CII Bridges & Roads Investment

What CII Bridges & Roads Investment does

CII Bridges & Roads Investment Joint Stock Company (HOSE: LGC) is a Vietnamese public infrastructure investment company specializing in Build-Operate-Transfer (BOT) road and bridge projects. The company invests in, constructs, and operates toll road, expressway, and bridge infrastructure under long-term concessions granted by Vietnamese state agencies, then transfers the assets back to the government at the end of the contract term. Its operational portfolio spans at least 9 completed BOT projects, including the Hanoi Highway expansion, Trung Luong-My Thuan Expressway, Saigon Bridge 2, Rach Mieu Bridge, Co Chien Bridge, the Ninh Thuan section of National Highway 1, the Phan Rang-Thap Cham bypass, DT741 in Binh Duong, and the QL60 expansion in Ben Tre.

CII B&R generates the majority of its revenue through usage-based toll collection at physical stations on its concessions, with average daily toll revenue at the Ninh Thuan QL1 station reaching approximately VND 740 million in 2022. The company reported total revenue of VND 1,577 billion in 2022 (up 45.7% year-over-year) with after-tax profit of VND 462 billion, and has guided to total revenue of VND 4,194 billion for 2024 with a road infrastructure revenue projection of VND 2,441 billion. A secondary real estate leasing line is in suspension because of slow legal resolution on the Thu Thiem and Nam Bay Bay projects, and is expected to contribute zero revenue in 2024-2025. The company maintains a 16% annual dividend policy (paid 4% quarterly) and operates with a debt-to-equity ratio of under 3x versus the BOT industry average of 9x.

The company's go-to-market model is direct enterprise engagement with provincial and municipal government agencies that award concessions; end-user customers are drivers and freight operators who pay tolls. CII B&R is controlled by Ho Chi Minh City Infrastructure Investment Joint Stock Company (HOSE: CII) and manages its portfolio through wholly-owned project-specific subsidiaries (e.g., BOT Trung Luong-My Thuan, BOT Rach Mieu Bridge, BOT Ninh Thuan). The company has 251-500 employees, holds multiple State Labor Medals, and is positioning to bid on larger VND 10,000-30,000 billion BOT projects and industrial zone infrastructure after 2024.

Name

CII Bridges & Roads Investment

Legal name

CII Bridges And Roads Investment Joint Stock Company

Website

https://ciibr.com.vn

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

251–500 employees

Short description

CII Bridges & Roads Investment (HOSE: LGC) is a Vietnamese public infrastructure company that invests in, builds, and operates Build-Operate-Transfer toll road, expressway, and bridge projects under concessions awarded by Vietnamese government agencies, generating revenue primarily through toll collection across a portfolio of 9+ completed projects.

Ownership category

akta.pro rank

Product category

Highway & Bridge Concessions

NAICS

Highway, Street, and Bridge Construction (23731)

SIC

Transportation Services (4700)

akta.pro primary industry

Tolling, Pricing & Revenue Operations (Toll Roads, Congestion Pricing, Enforcement) (BPAIALAH)

akta.pro secondary industries

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL), Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL)

Keywords

• Toll road infrastructure
• BOT infrastructure projects
• Bridge construction investment
• Highway toll operations
• Road concession development

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Others, Marketing or Sales

Revenue model

1. Toll Station Revenue: The primary revenue stream comes from operating toll stations on completed BOT projects including highway expansions (Hanoi Expressway, National Highway 1 Ninh Thuận), bridges (Rach Miễu, Cổ Chiên, Saigon 2), and expressways (Trung Lương – Mỹ Thuận). Revenue grows through increased toll fees and traffic volume. Average daily toll revenue at some stations reached 740 million VND (Ninh Thuận QL1 project in 2022). The company reported total revenue of VND 1,577 billion in 2022 with after-tax profit of VND 462 billion. For 2024, road infrastructure revenue is projected at VND 2,441 billion, up nearly 45% year-over-year.
2. Real Estate Operations: The company maintains and leases office spaces and commercial areas. However, real estate revenue is expected to be zero in 2024-2025 due to slow legal resolution progress on real estate projects (Thủ Thiêm, Năm Bảy Bảy).

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

CII Bridges & Roads Investment invests in, builds, and operates Build-Operate-Transfer (BOT) road and bridge infrastructure projects across Vietnam under long-term government concessions. The company finances the construction of highway expansions (e.g., Hanoi Highway, National Highway 1 in Ninh Thuan), expressways (Trung Luong-My Thuan), and bridges (Rach Mieu, Co Chien, Saigon 2), then operates toll stations during the concession period and transfers the assets back to the state at the end of the term. Revenue is generated primarily from toll collection at these operated stations, with road infrastructure revenue projected at VND 2,441 billion for 2024, up nearly 45% year-over-year.

