Unveiling the Capabilities of the New Developer Behind the $67 Billion North-South High-Speed Rail Megaproject

Thang Long Project Management Unit Appointed as Investor for North-South High-Speed Railway Project

The Ministry of Construction has recently issued a decision to adjust the investor for the North-South High-Speed Railway project. Accordingly, the Thang Long Project Management Unit (PMU) has been assigned as the investor, replacing the Railway Project Management Unit as previously designated.

According to the new decision, the Thang Long PMU is responsible for preparing the feasibility study report for the North-South High-Speed Railway project. They will also bear full responsibility for quality, progress, and cost during the implementation of the assigned tasks.

In addition to undertaking new tasks, the Thang Long PMU must actively coordinate with relevant agencies and organizations to receive all previously conducted research results. This ensures maximum utilization of existing data and records to shorten timelines and enhance investment preparation efficiency.

The North-South High-Speed Railway project is considered one of the most critical infrastructure projects in the country, with an estimated total investment of approximately $67 billion (equivalent to about 1.7 million billion VND). The railway spans 1,541 km, starting at Ngoc Hoi Station (Hanoi) and ending at Thu Thiem Station (Ho Chi Minh City).

Thang Long PMU’s Capabilities Tested Through Major Projects

At the year-end conference for 2025 and task deployment for 2026 held by the Thang Long PMU in December 2025, Mr. Ho Ngoc Loan, Deputy Director of the Unit, reported that in 2025, the Unit was tasked by the Ministry of Construction to prepare investments for several key projects. These include the Hai Phong – Ha Long – Mong Cai railway, the Ring Road 5 in the Hanoi Capital Region, the expansion of certain sections of the Eastern North-South Expressway, and the upgrade of National Highway 6 from Tuan Giao to Lai Chau.

According to the Unit’s leadership, investment preparation dossiers and procedures have been meticulously executed, adhering to regulations and ensuring quality and timeline requirements.

In project implementation, the Thang Long PMU is currently the investor for 7 projects. Several key works have achieved positive results, including the Mai Son – National Highway 45 and Phan Thiet – Dau Giay sections of the North-South Expressway, which have been put into operation. Settlement procedures are expected to be completed by December 2025.

Notably, the Bai Vot – Ham Nghi and Ham Nghi – Vung Ang sections were opened to traffic and put into operation on April 28, 2025, 3 to 6 months ahead of schedule.

For the Dau Giay – Tan Phu Expressway, implemented under the PPP model, the Unit has completed investor selection and handed over site clearance milestones to local authorities for subsequent steps.

In the field of bridge and road construction, the new Phong Chau Bridge on National Highway 32C (Phu Tho) was inaugurated and put into operation on September 28, 2025, 3 months ahead of schedule. It is currently undergoing acceptance, handover, and settlement procedures.

For the Ninh Cuong Bridge over the Ninh Co River on National Highway 37B, the Unit has completed the selection and signing of 10 out of 11 contracts. The bridge construction package (package 9) has been approved for technical design, cost estimates, and received a no-objection letter from the sponsor on December 8, 2025. The Unit is currently issuing bidding documents to select a construction contractor, with groundbreaking expected in Q1/2026.

One of the Units with the Highest Disbursement Rates in the Ministry of Construction

Alongside a substantial workload, the Thang Long PMU also aims for high disbursement rates. Of the total capital of over 4,560 billion VND allocated for 2025, as of December 19, 2025, the Unit has disbursed more than 2,762 billion VND, achieving nearly 61% of the plan.

By January 31, 2026, the Unit’s disbursement rate is expected to reach over 93%, contributing to the progress of key projects.

Previously, at the 8th Party Congress for the 2025–2030 term of the Thang Long PMU in June 2025, Mr. Dinh Cong Minh, Secretary of the Party Committee and Director of the Unit, stated that during the 2020–2025 term, the Unit’s disbursement reached over 45,000 billion VND, making it one of the units with the highest disbursement rates in the Ministry in recent years.

From 2020 to date, the Unit has completed and put into operation 9 projects and surplus items, all ensuring progress and quality. It has also finalized start-up procedures for 8 new projects, with a total of 18 projects prepared for investment.

Throughout project management, from investment planning, the Unit has focused on directing all parties to promptly update regulations and new standards. It has also sought to apply advanced scientific and technical progress, as well as new materials. Construction progress is closely tied to quality, labor safety, and environmental hygiene.