Ho Chi Minh City Infrastructure Investment

What Ho Chi Minh City Infrastructure Investment does

Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII, HOSE: CII) is a Vietnamese public infrastructure investment company founded in 2001 by three municipal-affiliated shareholders — HFIC (then HFIU), VYC, and INVESCO — under a directive from the Ho Chi Minh City People's Committee to mobilize private capital for urban infrastructure. The company listed on the Ho Chi Minh Stock Exchange in 2006, becoming the first Vietnamese firm to raise public equity for infrastructure investment, and in 2013 restructured into a holdings model with five specialized subsidiaries covering bridges and roads (CII B&R), water (Saigon Water Infrastructure JSC / SII), engineering and construction (CII E&C), services (CII Service), and urban development (Thu Thiem One Member).

CII generates revenue through four principal streams: (i) toll collection under Build-Operate-Transfer (BOT) concessions on highways and bridges including the 15.7 km Hanoi Highway Expansion Phase 2, the 51.1 km Trung Luong-My Thuan Highway Phase 1, the 36.75 km National Road 1 expansion in Ninh Thuan, the 22.38 km QL60 expansion in Ben Tre, and the Saigon 2 Bridge; (ii) clean water production under Build-Own-Operate (BOO) and BOT models via the 300,000 m3/day Thu Duc BOO plant and the 300,000 m3/day Tan Hiep 2 plant, with output sold primarily to Sawaco; (iii) real estate development in Thu Thiem New Urban Area, including a ~US$400M gross development value joint venture with Hongkong Land; and (iv) capital markets activity, raising long-tenor debt from institutional investors via instruments such as a VND 1,150B GuarantCo-guaranteed 10-year bond and convertibles from Goldman Sachs and Rhinos Asset Management. The 2017 financial position showed VND 4,230B revenue, VND 1,600B after-tax profit, and VND 20,709B in total assets; the company has scaled materially since, with 2025 revenue in the multi-trillion-VND range.

The customer base is heavily concentrated on government counterparties: the Ho Chi Minh City People's Committee is the primary concession grantor and the dominant counterparty for revenue-generating projects, with Sawaco serving as sole off-taker for the Thu Duc BOO water output. The company has built a diversified international institutional investor base (Goldman Sachs, Ayala, VOI, Dragon Capital, MPTC, PYN Elite, Rhinos AM, Master Fund Holdings, GuarantCo/PIDG) and was consecutively recognized in the Forbes Vietnam Top 50 Best Listed Companies list from 2015 to 2018 and by Brand Finance (Top 50 Most Valuable Vietnamese Brands) in 2017.

Name

Ho Chi Minh City Infrastructure Investment

Legal name

Ho Chi Minh City Infrastructure Investment Joint Stock Company

Website

https://cii.com.vn

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ho Chi Minh City Infrastructure Investment (CII) is a Vietnamese public infrastructure investment company that operates BT, BOT, and BOO projects across toll roads, bridges, water treatment, and urban real estate, primarily serving Ho Chi Minh City and provincial government counterparties.

Ownership category

akta.pro rank

Product category

Infrastructure Investment

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Utility System Construction (2371)

SIC

Investors, Nec (6799), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE)

akta.pro secondary industry

Capital Delivery, Asset Management & Renewal Programs (Pipes, Plants, Pumps) (EUANAAAK)

Keywords

• Infrastructure investment
• Public-private partnerships
• Toll road operations
• Water treatment infrastructure
• Real estate development

