MOIT) has announced a new round of feed-in tariffs (FIT) for solar power, introducing location-based pricing and, for the first time, incorporating energy storage systems. The updated scheme highlights the growing importance of storage in stabilizing the grid and enhancing energy autonomy.
Under the revised tariff framework, solar installations are categorized into ground-mounted and floating types, and are further segmented by region—North, Central, and South Vietnam. Rates are adjusted based on factors such as solar resource availability, cost structure, and local grid demand. The inclusion of storage also affects pricing. The tariff breakdown (USD/ kWh) is as follows:
Region | Ground – mounted (no storage) | Ground – mounted (with storage) | Floating (no storage) | Floating (with storage) |
North | 0.054 | 0.061 | 0.066 | 0.073 |
Central | 0.043 | 0.049 | 0.052 | 0.058 |
South | 0.039 | 0.045 | 0.048 | 0.053 |
Conditions for systems with storage include a minimum storage capacity of 10% of the solar plant’s installed capacity, a charge/discharge time of 2 hours, and at least 5% of total generation used for charging the storage system. The new scheme supports the adoption of storage and provides developers and investors with more transparent pricing, which could encourage more Power Purchase Agreements (PPAs) and improve financing confidence. Beyond solar, MOIT also released new FIT rates for other power sources: hydropower has a cap of USD 0.043/kWh, while natural gas combined cycle (NGCC) thermal power plants are set at USD 0.12/kWh.
VIETNAM TO BOOST POWER CAPACITY IN USD 136 BN PLAN
Coal-reliant Vietnam aims to significantly ramp up its power generation capacity by 2030, focussing on renewable energy and adding nuclear power to the mix, according to the country's newly amended national power plan. To meet the targets, Vietnam would need a total investment of USD 136.3 Bn equivalent to more than a quarter of its 2024 gross domestic product.
The Southeast Asian industrial hub needs to fast expand power supply as electricity demand grows, to avoid shortages that recently spooked foreign investors. It also wants to cut its use of coal, which remains its main source of energy. Under the adopted blueprint, Vietnam wants to raise its total installed capacity to a range of 183 to 236 gigawatts by 2030, up from more than 80 GW at the end of 2023.
The first nuclear power plants would be online between 2030 and 2035, with combined capacity of up to 6.4 GW, adding that another 8 GW would be added to the mix by mid-century. Under the new plan, solar power would account for 25.3%-31.1% of total capacity by 2030, up from 23.8% in 2020, while onshore and nearshore wind energy would go up to 14.2%-16.1% from nearly zero at the start of the decade.
Coal-fired power plants would account for 13.1%-16.9% of the mix, down from about one third in 2020, and plants using liquefied natural gas would account for 9.5%-12.3% of total generation capacity from zero now, according to the plan.
NEXIF RATCH ENERGY REACHES KEY MILESTONE WITH PPA AMENDMENT FOR BEN TRE WIND PLANT
Nexif Ratch Energy has reached a major milestone in its 80 MW Ben Tre Wind Power Plant project by signing amendment and supplement agreements to the original Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN). The government has worked to establish a new pricing model that reflects lower renewable energy costs while attracting long-term private investment.
Nexif Ratch Energy collaborated closely with authorities to agree on a revised tariff. The Ben Tre project is now among the first transitional wind projects in Vietnam to finalize a PPA under the new framework. The agreement with EVN, and its trading subsidiary EPTC, highlights strong coordination among key stakeholders.
This development comes as Vietnam pushes forward with power sector reforms and its clean energy transition. The government is updating its regulatory framework and Power Development Plan 8 (PDP8), which targets an additional 16.1 GW of wind and 27.9 GW of solar capacity by 2030. These efforts aim to grow the renewable sector and attract investment in green infrastructure.
