Vinaconex (VCG) Wins VND 4,704B Road Contract in Long Thanh, Expands Project Portfolio

Overview

Vinaconex (VCG) has won a contract to build the DT.770B road in Long Thanh, Dong Nai province, with a total investment of over VND 4,704 billion (approximately USD 188 million). The project adds to VCG’s growing portfolio in the region, where it is already executing five packages at Long Thanh International Airport worth over VND 8,300 billion.

Key Facts

• Vinaconex (VCG) won the contract for the DT.770B road project in Long Thanh, with total investment exceeding VND 4,704 billion.
• The road is nearly 43 km long, designed as a Grade III plain road with 6 lanes (8-lane reserve), speed 80 km/h, and roadbed width of 60 m.
• VCG is currently executing five packages at Long Thanh International Airport (Phase 1) with total contract value over VND 8,300 billion.
• Package 4.6 (runway, taxiway, cargo apron) worth nearly VND 1,415 billion was completed in July 2025.
• Remaining packages include 4.7 (VND 1,166 billion), 4.8 (VND 1,429 billion), 4.12 (VND 390 billion), and 5.10 (VND 3,924 billion), expected to be completed in 2026.
• Package 5.10 is part of the Vietur consortium (led by Turkey’s IC ISTAS) building the passenger terminal, total value ~VND 35,000 billion.
• The DT.770B road is one of three key transport projects launched by Dong Nai province on July 10, 2025.

What Happened

On July 10, 2025, the People’s Committee of Dong Nai province simultaneously broke ground on three key transport projects: upgrading DT.769, building DT.770B, and building DT.773. These roads are designed to connect Long Thanh International Airport with the regional transport network, enhancing links between Dong Nai, Ho Chi Minh City, the Southeast region, and the Central Highlands.

Vinaconex is the contractor for the DT.770B project, which has a total investment of over VND 4,704 billion. The road spans nearly 43 km and is built to Grade III plain road standards with a design speed of 80 km/h, 6 lanes, and a roadbed width of 60 m (reserved for 8 lanes). This is the latest addition to VCG’s project portfolio in the Long Thanh area, where it is already involved in five packages at the airport.

Market Context

VCG shares closed at VND 20,300 on July 11, 2025, down 2.17% with volume of 3.8 million shares on HOSE. The stock has been under pressure amid broader market weakness, but the company’s strong order book in infrastructure, particularly at Long Thanh airport, provides a positive long-term outlook. The new road contract further diversifies VCG’s revenue streams and reinforces its presence in the region.

Strategic Significance

For Vinaconex, the DT.770B contract represents a strategic expansion beyond airport construction into regional transport infrastructure, which is a key priority for the government. The company’s involvement in multiple high-value packages at Long Thanh airport and now a major road project demonstrates its capability to secure large-scale public works. This positions VCG to benefit from Vietnam’s ongoing infrastructure boom, particularly in the southern economic hub.

What to Watch

• Progress updates on the five ongoing Long Thanh airport packages, especially package 5.10 (passenger terminal), which is the largest.
• Any additional contract wins in Dong Nai or neighboring provinces as infrastructure spending accelerates.
• Q2 2025 earnings release for VCG to assess revenue recognition from existing contracts.
• Updates on the financial health of the Vietur consortium and any changes in project timelines.
• Government disbursement rates for public investment in transport infrastructure.