Deo Ca (HHV) Breaks Ground on VND 1,608B Thanh Hoa Coastal Road Package

Overview

Deo Ca Group (ticker HHV, listed on HOSE) held a groundbreaking ceremony on 31 October for Package 05 of the Hoang Thanh - Sam Son coastal road project in Thanh Hoa province. The package is valued at approximately VND 1,608 billion and includes the 1,769m Cua Hoi bridge across the Ma River, which the company says will be the largest bridge in Thanh Hoa once completed.

Key Facts

• Package 05 contract value: approximately VND 1,608 billion (about USD 64.3 million at stated magnitude).
• Groundbreaking date: 31 October, per Deo Ca Group’s announcement.
• Total investment of Sub-project 1: more than VND 1,827 billion, funded by central and Thanh Hoa provincial budgets.
• Project owner: Ban Quản lý dự án đầu tư công trình giao thông Thanh Hóa (Thanh Hoa Transport Works Investment Project Management Board).
• Route length: nearly 12km, designed to grade III delta standard, 80 km/h design speed, 12m standard roadbed (48m on the section from Nam Song Ma Boulevard to National Highway 47).
• Main structures: Cua Hoi bridge at 1,769m with an (85 x 26.5)m navigational clearance, plus Dong Luu bridge at 142.4m.
• Alignment: from Km23+700 at the intersection with provincial road DT.510 in Hoang Thanh commune to Km35+697 connecting to the Sam Son - Nghi Son economic zone road project in Sam Son ward.

What Happened

According to Deo Ca Group, the ceremony marked the start of Package 05 under Sub-project 1 of the coastal road investment project, covering the Hoang Thanh to Sam Son segment and the Tien Trang to Nghi Son economic zone segment in Thanh Hoa. Sub-project 1 carries total investment of more than VND 1,827 billion, financed by supporting central budget funds and the Thanh Hoa provincial budget, with the Thanh Hoa transport project management board as the investor. Deo Ca Group participates as the contractor for Package 05.

The Cua Hoi bridge is described as a modern design with a wide navigational channel span of 85 by 26.5 metres, intended to allow large vessels to pass safely at the river mouth. Deo Ca Group stated that the project is its first in Thanh Hoa and positions the company to pursue other major local transport infrastructure projects. The article does not disclose the contract’s expected completion date or the revenue-recognition schedule.

Market Context

HHV closed at VND 9,300 on 31 October 2026 on HOSE. The stock trades in the construction and materials sector, where order-book visibility from public infrastructure awards is a primary driver of sentiment. The Thanh Hoa coastal road sits within Vietnam’s broader push to complete the North-South coastal corridor and connect industrial and tourism zones, a theme that has supported transport-construction names through the current public investment cycle. The article does not provide HHV’s recent price performance or trading volume.

Strategic Significance

The award extends Deo Ca’s construction backlog into a new province and reinforces its positioning as a national transport contractor rather than a regionally concentrated builder. The Cua Hoi bridge, with its navigational clearance requirement, is technically demanding work that few domestic contractors can bid for, which supports pricing discipline on the contract. For long-term holders, the key question is margin rather than headline value: budget-funded public projects typically carry thinner margins than build-operate-transfer work, so the VND 1,608 billion figure should be read alongside execution timelines and any consortium structure, neither of which the announcement details.

What to Watch

• Deo Ca Group’s disclosure of the contract’s construction timeline and expected completion date.
• Any consortium or subcontractor structure behind Package 05, and HHV’s effective share of the VND 1,608 billion value.
• Quarterly revenue recognition from the package in HHV’s 2027 and 2028 financial statements.
• Further Thanh Hoa infrastructure tenders, given the company’s stated intent to expand in the province.
• Progress milestones on the Cua Hoi bridge, the largest single structure in the package.