VIETNAM MAKES MAJOR UPDATES TO POWER DEVELOPMENT PLAN VIII
Vietnam’s revised national power development plan for the period from 2021 to 2030 (“Revised PDP8”), with a vision to 2050, has been issued under Decision 768/QD-TTg. Please find below the following amendments.
Solar power: The 2030 solar power target has surged to at least 46,459 MW, with a top range of 73,416 MW (excluding off-grid rooftop solar systems). This massive increase may be motivated by several factors, including a continuing decline in the cost of solar technology and faster development timelines, resulting in more rapid deployment to satisfy Vietnam’s growing power needs.
Energy Storage: The Revised PDP8 projects a significantly elevated role for BESS. While the Initial PDP8 projected 300 MW BESS online by 2030, the Revised PDP8 increases this target to 10,000 - 16,300 MW, a more than 3,000% increase, even at the bottom end of the range.
Wind- The much higher targets for onshore wind power during the period through 2030 was a headline feature of the initial PDP8. Prospects for onshore wind developers remain favorable; the Revised PDP8 increases the projections for onshore and nearshore wind even further, to a range of 26,066 - 38,029 MW.
Gas and LNG-to- Power- The total capacity of Gas and LNG-to-power plants in the Initial PDP8 and the Revised PDP8 remains broadly the same. Certain projects have been pushed back beyond 2030 to account for project delays, while some new projects have been moved forward in the project pipeline, and the Revised PDP8 anticipates that these will come online by 2030.
Electricity Imports- The Revised PDP8 increases the upper ranges of planned electricity imports from Laos, as well as China. Notably, the scale of electricity imports from Laos in particular could be increased further in accordance with the intergovernmental agreement between Laos and Vietnam.
Electricity Exports- The Revised PDP 8 projects exports of 400 MW to Cambodia by 2030, and anticipates that exports to Singapore, Malaysia, and other countries in the region will be in the range of 5,000 to 10,000 MW by 2035.
Nuclear Energy- Vietnam has revived its plans for nuclear energy production, with planned projects in Ninh Thuan expected to produce a capacity of 4,000 - 6,400 MW by 2035. The Revised PDP8 also anticipates the capacity for nuclear energy production to reach the range of 10,500 - 14,000 MW by 2050.
SEV AND CME SOLAR LAUNCH 2.38 MW SOLAR PROJECT TO SUPPORT SAMSUNG’S GREEN TRANSFORMATION IN VIETNAM
SEV (Samsung Electronics Vietnam) has partnered with CME Solar Investment to develop a 2.38 MW solar project at Samsung’s production facilities in Vietnam. The project, set to generate 2.59 million kWh of clean electricity annually, will also reduce CO₂ emissions by approximately 2,460 tonnes each year. This collaboration marks the first between SEV and CME Solar, and it reflects Samsung’s ongoing commitment to integrating renewable energy across its production facilities in Vietnam. The initiative aligns with the company’s global green transformation strategy, which focuses on a low-emissions future.
The SEV plant, which began operations in 2008, was Samsung’s first mobile phone manufacturing site in Vietnam. This solar energy initiative is considered the first step in a nationwide green transition for Samsung’s factories in the region. The partnership between SEV and CME Solar underscores their shared commitment to Vietnam’s sustainable development goals and the global trend towards eco-friendly industrial practices.
VAN PHONG-NHA TRANG EXPRESSWAY OPENED TO TRAFFIC
The Ministry of Transport, in coordination with the Khanh Hoa People’s Committee held an inauguration ceremony of the expressway as part of the Eastern North-South Expressway. The expressway has a total length of 83.35 kilometers, with 70.35 kilometers opened to traffic in this phase. The operational section stretches from Van Thang Commune, Van Ninh District to Dien Tho Commune, Dien Khanh District.
It is designed with a maximum speed limit of 120 kilometers per hour. During the initial phase, it is operating with four lanes and a design speed of 80 kilometers per hour only. The expressway includes three major interchanges: Van Gia, which links to National Highway 1, as well as connections to National Highways 26 and 27C.
