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| Public investment helps increase development opportunities for businesses in the construction and materials sectors. (In the photo: The Long Thanh International Airport construction project.) |
Public investment plays a key role.
In 2025, public investment is identified as one of the main policy pillars and plays a key role in maintaining economic growth momentum, being one of the top priorities for achieving this year's 8% GDP growth target.
The public investment plan for 2025 is at its highest level in the last five years, with accelerated disbursement and supportive policies. This presents a great opportunity for businesses in the infrastructure, construction materials, and logistics sectors, opening up many potential investment opportunities in the stock market.
The volatile global economic landscape remains a concern for investors. Statistics show that by the end of April 2025, 19 out of 32 open-ended equity funds had increased their cash holdings, reflecting a continued defensive sentiment. Investors' investment strategies are now focusing more on the intrinsic value of businesses, rather than relying on the unpredictable factors of the overall economic environment. Given this situation, industry sectors less affected by the trade war, along with the support of government policies, are recommended by experts as priority choices for investors.
Resolution 68-NQ/TW on the development of the private economy opens up significant opportunities for businesses and corporations, creating momentum for a series of listed companies. Alongside this, the public investment sector is being prioritized with the goal of completing key projects including 3,000 km of expressways, Ho Chi Minh City's Ring Road 3, Hanoi's Ring Road 4, 1,000 km of coastal roads, Long Thanh Airport, Tan Son Nhat Terminal 3, Noi Bai Terminal 2, Lien Chieu Port, Can Gio Port, the Lao Cai - Hanoi - Hai Phong railway, and the new 500 kV power line… This presents an opportunity for listed companies to capitalize on the wave of public investment and the government's promotional policies.
Building breakthrough infrastructure
Infrastructure development companies are considered to be among the groups that will directly benefit from the wave of public investment in 2025.
Many important projects and works to be completed in 2025 will benefit businesses thanks to increased construction contract values and gradual recognition of handover upon project completion. Following the inauguration of Terminal 3 at Tan Son Nhat Airport, the construction of Noi Bai Airport's terminal is expected to be completed in Q4 2025. The listed contractors involved in the construction of these two projects are ACV and Vinaconex. A series of other companies such as Refrigeration and Electrical Engineering Corporation (REE), Coteccons Construction Corporation (CTD), Hoa Binh Construction Group Corporation (HBC), Deo Ca Infrastructure Investment Corporation (HHV), FECON Corporation (FCN), etc., also show strong revenue growth potential in the coming period, participating in large projects such as Long Thanh International Airport Phase I, 12 component projects of the North-South Expressway Phase II, and Ho Chi Minh City Ring Road 3…
For the "giant" Vietnam Construction and Import-Export Corporation (Vinaconex), despite less-than-favorable business results in the first quarter of 2025, with net revenue and after-tax profit decreasing by 2% and 72% respectively compared to the same period last year, forecasts for revenue in 2025 remain positive, driven by the construction sector - Vinaconex's core business.
Vinaconex has consistently won bids for large-scale national infrastructure projects, such as several component packages of the North-South Expressway Phase II, Long Thanh International Airport Phase I, Noi Bai International Airport, and Ho Chi Minh City's Ring Road 3. Thanks to this trend of accelerating infrastructure construction, it is estimated that Vinaconex wins bids worth approximately 10,000 - 11,000 billion VND annually, and its business results are expected to continue improving in the coming years.
Analysis by experts at Phu Hung Securities Company shows that Vinaconex's remaining backlog (outstanding orders) for 2025-2026 is relatively large, estimated to be 1.8 times higher than the average revenue for the 2023-2024 period, equivalent to approximately VND 15,500 billion, with the main revenue peak in 2025.
Vinaconex's estimated net revenue from the construction segment in 2025 and 2026 is projected to reach VND 11,200 billion (a 21% increase) and VND 11,700 billion (a 5% increase), respectively.
Similarly, Deo Ca Infrastructure Investment Joint Stock Company (HHV) also possesses a large backlog. The company stated that in 2025, it will continue to execute signed construction contracts, with the Quang Ngai - Hoai Nhon and Dong Dang - Tra Linh Expressway projects contributing the majority of revenue. It is projected that construction revenue from these projects in 2025 will bring in VND 1,392.5 billion for Deo Ca.