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Others

Revenue model

1. Toll Collection (BOT/BT): CII builds and operates toll roads and bridges under Build-Operate-Transfer (BOT) and Build-Transfer (BT) models. Revenue comes from toll collection rights over concession periods, with toll fees collected on Hanoi Highway expansion, National Road 1A (Ninh Thuan), QL60 (Ben Tre), and other road projects. For BT projects, revenue is recovered through land allocation or other government compensation.
2. Clean Water Production and Supply: CII invests in water treatment plants under BOO/BOT models. Revenue comes from selling treated water to Saigon Water Supply Company (for Thu Duc BOO plant) and from direct water supply operations (Tan Hiep 2 water plant with 300,000 m3/day capacity).
3. Real Estate Development: CII develops residential and commercial properties in Thu Thiem New Urban Area and other locations. Revenue is generated from apartment sales, office leasing (e.g., CII Tower at 152 Dien Bien Phu), and land development. Joint ventures with partners like Hongkong Land (Thu Thiem River Park) contribute to real estate revenue.
4. Bond Issuance and Capital Markets: CII raises long-term capital through corporate bond issuances (both guaranteed and non-guaranteed convertible bonds) targeting insurance companies, pension funds, and international investors. GuarantCo provided 100% guarantee on a VND 1,150 billion bond issuance with 10-year maturity at approximately 7% interest.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

CII invests in, builds, and operates large-scale infrastructure projects in Vietnam under Build-Transfer (BT), Build-Operate-Transfer (BOT), and Build-Own-Operate (BOO) models. Its portfolio spans toll roads and bridges (e.g., Hanoi Highway Expansion, Trung Luong-My Thuan Highway), water treatment plants (Thu Duc BOO, Tan Hiep 2), and urban real estate developments (Thu Thiem River Park joint venture with Hongkong Land). Revenue is generated primarily through toll collection, long-term water off-take agreements, real estate sales, and government compensation arrangements.

Product overview

Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) operates as an infrastructure investment holding company with a diversified portfolio spanning bridge and road infrastructure (via CII Bridge & Road subsidiary), water infrastructure (via Saigon Water subsidiary), and real estate development. The company implements projects primarily through BT (Build-Transfer) and BOT (Build-Operate-Transfer) models, managing toll road operations, water treatment facilities, and residential/commercial real estate developments. Key projects include the Hanoi Highway Expansion, Thu Thiem River Park joint venture with Hongkong Land, and various water treatment plants. The company restructured into a holdings model in 2013 with five specialized subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• Trung Luong - My Thuan Highway Phase 1 BOT expressway project spanning 51.1 km in Tien Giang Province with toll collection for payback from 2022-2036.
• Hanoi Highway Expansion Project Phase 2 BOT highway expansion project spanning 15.7 km from Saigon Bridge to Dong Nai Bridge, with toll collection for 20-year payback period.
• National Road 1 Expansion - Phan Rang Section BOT road expansion project spanning 36.75 km in Ninh Thuan Province with toll collection for 16.5-year payback period.
• Highway 60 Expansion (Rach Mieu to Co Chien) BOT highway expansion project connecting 4 sections totaling 22.38 km in Ben Tre Province with toll-based payback.
• Thu Thiem Northern Infrastructure BT Project BT infrastructure project covering North-South axis road construction in Thu Thiem New Urban Area, with land payment in lieu of cash.
• Thu Duc BOO Water Plant BOO water treatment facility with 300,000 m3/day capacity and 315,000 m3/day raw water pumping station, operated under a long-term off-take with Saigon Water Supply Company.
• Tan Hiep 2 Water Plant BOT water production plant with capacity of 300,000 m3/day, with CII holding 43% equity stake.
• Saigon 2 Bridge 987m bridge built parallel to existing Saigon Bridge, connecting Binh Thanh District with District 2 to reduce traffic congestion at the city's Northeast gateway.
• Thu Thiem River Park (Joint Venture with Hongkong Land) Luxury residential development in Thu Thiem New Urban Area providing approximately 1,140 units including apartments, sky villas, and garden apartments with gross development value exceeding US$400 million.
• The River - Thu Thiem Residential project with approximately 525 units including luxury apartments, sky villas, and garden apartments on 1.5 ha land area.