It connects directly to the Nha Trang–Cam Lam Expressway, creating a continuous and strategic transportation route through Khanh Hoa. The opening of the Van Phong–Nha Trang Expressway will facilitate the development of key local economic sectors such as maritime economy, tourism, and logistics. It will also help expand urban connectivity to mountainous districts like Khanh Vinh and Dien Khanh.
Together with the 49-kilometer Nha Trang–Cam Lam section that opened in 2023, Khanh Hoa now has nearly 120 kilometers of expressway. This shortens travel time along the North–South corridor, eases congestion on National Highway 1, improves transport capacity, and enhances traffic safety.
DAI QUANG MINH COMPANY AND SON HAI GROUP BUILD DAU GIAY - TAN PHU EXPRESSWAY
The Ministry of Construction issued a decision approving the results of the selection of investors to implement the Dau Giay - Tan Phu Expressway project (phase 1) under the Public-Private Partnership (PPP) method. The Dau Giay - Tan Phu Expressway Project Phase 1 is 60.2 km long, implemented under the BOT (Build -Operate - Transfer) contract. The project has a total investment capital of VND 8,496 Bn (USD 327 Mn). The construction time to complete the project is 24 months from the commencement date.
The project passes through districts of Dong Nai province, including Thong Nhat, Xuan Loc, Dinh Quan, Tan Phu. The starting point of the project will connect with the end point of Ho Chi Minh City - Long Thanh - Dau Giay Expressway (Dau Giay town, Thong Nhat district), the end point will intersect with National Highway 20 and connect to Tan Phu - Bao Loc Expressway (Phu Trung commune, Tan Phu district).
The Ministry of Construction assigned the Thang Long Project Management Board to complete the draft contract according to the provisions of the bidding documents and legal regulations and submit it to the Vietnam Road Administration to organize negotiations with the investor. Based on the negotiations, the Thang Long Project Management Board is responsible for completing the project contract and submitting it to the Vietnam Road Administration for signing.
GOVERNMENT BACKS USD 440 MN PPP PLAN TO UPGRADE CHU LAI AIRPORT
The Ministry of Construction has submitted an official document to the government proposing that the People’s Committee of Quang Nam Province be assigned as the authorized agency to implement the Chu Lai Airport investment project under the Public-Private Partnership (PPP) model.
The Ministry expressed its support for the proposal, especially given the ongoing difficulties in securing state budget funds for infrastructure development. The Ministry affirmed its backing for empowering Quang Nam authorities to explore capital mobilization strategies to develop Chu Lai Airport through PPP arrangements.
Chu Lai Airport will undergo a comprehensive upgrade that includes the construction of a new 3,048 x 45-meter runway, a system of taxiways (parallel and connecting), and an aircraft apron accommodating 32 to 40 parking positions. The passenger terminal will be designed to handle approximately 10 million passengers annually, while the cargo terminal will have a capacity of around 1.5 million tons per year.
The total investment needed for the upgrade is estimated at approximately VND 11 Trn (USD 440 Mn), including around VND 3.5 Trn (USD 140 Mn) for the airfield, VND 1 Trn (USD 40 Mn) for the apron, and VND 6.5 Trn (USD 260 Mn) for the civil aviation area. These figures exclude land clearance costs, which will be calculated separately according to regulations.
MAY 2025
VINFAST LAUNCHES EB 6 SMALL ELECTRIC BUS IN VIETNAM
Vietnamese EV maker VinFast has launched a small electric bus called EB 6 in its home market, expanding its range of zero-emission commercial vehicles. The new model is suitable for use in the city but also on interstate routes. VinFast installed a 179.5 kWh LFP battery pack with a peak charging input of 120 kW in the EB 6. The LFP battery pack powers a single, rear-mounted electric motor that generates 140 kW and 420 Nm of torque. The electric minibus covers a distance of more than 250 km on a full charge and achieves a top speed of 90 kph, which makes it capable of long-distance and highway use.
