On the afternoon of January 15, 2026, in Hanoi, DEOCA Group and IHI Group held a working session to further specify orientations for strategic cooperation in the coming period.

Overview of the meeting

Attending from IHI were Mr. Hideki Yukimura – President & CEO of IHI Asia-Pacific and Head of Business Development for the Asia-Pacific region, together with representatives of IHI affiliates. From DEOCA Group, the meeting was chaired by Mr. Le Quynh Mai – Vice Chairman of the Board of Directors.

Broad cooperation potential

At the meeting, Mr. Yukimura highly appreciated that the two sides had agreed in principle on cooperation with two clear objectives: jointly bidding for PPP projects, and establishing a strategic partnership in which IHI would invest and contribute capital to DEOCA Group.

Recognizing Vietnam’s strong growth potential and continued demand for large-scale infrastructure, IHI noted that such projects face technical, technological and financial challenges. With strengths across the full project life cycle from preliminary design and consultancy to construction and maintenance, IHI expressed its desire to enter the Vietnamese market alongside a capable local partner, viewing DEOCA as a highly promising strategic partner.

Mr. Yukimura

Mr. Yukimura emphasized: through cooperation with DEOCA, IHI can offer life-cycle solutions, diversify financing options, and share experience in PPP, tunnel, bridge, and operation and maintenance projects.

From DEOCA’s side, Mr. Le Quynh Mai stated that the relationship already rests on a solid foundation built through previous studies and exchanges. He expressed expectations that the two groups would move from the exploration phase to concrete implementation, especially as both sides now have clearer commitments.

Mr. Mai introduced the PPP++ model developed and successfully applied by DEOCA. Compared with traditional PPP, PPP++ features three key differences: the investor also acts as the contractor; flexible capital participation through equity or investment cooperation; and enhanced state responsibility via site clearance support or capital contribution.

Commenting on PPP++, Mr. Yukimura said he understood the model’s added value in ensuring schedule, responsibility and financial security, and expressed interest in further studying its application to specific projects.

“Three pillars” of cooperation

The meeting focused on three main cooperation areas: (1) joint investment in PPP++ projects with IHI acting as both investor and contractor; (2) construction of large, complex bridges and tunnels requiring advanced technology; and (3) cooperation in operation and maintenance of major bridge assets in Vietnam.

IHI expressed interest in projects it has been monitoring, such as Dai Ngai Bridge and Cat Lai Bridge, as well as PPP projects that include O and M components. IHI is also discussing bridge maintenance solutions with the Vietnam Road Administration, aiming to materialize bridge rehabilitation projects.

DEOCA proposed additional cooperation ideas, notably developing underground infrastructure systems to address urban flooding, using dual-purpose TBM tunnels for both traffic and drainage, combined with pumping systems to transfer water to rivers and lakes.

Mr. Le Quynh Mai

In response, IHI noted its experience in hydraulic works and gate manufacturing in Japan, and its readiness to cooperate once DEOCA finalizes specific concepts. IHI also shared its experience in bidding for major irrigation projects in Vietnam.

Both sides agreed to identify priority infrastructure projects such as major bridges and urban railways, where their strengths align. IHI is willing to share research outcomes, while DEOCA reaffirmed its desire to partner with complementary investors offering capital strength, implementation experience and advanced technology.

Concluding the meeting, the two sides agreed to continue discussions, develop a list of priority projects, and define specific tasks for each party. Although no concrete project has yet been implemented together, both affirmed that DEOCA–IHI cooperation is entering a new phase with clearer commitments.

The meeting marked an important step in strengthening the strategic partnership between DEOCA and IHI, paving the way for major infrastructure projects contributing to Vietnam’s socio-economic development and opening opportunities for IHI to become a strategic investor of the Group in the future.

By Trong Sang – Photos Hieu Nguyen