Double growth for many consecutive years
Deo Ca Transport Infrastructure Investment Joint Stock Company ( stock code: HHV) has just released its financial report for the third quarter of 2025, recording revenue of more than VND 913.5 billion and profit after tax of VND 152.4 billion, up nearly 15% and more than 23% over the same period last year.
In particular, the revenue of BOT toll stations accounts for 61%, an increase of 18% from Hai Van, Deo Ca, Cu Mong tunnel projects, Cam Lam - Vinh Hao expressway, ... In addition, financial revenue and interest from affiliated companies also increased by more than 23%.
Accumulated in the first 9 months of 2025, revenue reached more than VND 2,595 billion, up nearly 13% over the same period in 2024. Profit after tax reached nearly VND 477 billion, up nearly 30% over the same period last year. Total assets reached more than VND 40,049 billion.
In 2025, HHV sets a revenue target of about VND 3,585 billion (up 8%), profit after tax of about VND 555 billion (up 12%). With the results achieved after 9 months, the enterprise has completed more than 72% and nearly 86% of the revenue and profit plan for the whole year, respectively.
According to the Ministry of Finance, by the end of September 2025, the whole country will only disburse about VND 440,400 billion in public investment capital, reaching more than 50% of the annual plan, meaning nearly half of the capital plan will be disbursed in the fourth quarter. In that context, Deo Ca is considered a profitable enterprise when many key projects undertaken by the unit are entering the completion stage. With a strong financial foundation, guaranteed construction progress, and a favorable investment environment, HHV is expected to exceed the revenue and profit plan for the whole year of 2025, thereby continuing to maintain stable and sustainable growth momentum.
HHV's growth momentum has been reinforced by the foundations that have been solidly established for 5 consecutive years (2020-2024), when the revenue and profit scale maintained a double growth rate of nearly 30%, continuing to affirm its solid internal strength and the ability to maintain development momentum in the fields of investment, construction and transport infrastructure management.
Concentrating resources, speeding up the progress of key projects
HHV Corporation said that the company is focusing on implementing a huge amount of work in many key projects from North to South, contributing to the country in completing the goal of opening a 3,000km expressway by the end of 2025.
Specifically, the Dong Dang - Tra Linh Expressway Phase 1 (more than VND 14,000 billion), over 93km long, has so far reached nearly 42% of the contract value. At the construction site, more than 3,300 personnel, nearly 1,500 machines and equipment were mobilized, simultaneously deploying 276 construction teams day and night on the handed-over site segments, to ensure the goal of opening the route on December 19, 2025.
With a completion date of December 19, 2025, the Quang Ngai - Hoai Nhon expressway (more than 20,400 billion VND), 88km long, the output has reached more than 90% of the contract value. At the construction site, more than 3,000 personnel and 1,100 equipment were mobilized, and 50 construction teams were deployed. The road has been paved with 77/83.5km, all 60 bridges on the main route have completed the bridge deck construction and 17 overpasses have been forced to install girders, and the bridge deck is under construction. On the route, there are 3 tunnels across the mountain (total length of 4.5km), of which tunnels 1 and 2 have been completed, tunnel 3 has been dug through both tunnels, and is currently under construction of concrete for the tunnel lining and roadbed, aiming to be completed by the end of 2025 (8 months ahead of schedule).
At the coastal road project connecting Lien Chieu port (more than 1,203 billion VND), the output is about 92% of the total volume. At the construction site, the unit is speeding up the construction of remaining items such as embankments, railing edges, expansion joints... to complete the project by the end of 2025, 3 months ahead of schedule.
Not only is this enterprise ready to participate in supporting the progress of HHV projects under implementation when other projects are at risk of being behind schedule. Recently, Project Management Board 85 (Ministry of Construction) has assigned Deo Ca to carry out part of the work on the Quy Nhon - Chi Thanh Expressway (nearly 72 km long) to speed up progress, in order to ensure the project completion target before December 19, 2025.
Long-term outlook for a breakthrough
The 2026 - 2030 period is a pivotal milestone for the double-digit growth target, towards a high-income economy. The National Assembly session on October 29-30 also discussed the socio-economic and budgetary situation, including the Medium-term Public Investment Plan for the period 2026 - 2030 with a total estimated capital of about 8.31 million billion VND. If approved by the National Assembly, this will be a huge resource, which can become a lever for the development of modern infrastructure, clean energy, smart cities, etc.
In the context of room for developing the country's transport infrastructure, with a series of high-speed, railway, metro projects... about to be implemented, in the 2026 - 2030 period, HHV and Deo Ca Group (parent company) have been preparing resources to invest in the Ho Chi Minh City - Trung Luong - My Thuan Expressway Phase 2 (more than 40,000 billion VND), proposing to expand some sections of the North - South Expressway in the East (more than 1,100km) under the PPP method. In particular, the Red River Avenue - Landscape Project (about 300,000 billion VND) aims to start construction in the first quarter of 2026.
In addition, the company has also prepared resources for the North-South high-speed railway project, Metro in Hanoi and Ho Chi Minh City, creating a huge workload in the new growth period.
In the field of operational management, HHV is currently taking on the responsibility of ensuring safety and smooth operation of 472km of highways and national highways, along with more than 31km of road tunnels and 21 toll stations nationwide. With the capacity and experience accumulated over many years, Deo Ca is ready to expand the scale of management and operation, especially with the North - South Expressway Phase 2 completed by the end of this year.
