Dat Phuong (DPG) Wins VND 10,253B Gia Binh Airport Road Package XL-02

Overview

Dat Phuong Group (HOSE: DPG) has signed a construction contract for package XL-02 of the road linking Gia Binh Airport to Hà Nội, a project sponsored by Sun Group with total investment of about VND 28,794B. The package is valued at more than VND 10,253B, of which DPG’s directly executed portion is about VND 1,217B. The award follows DPG’s late-September contract on the VinSpeed Hà Nội-Quảng Ninh high-speed rail line, extending a run of large northern infrastructure wins for the contractor.

Key Facts

• Package XL-02 contract value: more than VND 10,253B; DPG’s direct portion approximately VND 1,217B.
• Scope covers the section from the cast-in-place bridge over the left Hà Nội dike to Km34+900, including the Ninh Hiệp interchange.
• Gia Binh Airport-Hanoi road total investment: approximately VND 28,794B, structured as a PPP/BT contract.
• Project sponsor: Sun Group; construction started 19 December 2025; corridor width 120 m with a 10-lane expressway plus two three-lane frontage roads.
• The alignment includes a roughly 1.9 km bridge over the Đuống River and reserved space for future rail lines.
• Prior win: late September, DPG signed a girder casting and launching package from Km0+000 to Km13+499 on the Hà Nội-Quảng Ninh high-speed rail, a consortium contract of nearly VND 2,294B with DPG’s share at VND 918B, or about 40%.
• The VinSpeed rail project carries total investment above VND 147,000B (over USD 5.6B), excluding land clearance, across a 121 km route.

What Happened

Dat Phuong Group announced the signing of the XL-02 construction contract under the Gia Binh Airport-Hanoi road project, according to the company’s disclosure. The package covers the stretch from the cast-in-place bridge crossing the left dike of Hà Nội to Km34+900, and includes the Ninh Hiệp interchange. The company stated the total contract value exceeds VND 10,253B, with the work it performs directly valued at about VND 1,217B.

The road is a priority transport scheme spanning Hà Nội and Bắc Ninh, intended to strengthen links between the capital and Gia Binh Airport and the northern logistics network. It is developed under a public-private partnership and build-transfer structure with total investment of about VND 28,794B, sponsored by Sun Group and commenced on 19 December 2025. The design provides a 120 m corridor, a 10-lane expressway and two three-lane parallel roads, a roughly 1.9 km Đuống River bridge, and reserved space for future rail.

Market Context

DPG closed at 27,450 on 12 October 2026 on HOSE. The stock sits in the construction and materials sector, where order-book visibility from northern transport and rail programmes has become a primary valuation driver. The two awards place DPG inside both the Sun Group road pipeline and the VinSpeed high-speed rail programme, the latter sponsored by Vingroup unit VinSpeed with investment above VND 147,000B and a 121 km route through Hà Nội, Bắc Ninh, Hải Phòng and Quảng Ninh at a 350 km/h design speed, reduced to 120 km/h through Hà Nội.

Strategic Significance

The strategic point for long-term holders is the shift in DPG’s revenue mix toward very large, multi-year civil packages tied to national transport priorities rather than smaller, shorter-cycle contracts. Participation in the Gia Binh road and the VinSpeed rail line positions the company within two of the largest northern infrastructure programmes, both backed by established private sponsors in Sun Group and Vingroup. The gap between headline contract value and DPG’s direct share, VND 10,253B versus VND 1,217B here and VND 2,294B versus VND 918B on the rail package, means reported backlog should be read on the attributable portion, and execution capacity, not award count, becomes the binding constraint on earnings conversion.

What to Watch

• Disclosure of DPG’s attributable backlog and revenue recognition schedule for XL-02 in subsequent filings.
• Monthly or quarterly construction progress on the Gia Binh Airport-Hanoi road, including the Đuống River bridge and Ninh Hiệp interchange.
• Further package awards on the VinSpeed Hà Nội-Quảng Ninh line as tendering advances along the 121 km route.
• Q3 and Q4 2026 earnings releases showing whether new awards are converting into revenue and margin.
• Any update on land clearance and BT payment terms for the Gia Binh project, which affect cash flow timing for contractors.