North-South eastern expressway BOT sections, and the retreat to public investment
Vietnam built three component projects of the 2017-2020 North-South eastern expressway phase, 178 km at about VND 25,343 billion, as BOT public-private partnerships, then financed all ten 2021-2025 component projects on the Hanoi to Ho Chi Minh City stretch as public investment, and in June 2025 the Ministry of Construction reported that it had asked the Prime Minister to keep widening the corridor with public investment money, leaving PPP as a later option once tolls were collected.
0 of 10 component projects (all public investment), 2021-2025 phase component projects on the hanoi to ho chi minh city stretch procured as ppp, 2025-06. 3 component projects (178 km, about VND 25,343 billion), 2017-2020 phase component projects built as bot, the peak, 2017-2020 phase. Government of Viet Nam portal (baochinhphu.vn), report of the Ministry of Construction's study on widening the North-South eastern expressway, 25 June 2025, retrieved 2026-10-02.
The move, and what it needed
The transport ministry split the corridor into component projects and offered some of them to BOT investors, with state capital covering more than half of each project's cost and tolls repaying the private share. For the next phase the National Assembly financed every section from the budget, with the state to recover its outlay through tolls, which took private investors out of the corridor.
Preconditions
- A ministry able to package a long corridor into sections a domestic investor can finance
- State capital support large enough to make toll revenue cover the private share
- A budget and a legislature willing to finance the corridor directly when investors do not close, which is also what ended the partnership route
Where else it has been used: Viability-gap BOT on a national trunk road shows how far a state will go before it simply pays for the road itself: here, once public money was available and the schedule was political, the partnership share went to zero.
Limits: The figures are the Ministry of Construction's own account, relayed by the Government's e-newspaper; no audit body has published them. The zero is read off the page, not printed as a number: the ministry lists 11 public-investment component projects, 10 of them from the 2021-2025 phase, against 3 BOT projects from 2017-2020. The full 2021-2025 phase was 12 component projects of about 729 km at VND 146,990 billion, all assigned to public investment by National Assembly Resolution 44/2022/QH15 (scanned PDF at datafiles.chinhphu.vn/cpp/files/vbpq/2022/01/44-qh.signed.pdf: 729 km in 12 component projects as public investment on page 1, Article 2.2; VND 146,990 billion on page 2, Article 2.5). The peak was itself a retreat from a plan. The Ministry of Transport listed eight sections for PPP in December 2017 (Decision 3535/QD-BGTVT, baochinhphu.vn, 26 December 2017), and only three reached contract, out of 11 component projects over 654 km. Most of the money in those three came from the state. The Government portal of 28 April 2024 puts Cam Lam-Vinh Hao at VND 8,925 billion with about 5,139 billion of state capital, and Dien Chau-Bai Vot at 11,157 billion with about 6,067 billion. The same page records the opening of Cam Lam-Vinh Hao and of Dien Chau-Bai Vot as far as National Highway 46B, with Nha Trang-Cam Lam already in service; the Ministry of Transport announced the full Dien Chau-Bai Vot opening for 30 June 2024 (baochinhphu.vn, 28 June 2024). Construction started in 2020-2021, per the Ministry of Transport on the 2024 page. The retreat is a choice as much as a market failure: the same 2025 page says the ministry's own study found BOT widening highly feasible, and it chose public investment, citing toll levels and the push to disburse public funds. This is one corridor. The record does not show whether PPP procurement fell on other expressways. The question is still open: a pre-feasibility report of June 2026 (baochinhphu.vn, 6 June 2026) proposes public investment for 15 component projects and PPP with state support only for the three existing BOT sections. That is a proposal, not a decision.