The EB 6 measures 6,200 mm in length, 2,200 mm in width, and 2,900 mm in height and offers a ground clearance of 180 mm. VinFast offers it in city bus and school bus versions, both with the same sleek exterior design but different interior layouts. The city bus version offers space for 30 people, including eleven passenger seats, space for 17 standing passengers, a wheelchair spot, and the driver’s seat. VinFast equipped it with handrails and stop-request buttons.
The school bus version is a 20-seater, with 19 passenger seats and a driver’s seat, all with a seatbelt. VinFast equipped the EB 6 with safety features like disc brakes at both ends, Anti-lock Braking System, Electronic Brake-force Distribution, and Brake Assist.
VIETNAM'S VINGROUP EYES MULTI-BILLION DOLLAR HIGH-SPEED RAIL PROJECT
Vietnam's biggest conglomerate, Vingroup, had submitted a proposal to build the country's multi-billion-dollar high-speed railway from Hanoi to Ho Chi Minh City. The project - which was slated to cost USD 67 Bn when it was approved in 2024 - is a much-needed boost to infrastructure that is expected to drive growth and enhance Vietnam's reputation among foreign investors.
The line will stretch more than 1,500 kilometres (930 miles) from the capital in the north, to the country's business hub in the south, and reduce the current journey time by rail from 30 hours to around five. The project would cost USD 61 Bn and would start in December and be finished by 2030 - five years ahead of the schedule set out last year.
The project would commit to mobilising 20% of the total capital, equivalent to USD 12.27 Bn. It proposed a zero-interest loan from the state for the remaining 80 %, excluding costs related to compensation and resettlement for land clearance.
VINH INTERNATIONAL AIRPORT PIONEERS ELECTRIC VEHICLE CHARGING STATIONS, AIMING TO BECOME A GREEN AIRPORT
Vinh International Airport has put into operation a VinFast electric vehicle charging station system, marking an important step in developing green and modern transportation infrastructure. Notably, Vinh International Airport is the first among all 22 airports under the Airports Corporation of Vietnam (ACV) to implement this facility.
The charging station deployed at the airport includes 10 dual charging posts with a capacity of 60kW, and 2 dual fast-charging posts with a capacity of 120kW. This is also the location with the most VinFast electric vehicle charging posts installed in Nghe An province to date. The early installation of electric vehicle charging stations at the airport not only brings maximum convenience to customers but also demonstrates the strong commitment of the airport, as well as ACV, in the journey to reduce CO2 emissions, contributing to the 'greening' of the airport. This is a concrete step, part of the sustainable development strategy and the realization of the goal to make Vinh International Airport a 'Green Airport,' adapting to the inevitable energy transition trend currently underway.
Vinh International Airport plans to continue researching and implementing more green technology solutions, affirming its strong commitment to sustainable development and demonstrating its responsibility to the environment and community, in line with the global green development trend.
VIETNAMESE PROVINCES PROPOSE USD 964 MN HIGHWAY
Nha Trang - Da Lat Expressway has a total investment of more than VND 25 Trn (USD 964 Mn) proposed to invest in Public Private Partnership (PPP) to reduce pressure on the state budget. The Khanh Hoa and Lam Dong provinces are suggesting that the Nha Trang-Da Lat Highway project will be carried out under a Build-Operate-Transfer (BOT) contract. The project can be implemented before 2030; prioritize investment from the central budget in the medium-term plan for the period of 2026-2030 and approve the investment plan in the PPP method, the type of BOT contract, to submit to the National Assembly for approval.
