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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Against the backdrop of continued strong demand for infrastructure development, changes in policy mechanisms are expected to provide a significant push for enterprises with long-term BOT and PPP portfolios.
Decree 122/2026/ND-CP focuses on addressing bottlenecks for BOT projects signed before January 1, 2021. For the first time, mechanisms such as revenue-sharing reductions, government capital support, or early termination of contracts are clarified more clearly. This is seen as an important step in establishing a transparent legal framework to resolve longstanding bottlenecks in the transport infrastructure sector.
Experts said the greatest impact of Decree 122 is not only to remove difficulties for individual projects but also to deliver a policy message of fairness between the State and the private sector in risk sharing. By addressing issues that emerged many years ago in a transparent and fair manner, private sector confidence is expected to be strengthened, creating additional incentives for firms to participate in new infrastructure projects.
Assoc. Prof. Dr. Pham Duy Nghia, a consultant from the Asian Development Bank (ADB), said addressing legacy BOT project risks is a long-term commitment that can help reduce capital costs and enhance the ability to mobilize social resources for infrastructure development.
Another key impact highlighted is the significant reduction in legal uncertainty, a critical variable in BOT projects where the investment life cycle and capital recovery often span decades.
According to a review by the Ministry of Construction, there are currently 11 BOT transport projects with long-standing bottlenecks awaiting resolution:
Analysts said companies such as HHV, VCG, C4G, CTI, and CII are among those with the potential to benefit significantly from a new infrastructure investment cycle, particularly as the number of bidding packages and PPP projects continues to increase.
They also noted that firms strong in general contracting and construction are expected to benefit from rising backlog. Meanwhile, companies holding long-term BOT portfolios such as HHV, CII, or CTI are seen as having advantages in terms of more stable cash flows and the ability to expand investment as legal risks are gradually removed.
In that broader context, HHV is highlighted as one of the enterprises expected to see positive effects from Decree 122. HHV has two BOT projects in the list of long-standing problematic projects expected to be resolved, including the Đèo Cả tunnel and Bắc Giang – Lạng Sơn, both awaiting allocation of government support capital from the budget.
Ngọ Trường Nam, General Director of HHV, said the most positive aspect of Decree 122 is not only the removal of prolonged issues in certain BOT projects, but also the demonstration of State fairness toward private enterprises investing in infrastructure. He said that when “bottlenecks” are handled transparently, investor confidence will be reinforced, creating further motivation for companies to take part in new PPP projects.
“Điều doanh nghiệp cần nhất là một môi trường pháp lý ổn định và có thể dự báo. Khi niềm tin được khơi thông, đây sẽ là động lực quan trọng thúc đẩy các dự án hạ tầng mới trong thời gian tới”, ông Nam nhấn mạnh.
Similarly, Lê Minh Nghĩa, Director of BOT Phú Hà Limited Liability Company, representing the Phú Hà bridge project, said Decree 122 provides a clearer legal basis to resolve difficulties that have persisted for many years in BOT projects. This, he said, will help stabilize the project’s financial plan, ensure operating costs, and maintain long-term exploitation and service quality.
According to ông Nghĩa, resolving BOT issues on a legally codified basis will allow investors to consolidate cash flows earlier, improve operational management capacity, and proactively mobilize resources for future reinvestment and expansion plans.
“Về lâu dài, chính sách này không chỉ củng cố niềm tin mà còn tạo điều kiện để nhà đầu tư ổn định hoạt động tài chính, tiếp tục đồng hành với các dự án hạ tầng trong giai đoạn tiếp theo”, ông Nghĩa nhấn mạnh.
Looking more broadly, Decree 122 is expected to not only clear stalled BOT projects but also expand the scope for mobilizing social capital for PPP models in the transport sector. With large-scale infrastructure investment needs continuing to rise, companies with stable BOT portfolios and proven implementation capacity are expected to remain key focuses for medium- and long-term capital flows.
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