As Việt Nam accelerates its public investment disbursement efforts in the remaining months of the year, public investment stocks have emerged as a key focus for market analysts, presenting promising growth potential driven by robust project implementation.

 

According to data from the Ministry of Finance, as of October, Việt Nam has disbursed over VNĐ464.8 trillion (US$17.6 billion) of public investment, achieving 51.7 per cent of the government’s allocation plan.

 

However, over VNĐ400 trillion remains awaiting disbursement, with 29 ministries and 16 localities falling below the national average in disbursement rates.

 

The Ministry of Construction reported a public investment disbursement rate of 51 per cent as of October, underscoring the need for project managers to address documentation challenges efficiently to optimise project settlements and expedite disbursement.

 

Several major infrastructure projects, including expressways such as Tuyên Quang - Hà Giang, Đồng Đăng - Trà Lĩnh and Hữu Nghị - Chi Lăng, are being fast-tracked to meet completion deadlines by December 19. Five expressway projects are set to open by this date, including Biên Hòa - Vũng Tàu and Quy Nhơn - Chí Thạnh.

 

In addition, seven road projects slated for commencement in 2025 are yet to break ground, prompting the Minister of Construction to demand a launch by December 19.

 

Given the existing pressure to accelerate public fund disbursement, MBS Securities anticipates substantial pressure on investment capital outlays as the year draws to a close.

 

Positive outlook for 2026

 

The prospects for public investment remain bright, with expectations for continued growth driven by government initiatives. The sector is expected to continue thriving, not only in 2025 but well into 2026.

 

For instance, Deo Ca Traffic Infrastructure Investment JSC reported a consolidated revenue of over VNĐ913.5 billion for the third quarter, a 13 per cent year-on-year increase, with profit after tax rising by 19 per cent to over VNĐ152.4 billion.

 

This sustainable growth is largely attributed to robust BOT revenue, which constituted 61 per cent of total revenue.

 

The construction sector continues to receive significant attention as Deo Ca remains a key player in large-scale infrastructure consortia, particularly in complex tunnelling and transport projects.

 

Similarly, FECON experienced a remarkable revenue growth of 53.5 per cent year-on-year, achieving more than VNĐ1.14 trillion in Q3. This trend reflects a consistent increase in revenue over several months, bolstered by a substantial backlog of projects.

 

However, profitability within the public investment sector remains varied, with CIENCO 4 reporting declines in both revenue and net profit in Q3 compared to the previous year.

 

In 2026, the outlook for public investment remains optimistic. According to SSI Research, intensified efforts in public investment and real estate are anticipated to drive the backlog of projects, facilitating a renewed momentum in the disbursement of public funds.

 

SSI Research anticipates that the acceleration of public investment, particularly in large-scale infrastructure projects, will continue to be a primary growth driver for listed civil construction contractors.

 

The government has introduced Resolution 66.4/2025/NQ-CP to facilitate the implementation of the 2024 Mineral Resources Law, addressing material shortages and easing procurement challenges for national infrastructure projects.

 

This resolution includes streamlined procedures and flexible licensing regulations, which are expected to alleviate the material shortages affecting public investment initiatives.

 

Bùi Lê Văn from DNSE Securities said that the public investment and building materials sector was likely to benefit significantly in the current market environment. Investors were suggested to focus on stocks of companies with solid fundamentals and promising growth prospects for accumulation. — BIZHUB/VNS

 

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