CII Wins Approval to Study VND 20,000B Coastal Road PPP in Lam Dong

Overview

Lam Dong province has approved a consortium led by Ho Chi Minh City Infrastructure Investment JSC (CII, HOSE) to prepare a proposal for a coastal landscape road PPP in southern Lam Dong, with total investment of roughly VND 20,000 billion (~USD 800 million). The decision gives the CII-CII PPP-IMIC consortium four months to file a formal proposal, and matters for CII because it would extend the company’s PPP transport pipeline into a new coastal corridor.

Key Facts

• Lam Dong People’s Committee approved the consortium’s right to study and prepare a project proposal under the public-private partnership (PPP) model.
• The consortium comprises CII, CII PPP Company Limited and IMIC Infrastructure Construction JSC.
• Indicative total investment is approximately VND 20,000 billion, or about USD 800 million.
• The consortium has four months from approval to submit its proposal to Project Management Board No. 2.
• The investor bears all study and documentation costs and risks; the state budget will not reimburse these costs if the project is not approved.
• The approval lapses if no proposal is filed within the four-month window.
• The consortium reported its study proposal to the Lam Dong People’s Committee on 21 August.

What Happened

The Lam Dong People’s Committee issued a policy approval allowing the consortium of CII, CII PPP and IMIC to prepare a proposal for the southern Lam Dong coastal landscape road, according to information from CII. The proposed route would complete missing links in a coastal corridor running from Ho Chi Minh City through Hồ Tràm to southern Lam Dong and on to Phan Thiết. The consortium’s preliminary research notes that coastal segments are already being built from the Hồ Tràm side up to the Lam Dong border, and from the Phan Thiết side to Mũi Kê Gà, leaving the southern Lam Dong connection as the gap.

Under the province’s terms, the investor carries the full cost and risk of research and documentation, with no state reimbursement if the project is not subsequently approved. The consortium must file with Project Management Board No. 2 within four months, or the study mandate expires. Beyond transport connectivity, the consortium has proposed studying spatial development along the route, linking the road to urban areas, commercial services, tourism and public amenities.

Market Context

CII closed at VND 12,900 on 23 September 2026 on HOSE, where it trades under the Construction & Materials industry group. The stock is a long-standing infrastructure and PPP developer whose valuation has historically tracked its build-operate-transfer toll road portfolio and real estate interests rather than single project announcements. This approval is a study mandate, not a contract award, so it does not yet add backlog or revenue visibility. The broader Vietnamese infrastructure theme remains tied to public investment disbursement and PPP framework execution, both of which shape how quickly proposals of this size convert into construction.

Strategic Significance

The strategic value for CII lies in corridor assembly rather than a single road. If the southern Lam Dong link proceeds, it would complete a continuous coastal route connecting Ho Chi Minh City, Hồ Tràm, southern Lam Dong and Phan Thiết, an area where the consortium also proposes to tie transport infrastructure to urban, tourism and commercial development. That combination is CII’s established model: securing PPP transport mandates that create land and development optionality along the route. The four-month deadline and the no-reimbursement clause mean the near-term financial exposure is limited to study costs, while the upside is optionality on a project of roughly USD 800 million in indicative scale.

What to Watch

• Whether the consortium files a formal proposal with Project Management Board No. 2 within the four-month window.
• Lam Dong provincial announcements on appraisal and any subsequent investment policy decision.
• CII disclosures on study costs and consortium structure, including the roles of CII PPP and IMIC.
• Progress on adjacent coastal segments from Hồ Tràm and Phan Thiết that determine corridor continuity.
• CII’s Q3 2026 results and any update on its existing PPP and toll road backlog.