How Did Deo Ca Perform in the First Nine Months of 2025?

Revenue and Profit Scale

Deo Ca Transport Infrastructure Investment Joint Stock Company (stock code: HHV) has just released its Q3/2025 financial report, recording revenue of over VND 913.5 billion and post-tax profit of VND 152.4 billion, up nearly 15% and over 23% year-on-year, respectively.

Revenue from BOT toll stations accounted for 61% of the total, up 18%, driven by projects such as Hai Van Tunnel, Deo Ca, Cu Mong, and Cam Lam – Vinh Hao Expressway. Financial revenue and profit from associated companies also increased by more than 23%.

In the first nine months of 2025, cumulative revenue reached over VND 2,595 billion, up nearly 13% year-on-year. Post-tax profit was nearly VND 477 billion, up almost 30% year-on-year. Total assets reached over VND 40,049 billion.

For 2025, HHV targets revenue of approximately VND 3,585 billion (up 8%) and post-tax profit of around VND 555 billion (up 12%). With the results achieved in the first nine months, the company has completed over 72% and nearly 86% of its annual revenue and profit plans, respectively.

According to the Ministry of Finance, as of September 2025, the country had disbursed approximately VND 440,400 billion in public investment capital, reaching over 50% of the annual plan. This means nearly half of the capital plan will be disbursed in Q4. With a strong financial foundation, ensured construction progress, and a favorable investment environment, HHV is expected to exceed its 2025 revenue and profit targets, maintaining stable and sustainable growth.

HHV’s growth momentum is reinforced by the solid foundations established over five consecutive years (2020-2024), with revenue and profit maintaining a compound growth rate of nearly 30%, further affirming its strong internal capabilities and ability to sustain development in transport infrastructure investment, construction, and management.

Focusing Resources to Complete Key Projects by Late 2025

HHV representatives stated that the company is concentrating efforts on a massive workload across multiple key projects from North to South, contributing to the national goal of completing 3,000 km of expressways by late 2025.

Specifically, the Dong Dang – Tra Linh Expressway Phase 1 (over VND 14,000 billion), spanning over 93 km, has achieved nearly 42% of its contract value. Over 3,300 personnel and nearly 1,500 pieces of equipment are deployed on-site, with 276 construction points operating day and night across handed-over sections to ensure the target of opening to traffic by December 19, 2025.

The Quang Ngai – Hoai Nhon Expressway (over VND 20,400 billion), spanning 88 km, is also set to be completed by December 19, 2025, with over 90% of the contract value achieved. Over 3,000 personnel and 1,100 pieces of equipment are on-site, with 50 construction points in operation. Asphalt paving has been completed on 77/83.5 km of the road, all 60 bridges on the main route have finished their bridge decks, and 17 overpasses have completed girder installation, with bridge decks under construction.

The route includes three mountain tunnels (totaling 4.5 km), with Tunnel 1 and Tunnel 2 completed, and Tunnel 3 having both tubes excavated. Concrete lining and road foundation work are underway, with completion expected by late 2025 (eight months ahead of schedule).

At the Lien Chieu Port Coastal Road project (over VND 1,203 billion), approximately 92% of the total work has been completed. On-site efforts are focused on remaining items such as hollow slabs, guardrails, and expansion joints to ensure project completion by late 2025, three months ahead of schedule.

Beyond accelerating its own projects, HHV is also ready to support other projects facing delays. Recently, Project Management Unit 85 (Ministry of Construction) appointed Deo Ca to execute part of the work on the Quy Nhon – Chi Thanh Expressway (nearly 72 km) to ensure its completion by December 19.

The 2026-2030 period is seen as a pivotal phase for achieving double-digit growth and transitioning to a high-income economy. During the October 29-30 National Assembly sessions, discussions focused on socio-economic conditions and the budget, including the 2026-2030 Medium-Term Public Investment Plan with a total capital of approximately VND 8,310 trillion. If approved, this will provide a massive boost for developing modern infrastructure, clean energy, and smart cities.

Given the country’s infrastructure development potential, with numerous expressway, railway, and metro projects set to launch, HHV and its parent company, Deo Ca Group, are preparing resources for the Ho Chi Minh City – Trung Luong – My Thuan Expressway Phase 2 (over VND 40,000 billion) and proposing expansions to sections of the North-South Eastern Expressway (over 1,100 km) under the PPP model. Notably, the Red River Landscape Avenue project (approximately VND 300,000 billion) is slated to begin in Q1/2026.

Additionally, the company is ready to invest in the North-South High-Speed Railway and metro projects in Hanoi and Ho Chi Minh City, creating a massive workload for the new growth phase.

In operations and management, HHV currently ensures the safety and smooth operation of 472 km of expressways and national highways, over 31 km of road tunnels, and 21 toll stations nationwide. With years of accumulated expertise, Deo Ca is prepared to expand its management scale, particularly with the completion of the North-South Expressway Phase 2 by year-end.