CII-led consortium wins $251M National Highway 13 expansion project in HCMC

Overview

A consortium led by CII (HoSE: CII) has been officially selected as the investor for the National Highway 13 expansion project in Ho Chi Minh City. The project, with a total investment of approximately VND 6,276 billion (~USD 251 million), will be implemented under a BOT contract. This win marks another major infrastructure undertaking for CII following its involvement in the TP.HCM - Trung Lương - Mỹ Thuận expressway expansion.

Key Facts

• Consortium: CII, CII PPP (CII holds 99%), and IMIC; CII group holds 51% stake.
• Total investment: ~VND 6,276 billion (~USD 251 million).
• Project length: ~5.9 km, from Bình Triệu Bridge to Bình Dương province border.
• Road width expanded to 60m, with 4 elevated lanes (80 km/h) and 8-10 lane service roads.
• Timeline: Preparation and construction 2026-2028; operation from early 2029.
• Approved by HCMC People’s Committee under Decision No. 5588/QĐ-UBND.
• Contract type: BOT (Build-Operate-Transfer) under public-private partnership.

What Happened

CII announced in a filing to the State Securities Commission and stock exchanges that the HCMC People’s Committee had approved the selection of the consortium of CII, CII PPP, and IMIC as the investor for Component Project 2: Upgrading and expanding National Highway 13. The project will be carried out under a BOT contract, with the CII group holding a 51% stake in the consortium.

The project spans approximately 5.9 km and involves widening the road to 60 meters, including four elevated lanes for inter-provincial traffic and parallel service roads. The total investment is about VND 6,276 billion. Construction is planned for 2026-2028, with commercial operation expected from early 2029.

This is the latest large-scale infrastructure project for CII, following its role in the TP.HCM - Trung Lương - Mỹ Thuận expressway expansion, where CII is part of a consortium with Đèo Cả, Tasco, and others. For that expressway project, CII’s subsidiary BOT Cao tốc Sài Gòn - Mỹ Thuận (55% owned) has secured a loan facility of nearly VND 27,094 billion.

Market Context

CII shares closed at VND 14,700 on September 2, 2026, on the HOSE. The company is active in infrastructure and construction, with a portfolio of toll roads and other PPP projects. The National Highway 13 win adds to CII’s pipeline of BOT projects, which are capital-intensive but offer long-term revenue through toll collection. The Vietnamese government’s push for infrastructure development, particularly in the southern economic zone, supports demand for such projects.

Strategic Significance

For long-term investors, this contract win reinforces CII’s position as a key private partner in Vietnam’s transport infrastructure. The company is leveraging its experience from the expressway project to secure additional BOT contracts, which can provide stable cash flows over the concession period. However, the high capital requirements and reliance on debt financing (as seen with the VND 27,094 billion loan for the expressway) increase financial leverage. Successful execution and toll revenue generation will be critical to maintaining investor confidence.

What to Watch

• Financial close and detailed engineering plans for the National Highway 13 project.
• Progress on the TP.HCM - Trung Lương - Mỹ Thuận expressway expansion, including construction milestones and toll revenue projections.
• CII’s debt levels and ability to service large loans, given its expanding BOT portfolio.
• Any regulatory changes affecting PPP/BOT projects in Vietnam.
• Quarterly earnings reports for updates on project-related costs and revenue recognition.