Dat Phuong (DPG) Wins VND 2,846B Packages on Sun Group's Gia Binh Airport Road

Overview

Dat Phuong Group (HOSE: DPG) has signed construction contracts for packages XL-02 and XL-03 of the road linking Gia Binh airport to Hà Nội, a VND 28,794B public-private partnership project developed by Sun Group. The company’s directly executed share across the two packages totals roughly VND 2,846B, and follows a VND 918B beam package won in late September on VinSpeed’s VND 147,000B Hà Nội–Quảng Ninh high-speed rail line.

Key Facts

• Package XL-03 carries a total contract value of more than VND 4,387B including VAT; DPG’s own scope is worth more than VND 1,628B.
• Package XL-02 carries a total contract value of more than VND 10,253B; DPG’s own scope is worth about VND 1,217B.
• Combined DPG work across XL-02 and XL-03 is approximately VND 2,846B (about USD 114M).
• The Gia Binh airport–Hà Nội road has total investment of about VND 28,794B, structured as a PPP build-transfer (BT) contract, with Sun Group as developer.
• The corridor is 120 m wide, with a 10-lane expressway plus two three-lane frontage roads and a 1.9 km bridge over the Đuống river; construction began on 19 December 2025.
• DPG’s VinSpeed package covers girder casting and launching on the Km0+000 to Km13+499 section, part of a consortium contract worth nearly VND 2,294B, with DPG’s share at VND 918B, or about 40%.
• The Hà Nội–Quảng Ninh high-speed rail project is valued at more than VND 147,000B (over USD 5.6B), excluding land clearance, across 121 km and four provinces and cities.

What Happened

In a company disclosure, Công ty Cổ phần Tập đoàn Đạt Phương said it had signed the XL-03 construction contract on the Gia Binh airport–Hà Nội road project. The package runs from Km34+900 to the end of the alignment and includes the C-shaped and Y-shaped interchanges and the link to the Tứ Liên bridge approach. The contract is valued at more than VND 4,387B including VAT, of which DPG directly performs more than VND 1,628B.

The company had earlier announced the XL-02 contract, covering the section from the balanced-cantilever bridge over the Hà Nội-side dyke to Km34+900, including the Ninh Hiệp interchange. That package is worth more than VND 10,253B in total, with DPG’s scope at about VND 1,217B. Separately, at the end of September, DPG disclosed a contract on the Hà Nội–Quảng Ninh high-speed rail project for girder casting and launching on typical bridges between Km0+000 and Km13+499, where its VND 918B share equals roughly 40% of a consortium package worth nearly VND 2,294B.

Market Context

DPG closed at VND 27,600 on 19 October 2026 on HOSE. The stock sits in the construction and materials sector, which has been a direct beneficiary of the state’s push to accelerate transport infrastructure, and DPG is now positioned on both of the north’s marquee private-led schemes: Sun Group’s airport road and Vingroup’s VinSpeed rail line. The awards extend a backlog built on large-scale civil and bridge work rather than speculative land plays, which matters in a market that has rewarded contractors with visible, contracted revenue.

Strategic Significance

The thesis for DPG is backlog quality rather than headline contract value. On both packages the company is a participant in a larger consortium, executing a defined slice of work, which limits balance-sheet exposure while still attaching DPG to two projects with sovereign-level visibility. The Gia Binh road is a BT structure, meaning payment comes through land or other arrangements rather than straightforward cash progress payments, so collection terms and the developer’s funding capacity are the variables that determine whether the VND 2,846B converts into margin. The VinSpeed rail work, by contrast, places DPG inside a programme the government has framed as a template for future north-south rail, giving it reference experience for the far larger tenders expected later this decade.

What to Watch

• Disclosure of the payment mechanism and settlement schedule under the BT structure for the Gia Binh road.
• DPG’s Q3 2026 results and backlog disclosure, which should quantify the contribution of the two new packages.
• Any further package awards on the Hà Nội–Quảng Ninh line as VinSpeed tenders additional sections.
• Progress milestones on the Đuống river bridge and the Tứ Liên link, the technically demanding elements of DPG’s scope.
• Announcements on the north-south high-speed rail tender process, which would test whether DPG can convert this reference work into larger awards.