On October 24, Minister of Industry and Trade Decision No. 2800/QĐ-BCT named two border expressways in a paragraph that matters to shareholders of Deo Ca Traffic Infrastructure Investment (HHV). One is Dong Dang – Tra Linh, where HHV is part of the investor consortium. For a project that recovers its capital from toll revenue, the stone for the top road layer is among the last items before vehicles can use the road.
The decision has been issued and is in effect. The new quarries, however, are only at the survey stage, and none has been licensed. The gap between those two states is what is worth watching over the next two months.
What the document says
Decision 2800/QĐ-BCT comes with a provisional plan for coordinating and supporting ordinary construction materials between provinces and cities for key projects. According to Báo Công Thương, it took effect on the day of signing and applies until amended or replaced.Báo Công Thương
Most of it deals with a national problem: the minimum allocation for 2026–2030 is 306.35 million m³ of construction stone.Báo Công lý Lang Son is among the provinces short of some materials, but it can balance supply by raising capacity, expanding existing quarries or licensing new ones.Người Quan Sát
The part that touches HHV shareholders names two expressways, Huu Nghi – Chi Lang and Dong Dang – Tra Linh. The ministry asked the people's committees of Lang Son and Cao Bang to direct investors and contractors to urgently survey areas with granite, basalt and rhyolite capable of serving as aggregate for the textured asphalt layer. If the material qualifies, the locality should start licensing for extraction right away under a special mechanism, reducing reliance on supply from the Khau Dem quarry.Người Quan Sát
Where HHV sits in the consortium
Dong Dang – Tra Linh is about 121 km long, links Lang Son with Cao Bang, and has a preliminary total investment of about VND 22,690 billion. The investor consortium consists of Deo Ca Group, ICV Vietnam Construction Investment, Construction Company 568 and HHV. Of these four, HHV is the one listed on HoSE, which makes it the route through which stock investors reach the project.Người Quan Sát
The other route, Huu Nghi – Chi Lang, is nearly 60 km and has a different consortium that does not include HHV, according to the same source. For HHV holders, the relevant part is therefore Dong Dang – Tra Linh.
Phase one is built under a build-operate-transfer (BOT) contract. According to an inspection conclusion posted by the Government's web portal in April 2026, the Cao Bang People's Committee, the investor consortium and Dong Dang – Tra Linh Expressway JSC (the project company) signed BOT contract No. 01/HĐ.BOT-UBND on December 19, 2023. The same document puts phase one at VND 9,800 billion of state capital and VND 4,531.62 billion of investor capital.Báo Chính phủ The investor share is recovered through tolls from vehicles on the road, so cash only starts to flow back once the road opens and tolling begins.
The articles published this week do not state HHV's equity stake in the project company. Readers who want that number should check the notes to HHV's third-quarter financial statements once released.
Why stone for the surface layer
The textured asphalt layer is the top of the pavement, where tyres make direct contact. It provides grip and prevents skidding at speed. Because wheels wear it down constantly, it needs hard aggregate that resists polishing. That is why the document names granite, basalt and rhyolite rather than ordinary construction stone.
This layer is also laid last, after the subgrade, base and lower layers are done. In other words, it sits at the end of the site's work chain. Phase one of Dong Dang – Tra Linh is more than 93 km long and had reached roughly 80% of planned output value as of October, with nearly 900 machines and more than 2,000 workers on site. The Dong Dang – Dong Khe section aims to be essentially complete before December 31 for trial operation over Tet 2027, and all of phase one is expected to finish in April 2027.Người Quan Sát
A careful reading matters here. The document speaks of "reducing reliance" on the Khau Dem quarry. The source does not say how much stone the quarry is short of, nor that the schedule has slipped because of stone. What the document does show is that both routes lean heavily on one quarry for a material that is hard to substitute, and that the regulator wants more sources before the final stage bunches up.
What the special mechanism fixes, and what it does not
The decision fixes the paperwork. Instead of the normal licensing procedure, a new quarry that meets requirements would be licensed under a special mechanism. Localities may not add procedures that obstruct cross-province supply.Báo Công Thương
It does not fix physical time. The document stops at a survey request, and there is no information yet on any new quarry licensed for the two routes. The granite, basalt and rhyolite areas have only been identified preliminarily by the Department of Geology and Minerals of Vietnam. From there, investors and contractors still have to survey and take samples for quality testing. If the samples pass, the province then starts licensing. After a licence, the quarry still has to open its extraction area, crush and screen stone to the right grain size, and haul it to the site. Each step takes time, while the December 31 milestone is only about two months away.
In parallel, the ministry asked project owners, investors and contractors to specify the demand for each material, volume, quality and annual usage schedule, and send it to the receiving locality by November 5.Người Quan Sát
Stone is not the only variable
A large project can miss a milestone for many reasons, such as late state funding, winter weather in the mountains or acceptance procedures. This article does not claim stone would be the cause if December 31 is missed. What can be said is that, among the remaining conditions, stone for the surface layer is the one the Ministry of Industry and Trade has just named publicly, with a concrete deadline attached. That makes it the easiest condition to track from outside.
The two milestones should also be kept apart. December 31 for Dong Dang – Dong Khe is for trial operation over Tet. The articles this week give no date for the start of official tolling. Opening for trial is the step closest to tolling, but the two are not the same thing.
HHV shares have not reacted clearly
In the October 27 session, HHV closed at VND 9,520 per share, up 0.63%, on about 2.12 million shares traded. Market capitalisation is about VND 5,500 billion. A small gain in one session does not show the market reacting clearly to this document, and this article makes no forecast for the share price.
Two kinds of news will answer the December 31 question
Decision 2800/QĐ-BCT opens the way for new quarries, but it has only gone as far as opening the way. Whether the Dong Dang – Dong Khe section meets December 31 will show up in two kinds of news.
The first comes from Lang Son and Cao Bang: whether the provinces license a new quarry for the textured layer, and when. A licence issued in November would show the special mechanism running at the speed it promises. If December arrives with no new quarry, the site keeps relying on Khau Dem for the final sprint.
The second comes from the investors: progress announcements from Deo Ca and HHV, especially on paving the surface layer on Dong Dang – Dong Khe. If the plan for trial operation over Tet holds through mid-December, the project's first milestone is on schedule. If it is pushed back, the question is whether the stated reason is materials or something else.