In a letter to the Prime Minister, Mr. Tran Ba Duong, Chairman of the Board of Directors of Truong Hai Auto Corporation (THACO), shared that as a diversified industrial group, after thorough research on the High-Speed North-South Railway Project, with the aim of contributing effectively and substantially to the country, THACO has decided to propose investing in the high-speed North-South railway project, which was approved by the National Assembly in Resolution No. 172/2024/QH15.
“We commit to developing TOD models exemplarily and offering reasonable prices to meet the living needs of the majority of Vietnamese people,” said Mr. Tran Ba Duong, Chairman of THACO, to Dau Tu newspaper. “For the sake of ensuring national security and safety, THACO proposes that the state will own some of the physical infrastructure and undertake part of the management and operation work. In special cases, for national security reasons, THACO pledges to hand over the entire project to the state for the country’s service.”
To carry out this investment, THACO will utilize its own capital and legally raised funds. Specifically, the portion equivalent to 20% of the total investment, approximately $12.27 billion, will come from THACO’s capital contribution (including owner’s equity and other legal capital mobilization) through issuing shares to increase capital for THACO and its member groups.
Concurrently, a project implementation company will be established, inviting the participation of other domestic groups and enterprises, with THACO holding a controlling stake, on the precondition of not transferring or assigning the project, capital contribution, or shares in the project implementation company to foreign entities.
The remaining 80% of the total investment, equivalent to about $49.08 billion, will be borrowed from domestic and foreign credit institutions, with the government guaranteeing and supporting the entire interest expense for 30 years, with the project’s assets as collateral.
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