Nha Trang - Da Lat Expressway is considered a strategic route, promoting the economic development of three provinces of Lam Dong, Khanh Hoa and Ninh Thuan. After construction, the highway will help shorten the travel time between Nha Trang and Da Lat to about one hour 30 minutes to 2 hours, compared to currently about 3 hours 30 minutes to 4 hours. The highway will form a horizontal axis connecting the Central Highlands with the South-Central Coast, connecting economic centers and seaports. Currently, Highway 27C is the only route connecting Nha Trang with Dalat. On the route, Khanh Le Pass is about 30 km long with winding terrain, obstacles, or landslides, not convenient for large tonnage vehicles.
DONG NAI SEEKS INVESTORS FOR USD 1.36 BN METRO EXTENSION PROJECT
Dong Nai Province is calling for investors to join a project extending Metro Line 1, valued at over VND 34.7 Trn (USD 1.36 Bn), in an effort to improve regional connectivity and public transportation services. The Dong Nai People’s Committee is seeking investment for the railway project that would extend Ho Chi Minh City’s Metro Line 1 (Ben Thanh - Suoi Tien) to Trang Bom District.
The proposed extension would begin at Suoi Tien station, the final stop of Metro Line 1, and run to Ho Nai 3 Commune in Trang Bom District, spanning more than 20 kilometers. Of this, over 18 kilometers would lie within Dong Nai province, passing through Bien Hoa City and Trang Bom District, with 12 planned stations and a 23.4-hectare depot. The project is oriented for development using a mixed capital structure that includes funding from the central government, provincial budget, a build-operate-transfer (BOT) model, and land-use value exploitation.
This project is listed in the investment promotion portfolio for Dong Nai’s 2025 Investment Promotion Conference. The People’s Committee has authorized the Department of Construction to promote and seek investors for infrastructure connectivity projects to advance regional development and improve public transport service quality.
The Dong Nai People’s Committee sent an official request to the Ho Chi Minh City People’s Committee, proposing collaboration on transportation connectivity projects between the two localities. Dong Nai specifically asked Ho Chi Minh City to support infrastructure and technology integration for the extension of Metro Line 1 through Binh Duong and into Dong Nai.
HCMC’S GOVERNMENT PROPOSES METRO EXTENSIONS TO BA RIA – VUNG TAU AND TAY NINH
The Government of Ho Chi Minh City (HCMC) has proposed extending the city’s metro system beyond its original scope to include Ba Ria – Vung Tau and Tay Ninh, in addition to the already planned connections to Binh Duong and Dong Nai in Vietnam. This proposal is part of a broader vision to support the regional integration process and urban expansion strategy, especially as the city plans future mergers with neighboring provinces.
Currently, the inter-provincial Suoi Tien–Binh Duong metro extension is under study, with a projected 32.4 km line expected to begin construction in 2027. A similar extension to Trang Bom in Dong Nai is also being explored. Looking ahead, HCMC plans to build seven metro lines totalling 355 km by 2035 and expand the network to 510 km by 2045. After the opening of Metro Line later in 2025, Line 2 (Ben Thanh–Tham Luong) is scheduled to break ground in December 2025, further linking the central district with northwestern suburbs.
JUNE 2025
HDF ENERGY AND EVNSPC TO ADVANCE GREEN HYDROGEN POWER IN VIETNAM
HDF Energy, a global leader in hydrogen power technology, and Southern Power Corporation (EVNSPC), a subsidiary of Vietnam Electricity (EVN), have signed a memorandum of understanding (MoU) to jointly develop green hydrogen power projects targeting remote southern islands of Vietnam. The agreement aims to replace unreliable and polluting diesel generators with clean, stable, 24/7 hydrogen-based electricity, supporting sustainable development for island communities.
HDF Energy’s Renewstable power plants combine solar energy with on-site green hydrogen storage and fuel cells to provide continuous, clean power. Through this collaboration, HDF Energy and EVNSPC will conduct technical studies, engage local authorities, and share knowledge to create scalable hydrogen energy solutions. Both parties emphasised the partnership’s role in accelerating Vietnam’s energy transition and enhancing energy independence in underserved regions.
