CII-led consortium wins BOT contract for National Highway 13 expansion worth VND 6.3 trillion

Overview

A consortium led by CII (HOSE: CII) has been officially selected by Ho Chi Minh City authorities as the investor for the BOT component of the National Highway 13 expansion project. The BOT portion of the project carries a total investment of approximately VND 6,276 billion (around USD 251 million), with the consortium holding a 51% stake. This win marks a significant addition to CII’s infrastructure project pipeline.

Key Facts

• The consortium includes CII, CII PPP, and IMIC Construction Infrastructure JSC, with the CII group holding a 51% stake.
• The BOT component covers approximately 5.9 km of the highway, with a total investment of VND 6,276 billion.
• The project will widen National Highway 13 to about 60 meters, with 10-14 lanes depending on the section.
• A 3.5 km elevated road with 4 lanes and a design speed of 80 km/h will be built from Binh Trieu intersection to Binh Phuoc area.
• The total project investment, including state funds, is nearly VND 20,900 billion, with HCMC allocating over VND 14,600 billion for site clearance and compensation.
• Construction is scheduled for 2026-2028, with completion and operation expected by early 2029.
• The project is among those planned to start on National Day (September 2).

What Happened

The Ho Chi Minh City People’s Committee has approved the selection of a consortium led by CII (CII - CII PPP - IMIC) as the investor for Component 2 of the National Highway 13 upgrade and expansion project, under a public-private partnership (PPP) with a BOT contract. The decision was announced in late August 2026, following a competitive selection process.

The BOT section spans about 5.9 km from Binh Trieu Bridge to the old Binh Duong province border. The design includes a two-level traffic system: an elevated road with 4 lanes for through traffic and a parallel ground-level road with 8-10 lanes for local traffic. This is expected to separate inter-regional and local vehicles, reducing congestion at intersections and improving traffic flow on this key northeastern gateway of HCMC.

The project is slated for preparation and construction from 2026 to 2028, with completion and operation targeted for early 2029. The BOT investment of VND 6,276 billion will be arranged by the investor consortium, while the state will fund the majority of the total project cost, primarily for land acquisition and compensation.

Market Context

CII closed at VND 14,700 on August 28, 2026, reflecting a period of relative stability. The company, listed on HOSE, is a major player in Vietnam’s infrastructure sector, with a portfolio including toll roads, bridges, and water treatment plants. This contract win aligns with the government’s push to upgrade national highways and improve connectivity between HCMC and the northern provinces, particularly Binh Duong and Binh Phuoc. The project is part of a broader infrastructure spending cycle in Vietnam, which has seen increased PPP activity.

Strategic Significance

For CII, this BOT contract represents a strategic addition to its infrastructure portfolio, providing a long-term revenue stream through toll collection once operational. The 51% stake in the consortium positions CII as the lead developer, enhancing its reputation in the PPP space. The project’s scale—nearly VND 6.3 trillion in BOT investment—underscores CII’s capability to undertake large-scale infrastructure projects. Moreover, the elevated road design is a first for the company, potentially opening doors to more complex urban infrastructure projects in the future. The project also aligns with Vietnam’s infrastructure development goals, which are a key driver of economic growth.

What to Watch

• Financial close and detailed engineering design milestones, expected in late 2026.
• Commencement of construction, planned for September 2, 2026, and progress updates through 2028.
• CII’s Q3 and Q4 2026 earnings reports, which may reflect initial project-related costs or financing arrangements.
• Any changes in toll fee regulations or PPP policies that could affect project economics.
• Updates on land acquisition progress, as delays could impact the construction timeline.