MPTC’s Vietnam partner to build $1.5-B toll road

HO CHI MINH, Vietnam – The Vietnamese affiliate of Metro Pacific Tollways Corp. (MPTC) is implementing a $1.5-billion project covering three districts south of Vietnam, its biggest undertaking this year.

Officials of CII Bridges and Roads Investment JSC (CII B&R) said the company is poised to be handpicked by the Vietnamese government as the investor for the Ho Chi Minh City-Trung Luong-My Thuan Expressway Expansion Project.

The project will span at least 95 kilometers crossing three sections, namely, Ho Chi Minh City’s Bing Chang District and Tien Gang’s Chau Thanh and Cai Be Districts.

CII B&R director for capital management Le Trung Hieu said the project will undergo public bidding, but the government wants to start construction by September. As such, authorities are keen on appointing an investor to fast-track the project.

CII B&R expects to be selected as developer, as Le said the company has committed to raise the necessary funding to complete the project on time. If things go as planned, CII B&R is ready to source financing from equity (15%) and loans (85%).

For 2025, Le said CII B&R would spend at least $100 million for preliminary works, but the rest of the project cost will be disbursed from 2026 to 2028.

Based on financial estimates, the lion’s share of the investments must be spent on construction costs (59%), with the remainder split into interest payment (12%), provisional budget (12%), land clearance (11%) and project management (6%).

Le said the project is now classified as a priority for CII B&R because the government sees it as a way to ease traffic congestion south of Vietnam.

On top of this, CII B&R plans to bid for the $635-million elevated toll project extending for 6.2 kilometers in Dong Nai province. The company also wants to vie for the $401-million expansion of the National Highway 22, slated for construction from 2026 to 2028.

Further, CII B&R is eyeing the $381-million upgrade of the North-South Axis from Nguyen Van Linh to Ben Luc-Long Thanh Expressway, stretching 8.6 kilometers. The developer is assessing its opportunities in the $232-million construction of the Thu Thiem Bridge 4, which would span 2.16 kilometers, including the bridge’s 1.57 kilometers.

CII B&R, a joint stock company between Ho Chi Minh City Infrastructure Investment JSC (CII) and MPTC, operates and maintains some of the largest toll projects south of Vietnam such as Hanoi Highway and Rach Mieu Bridge.

CII owns 54.5% of CII B&R, while MPTC has a 44.9% share, with the remaining 0.6% held by the public.