HO CHI MINH CITY'S URBAN RAILWAY NETWORK GRADUALLY TAKING SHAPE
Ho Chi Minh City is committed to the completion of seven urban railway lines, encompassing a total length of approximately 355 kilometers, by the year 2035. Urban railways are recognized as the cornerstone of Ho Chi Minh City's transportation infrastructure system. The city's 2021-2045 Development Plan, outlines an ambitious vision for a comprehensive urban rail network comprising ten lines with a total length of 510 kilometers by 2045.
This network will encompass four lines connecting Binh Chanh and Thu Duc City, with additional lines linking Thu Duc City to Cu Chi District, Hoc Mon District to Nha Be District, and Binh Chanh District to Cu Chi District, along with proposed inner and outer belt routes. The plan includes the development of two mixed-mode routes such as an LRT/tramway line along the Saigon River from Binh Tan District to Cu Chi District and an LRT/MRT line connecting District 7 to the Can Gio coastal urban area. To further enhance regional connectivity, the national railway network passing through Ho Chi Minh City will undergo significant upgrades.
The city plans to establish six new railway lines to enhance connectivity across various regions and areas. These include a high-speed railway line spanning 14 kilometers along the North-South axis, the Ho Chi Minh City - Can Tho railway line linking the Mekong Delta provinces, and the Ho Chi Minh City - Tay Ninh route aimed at facilitating international trade connections.
HANOI TO BEGIN WORK ON TWO NEW METRO LINES IN 2025
Hanoi plans to commence construction of two major urban railway projects in 2025, with Metro Line 2's Xuân Đỉnh depot scheduled to breakground in October 2025 and the entire Metro Line 5 targeted for ground breaking before year-end. Hanoi Metropolitan Railway Management Board (MRB) presented updates on Metro Line 2 (Nam Thang Long - Tran Hung Dao) and Line 5 (Van Cao - Ngoc Khanh - Lang - Hoa Lac), as well as its plans to expand Hanoi’s metro network and integrate Transit-Oriented Development (TOD).
For Metro Line 3 (Nhon - Hanoi Station), the elevated segment has been operational since August 2024. The underground section is currently 48.72% complete, with contractors pledging to finish both tunnels by December 2025. For Metro Line 2, MRB resumed collaboration with Japanese consultants in February to finalize revised project documents, which are expected to be submitted for city approval by July 2025. Regarding Metro Line 5, the project is currently in the investment preparation phase, consisting of 10 consulting packages. One contract has been signed, and the remaining nine are in the final approval stages.
MRB to accelerate preparations for Metro Line 5 to ensure it begins construction within 2025, and to simultaneously implement a comprehensive urban railway development plan in alignment with National Assembly Resolution 188.
HDBANK BACKS PV POWER WITH VND 2,000 BN GREEN LOAN TO BOOST VIETNAM’S CLEAN ENERGY TRANSITION
Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has signed a VND 2,000 Bn (USD 76 Mn) credit agreement with Vietnam Oil and Gas Power Corporation – Joint Stock Company (PV Power). The deal was formalized at a ceremony in Hanoi and marks a milestone in Vietnam’s roadmap to diversify its energy mix and reduce emissions. PV Power, a key electricity producer under the Vietnam National Oil and Gas Group (Petrovietnam), will utilize the credit line primarily to import liquefied natural gas (LNG)—a vital fuel source for the operation of Nhon Trach 3 and Nhon Trach 4 gas-fired power plants. These are the country’s first power projects to use LNG as the primary fuel and are categorized as national key infrastructure developments.
With a combined capacity of 1,624 MW and a total investment of USD 1.4 Bn, the two plants are expected to contribute approximately 9 to 12 Bn kWh annually to Vietnam’s power grid. Construction began in 2022, and Nhon Trach 3 is slated for commercial operation by Q3 2025, followed by Nhon Trach 4 in Q4 2025.
