Vingroup proposes investing in Hanoi's 7th bridge over Red River

By Quang Tuyen, Minh Hue
Fri, October 18, 2024 | 7:05 pm GMT+7

Vingroup, Vietnam’s largest private conglomerate, has proposed that the Hanoi People's Committee allow it to invest in the construction of Tu Lien bridge, the seventh to link the city's downtown with its outlying districts.

An illustration of Tu Lien bridge in Hanoi. Photo courtesy of the Hanoi Department of Planning and Architecture.

An illustration of Tu Lien bridge in Hanoi. Photo courtesy of the Hanoi Department of Planning and Architecture.

The VND20 trillion ($802.37 million) project, including the 2.9-kilometer cable-stayed Tu Lien bridge and a 11.5-kilometer road connecting it to the Hanoi-Thai Nguyen expressway, will be invested under a BT (build-transfer) format, according to Vingroup's proposal.

Tu Lien bridge, crossing the Red River, is one of the key transportation works in Hanoi. It is included in the national transport master plan until 2030, with a vision to 2050, approved by the prime minister.

Once completed, the project will connect the western bank of the Red River along Au Co-Nghi Tam road in Tay Ho district with the eastern bank in Dong Anh district. It will also directly connect to Hanoi’s Ring Road 3.

It will ease traffic pressure on Nhat Tan, Long Bien, and Chuong Duong bridges, reducing congestion on major roads.

Tu Lien is the seventh bridge to connect Hanoi's inner city with its outlying districts, after Thang Long, Nhat Tan, Long Bien, Chuong Duong, Vinh Tuy, and Thanh Tri. It is also among 18 bridges planned for construction over the Red River, with nine already in service and nine under planning.

Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, boasts experience in investing in transportation infrastructure projects, such as the elevated section of Hanoi’s Ring Road 2, from Vinh Tuy bridge to Nga Tu So intersection. The group is committed to completing Tu Lien bridge on schedule with high quality, making it a new iconic construction of the capital.

Previously, Vingroup also planned to complete the National Exhibition Center project in Dong Anh district’s Dong Hoi and Xuan Canh communes by July 2025 to celebrate the 80th anniversary of National Day (September 2, 1945 - 2025).

The new exhibition center, located close to Noi Bai International Airport and several minutes of drive from the inner city, is expected to be a venue for global trade events and exhibitions. It will replace the previous national exhibition center on Giang Vo street, Ba Dinh district.

Besides indoor premises, the center will feature outdoor spaces of up to 20.6 hectares. An ecosystem of ancillary facilities will include service areas, high-rise office buildings, a five-star hotel to be managed by Marriott, and parking areas.

Tu Lien bridge is expected to facilitate the travel of a large number of domestic and international visitors attending fairs and exhibitions, promoting trade in the northern region of the Red River and surrounding areas of the capital city.

Vingroup reported a total asset value of VND722.26 trillion ($28.5 billion) as of June 30, 2024, up 8.2% year-on-year and VND55 trillion ($2.17 billion) more than December 31, 2023.

In the first six months of 2024, the group recorded consolidated revenues of VND65 trillion ($2.57 billion), with positive changes in residential real estate, tourism and entertainment businesses. Its consolidated after-tax profit reached VND2.02 trillion ($79.75 million).

VIC shares closed Friday at VND41,800 ($1.66) each.

Comments (0)
  • Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7

Tool for wood traceability management debuts in Vietnam

Tool for wood traceability management debuts in Vietnam

The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.

Companies - Mon, September 15, 2025 | 10:00 pm GMT+7

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.

Companies - Mon, September 15, 2025 | 9:54 pm GMT+7

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.

Companies - Mon, September 15, 2025 | 8:10 pm GMT+7

Central Vietnam to have new airport Mang Den

Central Vietnam to have new airport Mang Den

Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.

Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.

Economy - Mon, September 15, 2025 | 2:20 pm GMT+7

Agribank introduces sizable $4.17 bln preferential credit package

Agribank introduces sizable $4.17 bln preferential credit package

Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.

Companies - Mon, September 15, 2025 | 1:32 pm GMT+7

'Precious space' in Vietnam's monetary policy

'Precious space' in Vietnam's monetary policy

The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.

Economy - Mon, September 15, 2025 | 10:15 am GMT+7

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).

Banking - Mon, September 15, 2025 | 8:04 am GMT+7

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.

Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7