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Information on the Winning Bidder. Source: National Online Bidding Center
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Previously, on March 17, 2025, the Binh Phuoc Province Project Investment Construction Management Board published the bid opening minutes, revealing that five contractors registered to participate in the project, including: Son Hai Group Joint Stock Company with a post-discount bid price of VND 732.3 billion; Cienco4 Corporation (UPCoM: C4G) with VND 800.7 billion; IB2500057961 Expressway Consortium with VND 804.1 billion; Binh Phuoc Expressway Consortium with VND 836.1 billion; and Ho Chi Minh City – TDM – CT Expressway Consortium with VND 866.5 billion.
The remaining four bidders were not selected because they did not meet the technical requirements specified in the electronic invitation for bids (E-HSMT) evaluation criteria.
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Information on the Unsuccessful Bidders. Source: National Online Bidding Center
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Reason for Son Hai Group’s Disqualification from the VND 880 Billion Expressway Project
Profile of the Winning Consortium
The Ho Chi Minh City – TDM – CT Expressway Consortium comprises Truong Son Construction Corporation (Truong Son, TRSC) and NTV Thanh Phat Construction Trading and Service Company Limited (Thanh Phat). Truong Son Construction Corporation was established in 1996, headquartered in Thanh Xuan District, Hanoi. It is currently directed by Mr. Nguyen Huu Ngoc (born in 1975), who serves as both the General Director and legal representative. According to the latest business registration update in early 2022, the company has a registered labor force of five people.
As per the Hanoi Stock Exchange (HNX) update, Truong Son has one lot of bonds outstanding with a debt balance of nearly VND 75 billion. In 2024, the company paid approximately VND 8 billion in bond interest, with an interest rate of 6.7% per annum. These bonds were issued in late 2021 with an initial face value of VND 300 billion and a five-year term.
The bond’s collateral includes real estate in Thanh Loc Ward, District 12, Ho Chi Minh City, owned by the company; all asset rights formed from the company’s capital contribution to Cam Lo – Tuy Loan BT Joint Stock Company; all receivable rights arising from bomb and mine clearance packages under the 504 program; the exploitation rights of the company’s headquarters in Hanoi; and any other assets that the guarantor uses to secure the guaranteed obligations.
As of the end of 2024, Truong Son had total assets of nearly VND 12,700 billion. Of this, total liabilities accounted for over 94%, equivalent to nearly VND 12,000 billion, with almost half of this debt comprising advances from customers, totaling VND 5,700 billion. Equity stood at only VND 718 billion.
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Truong Son’s debt structure as of 2024
Source: HNX
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The company’s financial performance for the 2021-2024 period revealed that 2024 was the year with the highest after-tax profit, amounting to VND 48 billion.
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Truong Son’s financial metrics for 2021-2024
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Data: HHX, compiled by the author. 2023 and 2024 figures represent Total Liabilities (including Payables and Advances from Customers)
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Regarding NTV Thanh Phat Construction Trading and Service Company Limited, it was established in 2010, headquartered in Bien Hoa City, Dong Nai Province. The company is currently led by Ms. Ha Ngoc Ninh (born in 1982), who serves as the Chairwoman of the Members’ Council and also assumes the role of Director and legal representative. As of the latest update in June 2024, the company’s charter capital stood at VND 56 billion, with Ms. Ninh holding a 68% stake and Ms. Nguyen Chau Linh owning the remaining 32%. It is worth noting that Ms. Linh’s stake was previously owned by Ms. Lam Thi My Dung, who shares the same residential address as Ms. Linh.
The Ho Chi Minh City – Thu Dau Mot – Chon Thanh Expressway is one of eight key national projects in the field of transport, recognized by the Prime Minister as a strategic route. It is planned to connect with the Central Highlands, traversing major industrial production centers in Binh Phuoc and Binh Duong provinces, heading towards Ho Chi Minh City. This expressway will seamlessly integrate with a series of expressways, seaports, and the Long Thanh International Airport, significantly contributing to the socio-economic development of both the Southeast region and the Central Highlands.
The project has a total length of about 70km, passing through Ho Chi Minh City, Binh Duong, and Binh Phuoc. The section traversing Binh Phuoc Province is nearly 7km long, with a total investment of VND 1,474 billion.
Son Hai Group’s Low Bid Rejected: Binh Phuoc Province Project Management Board Reports
– 11:31 27/05/2025
The Paint Group’s Low Bid Rejected: What Did the Binh Phuoc Management Report Reveal?
As the lowest bidder for the Binh Phuoc Expressway project, Son Hai Group lodged a complaint after their bid was rejected. The authorities have since responded with a detailed explanation for their decision.
Why Did Son Hai Corporation Lose the Bid? What Was Reported to the People’s Committee of Binh Phuoc Province?
The investors of the Ho Chi Minh City – Thu Dau Mot – Chon Thanh expressway project, which passes through Binh Phuoc, have submitted a report to the Provincial People’s Committee regarding a complaint from the Son Hai Group after they were unsuccessful in securing a contract bid.
“Binh Phuoc Authorities Respond to Son Hai Group’s Objection Over Highway Contractor Selection”
The Binh Phuoc Province has responded to Son Hai Group’s opposition to the tender results for the Ho Chi Minh City – Thu Dau Mot – Chon Thanh Expressway.
The Fast Lane: How the Sơn Hải Corporation is Challenging the Status Quo
Allegations of legal irregularities in the tender process for the Hochiminh City – Thu Dau Mot – Chon Thanh Expressway project have prompted a strong response from the Son Hai Group. The company has vehemently denied any wrongdoing and expressed its commitment to adhering to the highest standards of legal and ethical compliance.
“The Unveiling: Unraveling the Reasons Behind the Exclusion of Son Hai Group from the $880 Million Highway Project”
“A recent evaluation report on the bid for the construction package of the Ho Chi Minh City – Thu Dau Mot – Chon Thanh Highway, passing through Binh Phuoc province, revealed that the Son Hai Group was disqualified due to failing to meet technical requirements. On May 26th, the Son Hai Group issued a statement protesting the contractor selection outcome.”
