'Tunnel king' Deo Ca plans to invest over $3.7 bln in building roads
“Tunnel king” Deo Ca Group plans to build about 400 km of highways and ring roads with a total investment of more than VND94,000 billion ($3.7 billion) by 2030.
The group, one of the major infrastructure builders in the country, announced the plans at a conference with strategic partners held in the central coastal city of Danang on Friday.
Deo Ca Group chairman Ho Minh Hoang (standing) at a conference with strategic partners in Danang city, April 26, 2024. Photo by The Investor/Thanh Van.
Deo Ca Group chairman Ho Minh Hoang chaired the conference, which was attended by partners, investors, contractors, service providers and training units.
Regarding installations, the group will be a general contractor for projects with a combined value of VND31,000 billion ($1.22 billion) between 2024 and 2026, Hoang said.
He noted the group believed that the scope and area for road and railway infrastructure development in Vietnam was still vast.
To secure financing for the upcoming projects, Deo Ca Group has signed agreements for VND33 trillion ($1.3 billion) in loans with a number of banks such as BIDV, VPBank, TPBank, and VietinBank.
Nguyen Ba Khuong, chairman of 568 Construction JSC, said he was thankful that Deo Ca Group had chosen his company for participating in building the Dong Dang-Tra Linh and Huu Nghi-Chi Lang highways in Lang Son province, work on which began this year.
Deo Ca chairman Hoang said that the group's operating strategy was based on short-, medium- and long-term plans. The group had its own approach to linking with partners, he added.
The group became well known as the "Tunnel King" after it constructed the Co Ma, Deo Ca, Cu Mong and Hai Van 2 tunnels.
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