Dat Phuong (DPG) Wins VND 918B Hanoi–Quang Ninh High-Speed Rail Package

Overview

Dat Phuong Group (HoSE: DPG) has signed a construction contract for the Hanoi–Quang Ninh high-speed railway, covering girder casting and launching on the typical bridge section from Km0+000 to Km13+499. The company’s share of the consortium package is VND 918 billion, about 40% of the roughly VND 2,294 billion total. The project is developed by VinSpeed, a Vingroup unit, with total investment above VND 147,000 billion (over USD 5.6 billion).

Key Facts

• DPG’s contract value: VND 918 billion, approximately USD 36.7 million, or about 40% of the consortium package.
• Total consortium package value: nearly VND 2,294 billion.
• Scope: casting and launching of typical bridge girders from Km0+000 to Km13+499.
• Project sponsor: VinSpeed, under Vingroup, with total investment above VND 147,000 billion (over USD 5.6 billion), excluding site clearance.
• Route: 121 km through Hà Nội, Bắc Ninh, Hải Phòng and Quảng Ninh; design speed 350 km/h, 120 km/h through Hà Nội.
• Construction started 12 April 2026; piling works are underway at river-crossing bridge sites.
• Vietcap estimates the project could contribute about VND 2,600 billion in revenue to DPG, assuming it captures roughly 5% of total project construction value.
• DPG closed at VND 27,900 on 23 September 2026.

What Happened

Dat Phuong Group announced the signing of a construction contract for the Hanoi–Quang Ninh high-speed railway, specifically the package for casting and launching typical bridge girders between Km0+000 and Km13+499. The consortium contract is valued at nearly VND 2,294 billion, with Dat Phuong’s portion at VND 918 billion, or roughly 40%. The disclosure was made through a company announcement.

At the April 2026 annual general meeting, Dat Phuong’s leadership said the company was executing a 20 km package on the same project. Vietcap Securities (VCSC) estimates the project could generate about VND 2,600 billion in revenue for Dat Phuong, based on the assumption that the company wins around 5% of total construction value. Vietcap said reaching that forecast depends on the company continuing to win additional packages along the line, and noted the new contract strengthens revenue recognition for the construction segment and lifts Dat Phuong’s standing among contractors developing high-speed rail in Vietnam.

Market Context

DPG trades on HOSE and closed at VND 27,900 on 23 September 2026. The contract adds to a domestic construction order book increasingly tied to transport infrastructure, a segment that has drawn investor attention as Vietnam advances large rail and road programmes. The Hanoi–Quang Ninh line is the most visible private high-speed rail project, sponsored by Vingroup’s VinSpeed, and its progress is watched as a template for future rail development. The article does not disclose DPG’s recent share price performance or valuation multiples.

Strategic Significance

The contract gives Dat Phuong a reference project in high-speed rail, a technically demanding segment where girder casting and launching capability is a barrier to entry. If Vietcap’s VND 2,600 billion revenue estimate materialises, it would be material relative to the company’s construction backlog, but the estimate assumes further package wins that are not yet secured. The strategic angle is positioning: early participation on a flagship VinSpeed line can support bids for later packages on this route and on other planned rail corridors, where sponsor relationships and proven bridge works matter. Execution risk, including site clearance and piling progress at river crossings, remains the key variable.

What to Watch

• Further DPG contract awards on the Hanoi–Quang Ninh line, which Vietcap’s VND 2,600 billion revenue estimate depends on.
• Q3 and Q4 2026 earnings disclosures showing construction revenue recognition from the package.
• Project milestones at the nine major river-crossing bridges, including the Đuống, Thái Bình and Kinh Thầy spans.
• VinSpeed updates on the overall construction schedule and any additional tenders for the 121 km route.
• DPG disclosures on contract backlog and margins in the construction segment.