HHV Chairman, Ho Minh Hoang, delivers a speech at the 2025 Annual General Meeting
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In the context of public investment facing numerous obstacles, especially in terms of disbursement and overlapping legal policies, the HHV Chairman believes that Resolution 68 acts as a catalyst, invigorating development through the public-private partnership (PPP) model.
“We have not fully tapped into the potential of the private sector due to the lingering ‘permit-granting’ mechanism, where personal connections determine business outcomes. Resolution 68 serves as a pillar for private enterprises to dare to think, dare to act, take responsibility, speak truthfully, act authentically, and actively address institutional shortcomings,” said Mr. Hoang.
One notable proposal from HHV is the suggestion to the Prime Minister to extend the North-South Expressway in the East to over 1,100km, with a total investment of nearly VND 152,000 billion in the form of PPP, helping to alleviate the burden on the state budget.
To materialize the Resolution, HHV’s leadership proposes implementation solutions such as clarifying responsibilities and actively coordinating with ministries to improve legislation, simplify procedures, and share enforcement responsibilities. Additionally, they emphasize the importance of training high-quality human resources, vigorously applying digital technology and artificial intelligence in governance, construction, and operation, and enhancing connectivity within the private sector through cooperative models to create an infrastructure ecosystem with real estate, logistics, commercial transportation enterprises, and establishing a strong corporate culture.
According to Chairman Ho Minh Hoang, the company will not diversify into real estate, rest stops, or automobile manufacturing. However, he pointed out that the most significant bottleneck in implementing transportation infrastructure projects is the execution process itself.
“The challenge lies in a maze of laws, and sometimes we have to resort to ‘jungle law’ to find stability. The crux of the matter is discussing and resolving bottlenecks, but the responsibility is often pushed down to lower levels or attributed to current regulations, creating a vicious cycle. Resolution 68 serves as the ‘higher authority’ to overcome these regulatory hurdles,” Mr. Hoang remarked.
Resolution 68 aims for Vietnam to have at least 20 large private enterprises capable of participating in the global value chain by 2030. “Not just HHV, but hundreds and thousands of private enterprises yearn to be part of the global supply chain,” said Mr. Hoang, adding that the company has sent personnel to China to learn and access new technologies in preparation for upcoming high-tech infrastructure projects.
Tariffs have no impact on the company
Vice Chairman Nguyen Huu Hung assessed that the recent geopolitical tensions and global tariffs have significantly affected Vietnam but have not impacted HHV’s operations and have instead opened up new opportunities.
The Politburo’s goal of making transportation infrastructure one of the three key breakthroughs, along with the target of achieving an 8% GDP growth rate in 2025 and double-digit growth in subsequent years, creates immense pressure for expansion.
As export, manufacturing, and FDI businesses grapple with tax pressures, the government identifies public investment and PPP as the focal points for development, generating a substantial workload for the transportation infrastructure sector.
Additionally, Resolution 68 unleashes private enterprises’ potential to invest in transportation infrastructure, granting them access to land, tariff, and financial incentives. Policy bottlenecks are being addressed faster than ever before. Resolution 68 is a driving force in revitalizing the financial market.
Over VND 6,700 billion unblocked for BOT projects
General Director Ngo Truong Nam shared that many long-standing bottlenecks in BOT projects were not caused by investors but by the incompleteness of the legal system, such as the inability to increase tolls, the government’s delayed contribution payments, and issues at La Son – Tuy Loan and Bac Giang – Lang Son stations.
However, in April 2025, a National Assembly delegation surveyed sites like the Hai Van Tunnel and La Son – Tuy Loan Station to identify and address challenges. Some stations have had their tolls adjusted, and the government has disbursed over VND 1,180 billion in owed contributions during 2024.
HHV anticipates that the remaining BOT projects, such as La Son – Tuy Loan and Bac Giang – Lang Son, will be resolved at the National Assembly meeting in June, with a focus on “one law amending multiple laws,” particularly the PPP Law. In total, HHV projects can expect a cash flow boost of over VND 6,700 billion, including more than VND 1,200 billion for La Son – Tuy Loan and approximately VND 4,500 billion for Bac Giang – Lang Son.
 HHV’s 2025 Annual General Meeting was held on the morning of May 23
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Record business plan and equity issuance to increase capital
For 2025, the General Meeting approved a record business plan with revenue and after-tax profit targets of nearly VND 3,585 billion and VND 556 billion, respectively, an increase of 8% and 12% compared to 2024. The company also plans to pay dividends for 2024 and 2025 at a rate of 5%.
In the first quarter of the year, HHV achieved revenue of VND 735 billion, a nearly 7% increase over the same period, and after-tax profit of nearly VND 173 billion, a 52% increase, making it the company’s most profitable quarter. HHV has accomplished 31% of its annual profit target.
This year, the company will continue to implement key projects such as the Dong Dang – Tra Linh and Quang Ngai – Hoai Nhon expressways, contributing to the goal of 3,000km of national expressways by the end of 2025. Additionally, HHV seeks opportunities in projects like the Ho Chi Minh City – Trung Luong – My Thuan Phase 2 expressway and the Tan Phu – Bao Loc expressway.
The General Meeting also approved the issuance of over 73.4 million shares, including nearly 23.7 million shares as a dividend payment for 2024 and over 49.7 million shares offered to existing shareholders at a price not below par value. The minimum amount of capital raised, approximately VND 500 billion, will be used to acquire shares in Cam Lam – Vinh Hao Expressway JSC and ICV Vietnam Infrastructure Investment JSC from Deo Ca Group. If successful, HHV’s charter capital will increase to nearly VND 5,472 billion.
Prior to the General Meeting, HHV announced a change in senior management, with Ngo Truong Nam appointed as the new General Director, replacing Nguyen Quang Huy, effective May 16, 2025, for the 2025-2030 term. Mr. Huy continues to serve as a member of the Board of Directors.
Thanh Tu
– 13:59 23/05/2025
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