CONSTRUCTION FIRMS PROPOSE PPP EXPANSION OF NORTH-SOUTH EXPRESSWAY
A number of major construction firms have submitted proposals to invest in expanding sections of the North-South Expressway under a Public-Private Partnership (PPP) model, expressing strong interest and a commitment to mobilise private capital without relying on state funds. Deoca Group has proposed expanding 19 component projects along the expressway, with a total length of 1,241 m. Son Hai Group also submitted a proposal to the government and the Ministry of Construction, seeking approval to invest in upgrading the expressway segment from Hoài Nhơn to Nha Trang.
The plan includes the sub-sections from Hoài Nhơn to Quy Nhơn, Quy Nhơn to Chí Thạnh, Chí Thạnh to Vân Phong, and Vân Phong to Nha Trang. Phuong Thanh Transport Construction and Investment recently proposed investing in over 200km of the expressway, including the Vũng Áng–Bùng–Vạn Ninh section (104 km) and the Phan Thiết–Dầu Giây section (99 km).
Vietnam Infrastructure Development and Finance Investment Corporation (VIDIFI) has proposed investing in a 300 km stretch of the expressway from Ninh Bình to Quảng Bình. The firm and its consortium partners pledged to ensure progress and quality, arrange financing independently, and require no direct state support. The Eastern North-South Expressway spans approximately 2,063 km. As of now, 1,443 km are operational, with around 597 km under construction. By the end of 2025, 554 km are expected to be completed. The Ministry has reviewed PPP options, including build-operate-transfer (BOT) contracts and a combination of BOT and operations & maintenance (O&M) models.
VINGROUP CONSORTIUM WINS BID TO INVEST IN GIA NGHIA - CHON THANH EXPRESSWAY WORTH VND 19,965 BN
The Vingroup - Techtra Infrastructure Investment and Development Joint Stock Company consortium was selected as the investor to implement Component Project 1: Gia Nghia - Chon Thanh Expressway Investment under the Public- Private Partnership (PPP) method.
Out of a total investment of VND 19,965 Bn (USD 767 Mn), the investor's capital participating in the Project is VND 12,134 Bn (USD 461.092 Mn) (excluding interest of VND 989 Bn) (USD 37.582 Mn) and the state capital is VND 6,842 Bn (USD 259.966 Mn). The Project preparation and implementation period is from 2025 to 2027; the maximum payback period of the Project is 29 years and 8 months.
GOVERNMENT SUBMITS RING ROAD 4 HCMC PROJECT WORTH USD 4.7 BN
The Standing Committee of the National Assembly has submitted the investment plan for Ho Chi Minh City’s Ring Road 4 project for parliamentary approval. The project's first phase is projected to require VND 120.412 Trn (USD 4.75 Bn). The project proposal, which outlines the road’s starting point at the intersection of Toc Tien - Chau Pha (part of the Bien Hoa - Vung Tau expressway in Ba Ria - Vung Tau province) and its end point at Hiep Phuoc Port (Nha Be district, Ho Chi Minh City). The entire route spans more than 207 kilometers.
The route will pass through Ho Chi Minh City and the provinces of Ba Ria - Vung Tau, Dong Nai, Binh Duong, and Long An. The investment scope for phase one covers roughly 159.31 kilometers, with the longest segment located in Long An province (74.5 km), followed by Dong Nai (approximately 46 km).
The segment passing through Binh Duong, nearly 48 km long, has already received investment approval from the provincial People’s Council and is being implemented independently.
The state budget contributions will amount to VND 69.78 Trn (approx. USD 2.75 Bn), including VND 29.687 Trn (USD 1.17 Bn) from the central government and VND 40.092 Trn (USD 1.58 Bn) from local budgets.
Private investors are expected to contribute VND 50.632 Trn (USD 2 Bn). Construction is scheduled to begin in 2026, with the goal of completing the project by the end of 2028.
List of Key Transactions - Q2 2025
Source: YOG INFRA analysis
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