CII-Led Consortium Proposes USD 3.72B PPP for 551km North-South Expressway

Overview

A consortium led by Ho Chi Minh City Infrastructure Investment JSC (CII, HOSE) has submitted a proposal to the Ministry of Construction to study and complete roughly 551km of the eastern North-South expressway under a public-private partnership (PPP) using 100% investor capital and no state budget funds. The preliminary investment is about VND 93,000 billion (roughly USD 3.72 billion), spanning the Quang Ngai - Nha Trang and Vinh Hao - Dau Giay segments. For CII, the filing positions the company as sponsor of one of the largest private infrastructure proposals currently on the table in Vietnam.

Key Facts

• Consortium members: CII, IMIC Infrastructure Construction JSC, and CII PPP Partners Company Limited.
• Scope: about 551km total, comprising Quang Ngai - Nha Trang at 351km and Vinh Hao - Dau Giay at 200km.
• Route passes through six provinces and cities: Quang Ngai, Gia Lai, Dak Lak, Khanh Hoa, Dong Nai and Lam Dong.
• Preliminary total investment of about VND 93,000 billion, of which roughly VND 75,000 billion is construction cost, fully mobilised by the investor.
• Upgrading from four lanes to a completed six-lane expressway, design speed 100-120km/h.
• The consortium expects to repay about VND 18,000 billion to the state budget and is seeking tolling rights from 1 January 2028.
• Implementation is targeted for 2026-2030; CII says the consortium has engaged eight credit institutions on financing.

What Happened

In a document sent to the Ministry of Construction, CII - acting as consortium representative - proposed that the ministry allow the group to research and invest in completing two expressway sections, Quang Ngai - Nha Trang and Vinh Hao - Dau Giay. The consortium comprises CII, IMIC Infrastructure Construction JSC and CII PPP Partners Company Limited. Under the proposal, the routes would be expanded from the current four-lane scale to a full six-lane expressway with a design speed of 100-120km/h, with the entire capital requirement raised by the investor rather than drawn from the state budget.

The consortium also asked the ministry to approve its participation as the proposing investor and to direct specialised agencies to guide the preparation of the dossier in line with regulations. It stated that it expects to return approximately VND 18,000 billion to the state budget and to receive the right to exploit and collect tolls on the routes from 1 January 2028. If the project is not approved, the consortium committed to bearing all costs and risks incurred during the proposal preparation process. CII said it has worked with eight credit institutions on the financing direction and received interest.

Market Context

CII trades on HOSE and closed at 12,900 on 23 September 2026. The stock sits in the construction and infrastructure segment, which has been sensitive to public investment disbursement cycles and to the government’s push to complete the North-South expressway network. A proposal of this scale, at roughly USD 3.72 billion, is large relative to CII’s market capitalisation and would represent a multi-year pipeline extension if it advances. The PPP format, with no state budget contribution, aligns with Vietnam’s stated preference for mobilising private capital into transport infrastructure.

Strategic Significance

The proposal is a test of whether Vietnamese listed infrastructure firms can move from contractor and sub-scale investor roles into lead sponsorship of nationally significant toll assets. If approved, CII would hold a long-dated concession on two high-traffic corridors with tolling from 2028, converting its business mix toward recurring revenue. The commitment to repay about VND 18,000 billion to the state budget is the key negotiating term, effectively pricing the concession against prior public spending on these segments. The eight-lender engagement signals that domestic credit appetite exists, but the structure remains contingent on ministry approval and on terms not yet disclosed.

What to Watch

• Formal response from the Ministry of Construction on whether the consortium is accepted as proposing investor.
• Details of the financing package from the eight credit institutions, including tenor and any state guarantee requests.
• The final concession terms, particularly the VND 18,000 billion budget repayment schedule and tolling start date.
• Any competing proposals for the same Quang Ngai - Nha Trang and Vinh Hao - Dau Giay segments.
• CII’s next periodic disclosure for updates on the proposal and any capital-raising plans.