Su Shang Group eyes $3.7 billion infrastructure push in Vietnam

China-based Su Shang Construction Group is finalizing procedures to sign a memorandum of understanding with the Lam Dong Department of Construction, following a proposal to participate in five major transport projects under EPC and PPP models.

The combined investment is estimated at more than VND110 trillion, or roughly $3.7 billion. This marks a significant expansion of Chinese private capital into the country’s connectivity agenda.

The projects under consideration include the Gia Nghia - Bao Lam route, valued at approximately VND2.85 trillion; the Buon Ma Thuot - Gia Nghia expressway, part of the western North - South corridor, at VND32 trillion; the Lien Khuong - Buon Ma Thuot expressway at VND35 trillion; and a major corridor linking Phan Thiet, Bao Loc and Gia Nghia, with an estimated cost of VND56 trillion.

Beyond inter-regional transport, Su Shang has also proposed joining the upgrade of urban technical infrastructure around Xuan Huong Lake, a central area in Lam Dong Province.

A notable element of the proposal is the group’s commitment to localize operations. Su Shang plans to establish a legally independent subsidiary in Lam Dong, ensuring full compliance with financial obligations while contributing to the province’s economic development. Over the next five years, the group has pledged total investment of no less than $3.5 billion.

The move comes as a broader ecosystem of companies linked to founder Yan Jiehe expands its footprint across Vietnam’s infrastructure sector, particularly in the north.

Most recently, on March 12, Su Shang signed an MoU with the Bac Ninh Department of Construction, as the province accelerates development of the Gia Binh International Airport and its associated connectivity infrastructure.

Yan is also the founder of Pacific Construction Group, one of China’s largest private infrastructure players, which has ranked among the world’s top 500 enterprises for a decade.

Between 2024 and 2025, Pacific Construction Group secured three major construction contracts in Hanoi, including the Tu Lien Bridge and its access roads in partnership with Vingroup, the Ngoc Hoi Bridge project, and Hanoi’s Metro Line 5 linking Van Cao to Hoa Lac. The EPC package for the Ngoc Hoi Bridge alone, part of a consortium of nine contractors, is valued at more than VND8.2 trillion. All three projects broke ground in 2025.

At the national level, Prime Minister Pham Minh Chinh has encouraged Chinese enterprises, including Pacific Construction Group, to explore participation in major infrastructure initiatives across Vietnam. These include key bridges in Hanoi, metro lines connecting Tan Son Nhat and Long Thanh airports, and cross-border railways such as Lao Cai - Hanoi - Hai Phong and Lang Son - Hanoi corridors.

The government has emphasized attracting investment in sectors where Chinese firms hold competitive advantages and Vietnam faces strong demand, including transport infrastructure, high-quality manufacturing, innovation, artificial intelligence and smart urban development.

The push is seen as part of efforts to deepen the Vietnam - China comprehensive strategic cooperative partnership while accelerating Vietnam’s long-term infrastructure buildout.