$67 Billion Rail Mega-Project Enters Qualifying Round: Why Did Vingroup Suddenly Withdrawal?

According to Document No. 764/2025 submitted to the Government today (December 25), Vingroup requested to withdraw its investment registration for the North-South high-speed rail project (submitted to the Government in May). The decision was carefully considered to ensure maximum resource allocation for strategic infrastructure projects recently assigned to the group.

Notably, the Olympic Sports City project in Hanoi, spanning over 9,000 hectares, features a world-class sports complex, including the Trống Đồng Stadium. This national-scale project, entrusted by the Government to Vingroup, aims to showcase Vietnam’s cultural identity globally. Vingroup is committed to allocating maximum resources to meet the project’s timeline and quality commitments.

Vingroup is also the main investor in other critical infrastructure projects, such as the Ben Thanh – Can Gio and Hanoi – Quang Ninh high-speed rail lines. The conglomerate is developing large-scale industrial and energy projects, including VinMetal steel plant, two wind farms in Ky Anh (Ha Tinh), Hai Phong LNG thermal power plant, and the Can Gio coastal megacity.

These projects demand significant capital, time, and organizational resources, according to Vingroup.

The North-South high-speed rail project, with a total investment of approximately $67 billion, has attracted interest from several experienced companies, including THACO Truong Hai, Vietnam Railways Corporation, and Vietnam Investment and Development Group. Vingroup believes its withdrawal will not impact the project’s implementation.

In a November 2025 interview with Thanh Nien newspaper, Vingroup CEO Nguyen Viet Quang stated, “From the beginning, we proposed a direct private investment model, where the state provides 80% of the funding interest-free for 30 years, and we arrange the remaining 20%. We still prefer this model. If it’s a PPP, we cannot secure the remaining 80%.”

Thanh Nien reported Quang adding, “This project is crucial for Vietnam’s economic growth. Regardless of the investor, we urge the Government to expedite it. While we’d regret missing this opportunity to contribute, it would relieve significant pressure on our company.”

Six Companies Eye $67 Billion Megaproject

Before Vingroup’s withdrawal, six companies and consortia expressed interest in the project, including Vietnam 3000 LLC – Vietnam Investment and Development Group, Discovery Group Corporation, Vietnam Railways Corporation, THACO, VinSpeed High-Speed Rail Investment and Development JSC (Vingroup), and the Mekolor – Great (USA) consortium.

VinSpeed and THACO stand out for proposing private investment models and clear financial plans. Both are willing to arrange 20% of the capital and request the remaining 80% as a 0% interest loan from the state for 30-35 years.

Discovery Group and Mekolor – Great USA claimed self-funding but lacked the necessary financial capacity.