Quantifiable outcome

• Revenue grew from VND 1,007 billion (2013) to VND 4,230 billion (2017), a 4.2x increase over 5 years
• +7 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Hongkong LandcoreStrategic or Co-development Partner · 12 December 2017CII and Hongkong Land signed a cooperation contract on December 12, 2017 to jointly develop Thu Thiem River Park in Thu Thiem New Urban Township, District 2, Ho Chi Minh City. The project will provide approximately 1,140 luxury residential units (apartments, sky villas, garden apartments) with gross development value exceeding US$400 million. Hongkong Land's second residential project in Vietnam, leveraging CII's local expertise and land bank.
• Saigon Water Supply General Company (Sawaco)coreStrategic or Co-development Partner · 1 January 2015Sawaco is the sole off-taker for CII's Thu Duc BOO Water Plant, underwriting the entire water production volume of the 300,000 m3/day facility. This long-term off-take agreement provides stable revenue for CII's water infrastructure investments.
• Metro Pacific Tollways Corporation (MPTC, Philippines)coreStrategic or Co-development Partner · 1 January 2013MPTC invested in CII Bridge and Road JSC (CII B&R, LGC) as part of CII's 2013 restructuring. In 2015, CII issued exchangeable bonds to MPTC which were later converted to LGC shares. MPTC brought international toll road operating expertise to CII's road and bridge projects.

Scale indicators22 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Ayala Corporation: Philippines-listed conglomerate and CII shareholder with infrastructure, real estate, and utilities operations through subsidiaries like Manila Water and AC Infrastructure. Comparable as a larger regional incumbent operating the same diversified infrastructure investment playbook.
• China Communications Construction Company: Hong Kong/China-listed state-owned infrastructure construction and investment giant with global toll road and bridge concessions. Comparable to CII's road and bridge portfolio at a much larger scale, illustrating the regional infrastructure investment competitive landscape.
• YTL Corporation: Malaysian-listed conglomerate with infrastructure (toll roads, rail), utilities (water, power), and real estate operations. Comparable to CII as a broader Southeast Asian incumbent combining infrastructure investment, utilities, and property development under one holding structure.
• CK Hutchison Holdings: Hong Kong-listed global infrastructure conglomerate with significant operations in ports, roads, water, and energy. Comparable as a globally diversified infrastructure investor/operator and benchmark for CII's longer-term institutional development path.

Direct peers

• Manila Water Company: Philippines-listed water utility and CII partner (invested in Saigon Water). Directly comparable as a Southeast Asian water utility with similar BOO/BOT model operations, urban water distribution, and partnership-driven international expansion strategy.
• Becamex Infrastructure Development JSC: Vietnamese industrial zone and infrastructure developer with extensive road, water, and real estate projects in Binh Duong province. Comparable as a publicly listed Vietnamese infrastructure investment company combining transport, water, and real estate development under BT/BOT models.
• Song Da Corporation: Vietnamese state-owned infrastructure construction and investment company focused on hydropower, roads, and industrial infrastructure. Directly comparable to CII as a Vietnam-listed infrastructure investor/builder with similar government relationships and project finance capabilities.
• Metro Pacific Investments Corporation: Philippines-listed infrastructure investment holding company (parent of MPTC, CII's partner) operating toll roads, water, and power. Strong direct comparable for CII's diversified infrastructure holding model across transport and water utilities in emerging Southeast Asia.
• Licogi (Vietnam Construction JSC): Vietnamese infrastructure construction and investment company listed on HOSE, operating in civil, industrial, and infrastructure construction with similar PPP/BOT exposure. Comparable business model involving government-backed project execution and infrastructure asset ownership.

Emerging players

• IDG Capital / Vietnam Infrastructure Partners (VIP): Vietnam-focused infrastructure private equity investors active in transport, water, and energy concessions. Comparable as a financial sponsor in Vietnamese infrastructure alongside CII's investment holding model, though typically taking minority equity positions rather than building full portfolios.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ciihochiminh

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ho Chi Minh City Infrastructure Investment