Product overview

CII Bridges & Roads Investment is a Vietnamese infrastructure investment company specializing in Build-Operate-Transfer (BOT) road and bridge projects. The company's core offering consists of investing in, constructing, and operating toll road and bridge infrastructure across Vietnam, generating revenue through toll collection at its operated stations. The portfolio includes major projects such as the Hanoi Highway expansion, Trung Luong-My Thuan Expressway, Saigon Bridge 2, Rach Mieu Bridge, Co Chien Bridge, National Highway expansions, and various provincial road projects. The company also operates a real-time online toll revenue data system for its toll stations. The company manages multiple subsidiaries that handle specific BOT projects and infrastructure operations.

Differentiator

Problem solved

Functional benefit

Products and services

• BOT Road & Bridge Infrastructure Projects Build-Operate-Transfer (BOT) investments in which the company finances, constructs, and operates toll road and bridge infrastructure under long-term government concessions, including highway expansions (Hanoi Highway, National Highway 1 Ninh Thuan), expressways (Trung Luong-My Thuan), and bridges (Rach Mieu, Co Chien, Saigon 2, Phan Rang-Thap Cham bypass, DT741, QL60). The company collects tolls during the concession period and transfers the assets back to the government at the end of the term. Customers include Vietnamese government agencies awarding BOT contracts and the road users paying tolls at operated stations.
• Real Estate Operations Office space and commercial area leasing operations across the company's property portfolio, encompassing projects including Thu Thiem and Nam Bay Bay. Currently generating negligible revenue due to slow legal resolution of project titles. Customers include office tenants and commercial tenants.

Quantifiable outcome

• Revenue of VND 1,577 billion in 2022, up 45.7% year-over-year
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and major.

• VETC (Vé điện tử)coreTechnology or IntegrationElectronic toll collection technology provider. VETC provides the electronic toll collection system used at the company's toll stations, enabling automated non-stop toll collection.
• Deo Ca Group Joint Stock CompanymajorStrategic or Co-development PartnerCo-investor in the Trung Luong-My Thuan Expressway BOT project. Deo Ca Group is a major Vietnamese infrastructure investment company. CII BR holds a stake alongside Deo Ca Group and Tuan Loc Construction Investment Joint Stock Company.
• Tuan Loc Construction Investment Joint Stock CompanymajorStrategic or Co-development PartnerCo-investor in the Trung Luong-My Thuan Expressway BOT project alongside CII BR and Deo Ca Group.
• Công ty Cổ phần Thương mại Nước giải khát Khánh AnmajorStrategic or Co-development PartnerJoint investor in the Rach Mieu Bridge BOT project alongside CII BR under a joint investor consortium.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Vinaconex: Vietnamese construction and infrastructure conglomerate listed on HOSE. Engaged in civil, industrial, and transport infrastructure including road and bridge projects across Vietnam. Comparable as a diversified Vietnamese infrastructure operator, broader scope than CII BR's BOT focus.
• Song Da Corporation: Major Vietnamese state-owned construction and infrastructure conglomerate active in hydro, civil, and transport infrastructure. Comparable as a Vietnamese infrastructure player though more focused on EPC contracting and hydropower than pure toll-road BOT.
• Cienco 4 (CIENCO4 Group): Vietnamese state-owned transportation infrastructure construction company specializing in highways, bridges, and roads. Comparable business activity in Vietnamese transport infrastructure, though more oriented to construction contracting than BOT concession operations.
• Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII): Parent company of CII BR (LGC). Operates a broader infrastructure investment portfolio beyond just toll roads, including power, water, and urban infrastructure assets across Vietnam. Listed on HOSE under ticker CII.

Emerging players

• FECON Corporation: Vietnamese infrastructure and foundation engineering company listed on HOSE. Active in transport infrastructure including highways and bridges. Comparable in civil infrastructure execution though more focused on foundation and piling engineering than BOT toll operations.
• Licogi 16 (Lilama 16 Joint Stock Company): Vietnamese construction and infrastructure investment company with road, bridge, and civil works activities. Comparable in Vietnamese infrastructure space with smaller-scale BOT and construction projects.

Others

• Phuong Trang (FUTA Group): Major Vietnamese transportation conglomerate with road transport operations and infrastructure investments. Listed on UPCoM (not main infrastructure focus). Comparable as a regional transport infrastructure investor but with primary focus on passenger bus services rather than toll road BOT.

Regional players

• Hansol Group (Vietnam): Vietnamese-invested infrastructure group active in toll road BOT projects in Southern Vietnam. Comparable as a regional Vietnamese BOT operator, though smaller and less diversified than CII BR's portfolio.

Direct peers

• Deo Ca Group Joint Stock Company: Major Vietnamese BOT toll road and infrastructure investor. Co-invested with CII BR in the Trung Luong-My Thuan Expressway BOT project. Operates a comparable portfolio of highway and tunnel concessions under the same Build-Operate-Transfer model targeting Vietnamese provincial governments.
• Tuan Loc Construction Investment Joint Stock Company: Vietnamese infrastructure investor co-investing alongside CII BR and Deo Ca Group in the Trung Luong-My Thuan Expressway BOT project. Direct co-investment partner in the same concession model.

Market position

Strengths3 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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 CII Bridges & Roads Investment