Coteccons (CTD) Casts First 750-Ton Girder for Ben Thanh - Can Gio High-Speed Rail

Overview

Coteccons (HOSE: CTD) announced on 1 October 2026 the completion of the first 750-ton girder for the Ben Thanh - Can Gio high-speed railway, a 54-km line with a preliminary investment of approximately VND 102,430 billion. The project is developed by VinSpeed, part of Pham Nhat Vuong’s Vingroup ecosystem, and connects central Ho Chi Minh City to the Can Gio coastal area and the Vinhomes Green Paradise urban development.

Key Facts

• First girder cast on 1 October 2026, measuring 32.6 m long, 12.6 m wide and weighing nearly 750 tons.
• Continuous concrete pouring lasted more than 6 hours after 6 weeks of technical preparation; over 4 months elapsed from project handover to first girder completion.
• Coteccons holds two packages at the project with a combined provisional value exceeding VND 7,000 billion.
• Package one covers 8 km of viaduct with 230 girders and 9 special bridges using balanced cantilever technology.
• Package two covers 4 km of the Can Gio bridge approach using MSS (Movable Scaffolding System) technology.
• Total project investment is approximately VND 102,430 billion for a 54-km double-track line with 1,435 mm standard gauge, designed for 350 km/h.
• The line is scheduled to enter operation from 2028, linking the 2,870-hectare Vinhomes Green Paradise project.

What Happened

Coteccons said the girder was cast monolithically at the casting yard and will be launched using specialised transport equipment, rather than conventional girder construction methods used in Vietnam. The company stated this is the first time the technology has been applied in the country. The announcement was made via a company release on 1 October 2026.

The Ben Thanh - Can Gio high-speed railway is invested by VinSpeed, a unit within the Vingroup ecosystem founded by billionaire Pham Nhat Vuong. The line starts at the 23 Thang 9 Park area in central Ho Chi Minh City and ends in Can Gio, connecting to the Vinhomes Green Paradise coastal urban project, which Vingroup broke ground on in April 2025. Coteccons’ participation forms part of its expansion into large-scale infrastructure alongside its traditional civil and industrial construction segments.

Market Context

CTD closed at VND 57,800 on 2 October 2026 on the Ho Chi Minh Stock Exchange. The stock trades in the construction and materials sector, which has been increasingly linked to public infrastructure and transport megaprojects in southern Vietnam. The Ben Thanh - Can Gio line is one of several large-scale transport developments tied to the Vingroup ecosystem, and Coteccons’ involvement positions it alongside contractors benefiting from the broader infrastructure pipeline. The company reported revenue of VND 34,340 billion and after-tax profit of VND 788 billion in fiscal year 2026.

Strategic Significance

For long-term investors, the milestone matters less for the first girder itself than for what it demonstrates about Coteccons’ ability to execute technically demanding infrastructure work. The use of MSS and balanced cantilever methods, applied for the first time in Vietnam on this line, positions CTD as a credible bidder for future high-speed rail and elevated transport packages. Management targets consolidated revenue of VND 42,000 billion and after-tax profit of VND 1,050 billion in fiscal 2027, which would be the highest profit since 2018. The two packages, worth over VND 7,000 billion, provide multi-year revenue visibility if construction proceeds on schedule toward the 2028 operational target.

What to Watch

• Progress on the remaining 230 girders and the 9 special bridges under package one.
• Confirmation of the final contract value for the two packages, currently stated as provisional at over VND 7,000 billion.
• Fiscal 2027 earnings release, with management guidance of VND 42,000 billion revenue and VND 1,050 billion after-tax profit.
• Any additional infrastructure packages awarded to Coteccons under the VinSpeed or broader Vingroup pipeline.
• Updates on the 2028 operational timeline for the Ben Thanh - Can Gio line and the Vinhomes Green Paradise handover schedule.