Deo Ca's consolidated plan for 2025 projects total revenue of VND 3,584 billion and after-tax profit of VND 555.62 billion, representing growth of 8% and 12% respectively compared to the previous year.
Deo Ca's backlog for 2025-2027 is estimated at approximately VND 3,800 billion, a 3.5-fold increase compared to the average revenue during the 2023-2024 period. It is known that Deo Ca's peak in construction profits will mainly occur in the 2025-2026 period.
This company also won bids for a series of major projects such as Long Thanh International Airport Phase I, several component packages of the North-South Expressway Phase II, Ho Chi Minh City Ring Road 3, and Khanh Hoa - Buon Ma Thuot Expressway Phase I.
According to Mr. To Dinh Hien Vien, an expert at Phu Hung Securities Joint Stock Company, public investment stocks are still expected to be the main growth pillar in 2025-2026. Considering past performance, most stocks in this sector are largely dependent on the developments in public investment policies. Regarding the trend of accelerating public investment disbursement in 2025, Phu Hung Securities observes similarities to 2020, when the State accelerated public investment disbursement in the final year of the medium-term five-year plan. Simultaneously, the removal of bottlenecks in investment law provisions is expected to create a positive psychological factor in this sector, contributing to the revaluation of public investment stocks in the near future.
Spreading motivation
Boosting the disbursement of public investment is expected to have a ripple effect on many other sectors such as construction materials, power installation, real estate, and logistics.
For construction material businesses, the period immediately following land clearance and the commencement of construction projects is when consumption of construction materials increases. According to statistics from the Ministry of Construction, construction materials account for approximately 70% of the total project implementation costs for public investment projects such as bridges and roads. Materials with high proportions include construction steel (25%), construction sand and stone (20%), and asphalt (15%).
This will give a significant advantage to leading construction materials companies, including Hoa Phat Group (HPG) with the largest market share in construction steel, or asphalt companies like Petrolimex Petrochemical Corporation (PLC), cement companies such as Vicem Ha Tien Cement Joint Stock Company (HT1), and companies with strong quarrying capabilities such as Bien Hoa Construction and Building Materials Manufacturing Joint Stock Company (VLB)...
In other sectors, experts from Agribank Securities Company (Agriseco) predict that the power infrastructure construction sector is also expected to directly benefit as the Government is focusing on boosting energy infrastructure, ensuring energy security, creating new impetus for economic growth, especially attracting FDI and enhancing the country's position, exemplified by the 500 kV circuit 3 transmission line project. In the context of Vietnam's developing infrastructure and scarce supply, the Government has issued supportive policies such as the Decree detailing some provisions of the 2024 Electricity Law, the revised Power Plan VIII, the restart of the Ninh Thuan Nuclear Power Plant Project, and the development of renewable energy projects, LNG power plants, and offshore wind power…
The logistics sector is expected to benefit indirectly from increased public investment and improved infrastructure. Once completed, expressways will facilitate logistics operations, acting as a catalyst for economic growth and attracting foreign investment. The seaport and airport sectors are expected to benefit early on from the anticipated acceleration of major projects such as Long Thanh International Airport, Tan Son Nhat Airport, the expansion of Noi Bai Airport, Lach Huyen Port, Cai Mep - Thi Vai Port, and Can Gio International Transshipment Port. Consequently, the sea and air freight and passenger transport sectors will benefit from increased cargo volume and operational capacity.
Despite their great potential, businesses will also face numerous challenges such as global economic instability, legal and land clearance issues, and fluctuations in raw material prices.
Nevertheless, the golden opportunity for businesses in the current wave of public investment cannot be denied. With the government's determination and strong institutional reforms, 2025 promises to be a breakthrough year for listed companies participating in key national projects.
Source: https://baodautu.vn/thi-truong-chung-khoan-loc-tim-co-hoi-trong-lan-song-dau-tu-cong-d297769.html
![[Photo] Prime Minister Pham Minh Chinh attends the Conference on the Implementation of Tasks for 2026 of the Industry and Trade Sector](/_next/image?url=https%3A%2F%2Fvphoto.vietnam.vn%2Fthumb%2F1200x675%2Fvietnam%2Fresource%2FIMAGE%2F2025%2F12%2F19%2F1766159500458_ndo_br_shared31-jpg.webp&w=3840&q=75)
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