The Power Players Behind the Longest Coastal Overpass in Central Vietnam

The Central Region’s Longest Sea-Crossing Bridge to be Completed in March 2025

The project for the Coastal Road in Thua Thien – Hue Province and the bridge crossing Thuan An sea gate entered phase 1 with the approval of the Provincial People’s Committee on August 16, 2021, and construction commenced in March 2022. The project has a total investment of VND 2,400 billion, including a construction cost of over VND 2,082 billion.

Phase 1 of the investment covers a 7.785 km long route, with the Thuan An sea gate bridge spanning approximately 2.36 km. The starting point of the route is the intersection of National Highway 49B and Tam Giang Bridge (in Hai Duong commune), and the endpoint is the intersection of National Highways 49A and 49B (in Thuan An ward). The road has a 26m wide cross-section, an A1-grade pavement structure made of hot mix asphalt concrete, and a sub-base of grade 1 crushed stone.

The Thuan An sea gate bridge is a special-class transportation project. The main span of the Extradose bridge corresponds to the largest ship clearance of 218m, with a 90m span into the boat anchorage area. Upon completion, this will be the largest sea gate bridge in Central Vietnam.

During the recent holidays, the project contractors for the Thuan An sea gate bridge in Hue city, Thua Thien – Hue province, continued their diligent work to meet the construction schedule for the bridge’s completion. After nearly 30 months of construction, the installation work on the project has reached approximately 70% completion. The bridge is expected to be completed and joined in March 2025.

Profile of the Project Contractors

This project is under the management of the Thua Thien Hue Province Transport Construction Project Management Board. The construction contractors are a joint venture of Tan Nam Construction Joint Stock Company, Dat Phuong Joint Stock Group, and 479 Hoa Binh Joint Stock Company.

Tan Nam Construction Joint Stock Company

, together with its joint venture partners, won the bid for the entire installation package (phase 1) of the above project with a total value of VND 2,088,482 billion.

Tan Nam, headquartered in Vinh city, Nghe An province, operates in the field of railway and road construction, as well as other civil engineering projects. They also produce building materials and manufacture motors, generators, and transformers. With over 320 employees and a charter capital of VND 548.88 billion (as of 2020), Tan Nam has become a prominent construction contractor in Nghe An and beyond.

Established in 2004 with eight founding shareholders, the company is now almost entirely owned by its Chairman, Mr. Nguyen Trong Long (born in 1964), according to Nhip Song Thi Truong (Market Life).

As of August 2023, Tan Nam has consecutively won 61 bids (both independent and joint venture) with a total value of over VND 38,871 billion.

Notable projects undertaken by the company include Package XL02 of the Coastal Road Project from Nghi Son (Thanh Hoa) to Cua Lo (Nghe An) (winning bid value: VND 1,133,752 billion); Package XL04 of the North-South Expressway Project, Nghi Son – Dien Chau section (winning bid value: VND 1,139,53 billion); and Package XL03 of the My Thuan – Can Tho Expressway Project, phase 1 (winning bid value: VND 1,407,603 billion).

Dat Phuong Joint Stock Group

won bid package 10, which includes the entire installation package (phase 1) with construction insurance, traffic safety measures for road, inland waterway, and maritime construction, and specialized testing for construction quality. The value of the contract executed by Dat Phuong is nearly VND 826 billion.

The company has also undertaken numerous large-scale projects, such as the Vinh Hao – Phan Thiet Expressway, the Khanh Hoa – Buon Ma Thuot Expressway (phase 1), the Thon 3 Bridge, the Ong Dien Bridge, the My Thuan 2 Bridge, the Nhon Trach Bridge, and the Nhat Le 3 Bridge.

Dat Phuong Group was established in 2002. According to information published in the documents for the 2024 Annual General Meeting of Shareholders, the company’s core business areas include construction, energy, real estate, and hotel and resort services. The company is currently exploring investments in manufacturing and fabrication.

Dat Phuong currently has seven subsidiaries with equity stakes ranging from 61.32% to 100% of the charter capital. As of December 31, 2023, Dat Phuong had contributed VND 741.6 billion to its subsidiaries.

In terms of business performance, for the first six months of 2024, Dat Phuong Group recorded a revenue of VND 1,386 billion, a 20% increase compared to the same period last year, and a post-tax profit of VND 150 billion, a 9% increase year-on-year.

For the year 2024, Dat Phuong has set a business plan for the parent company with a revenue of VND 4,084.5 billion and a post-tax profit of VND 208.3 billion. Thus, in the first half of the year, the company has achieved 34% of the revenue plan and 72% of the post-tax profit plan. Dat Phuong has also planned a dividend payout of 10% for this year.

479 Hoa Binh Joint Stock Company (HB479)

, a subsidiary of Hoa Binh Construction Group, specializes in bridge and port construction. Established in March 1979 as Construction Site 079 under the First Construction Bureau, the company underwent equitization in 2006 and converted to 100% equity in 2015, adopting its current name in 2019.

Throughout its history, the company has undertaken numerous significant projects, including the Ham Luong and Pa Ung Bridges, which set records for the longest cantilever span and tallest bridge piers in Vietnam, the Phuoc Khanh cable-stayed bridge, the Tan Vu – Lach Huyen sea-crossing bridge, the longest in Vietnam, and the Nhon – Hanoi urban railway.

In 2023, HB479 recorded its highest revenue since 2020, with a gross revenue of nearly VND 635 billion and a post-tax profit of nearly VND 6.9 billion.

For 2024, the company has set a revenue target of VND 805 billion. The post-tax profit is expected to be VND 9.5 billion if the company does not issue shares and VND 12.8 billion if it issues shares to offset debts.

When the post-tax profit exceeds the plan, the company will allocate 10% of the excess to incentives, which will be distributed to the Board of Directors, the Management Board, and key officers. The total incentive amount will be divided according to a percentage-based ratio.