“Unraveling the Investors Behind Billionaire Pham Nhat Vuong’s New Venture: A $12 Billion Self-Financed Mega Project”

Introducing VinSpeed High-Speed Railway Development and Investment JSC.

According to the National Enterprise Registration Portal, VinSpeed High-Speed Railway Development and Investment JSC was established on May 6, 2025, with a primary focus on constructing high-speed railway infrastructure.

The company has a chartered capital of VND 6,000 billion, consisting of contributions from six shareholders. Among them, billionaire Pham Nhat Vuong contributed VND 3,060 billion (equivalent to 51% of the contribution), while his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each contributed VND 30 billion (equivalent to 0.5% of the contribution).

Additionally, Pham Thuy Hang – Vice Chairwoman of Vingroup, contributed VND 180 billion (equivalent to 3% of the contribution); Vietnam Investment Group JSC contributed VND 2,100 billion (35% of the contribution); and Vingroup contributed VND 600 billion (equivalent to 10% of the contribution).

VinSpeed aims to invest in, construct, and operate high-speed railway infrastructure, manufacture railway transportation vehicles (locomotives and carriages), and develop railway signaling and control systems. By doing so, VinSpeed hopes to contribute to the development of Vietnam’s transportation infrastructure.

VinSpeed is envisioned to be the next spearhead in the ecosystem founded by billionaire Pham Nhat Vuong, alongside existing pillars, propelling Vietnam towards international recognition and prosperity in this era of national advancement.

This is not the first time that billionaire Pham Nhat Vuong and his two sons have jointly established a company. In March 2025, they founded VinEnergo Energy JSC, with a chartered capital of VND 2,000 billion. Vingroup contributed 19% of the capital, while Pham Nhat Minh Hoang and Pham Nhat Quan Anh each contributed 5%, and Pham Nhat Vuong contributed 71%.

Prior to that, in January 2025, the Vingroup Chairman and his two sons established VinMotion Multipurpose Robot Research, Development, and Application JSC with a chartered capital of VND 1,000 billion. In November 2024, they founded VinRobotics Robot Research and Development JSC with a chartered capital of VND 1,000 billion. In both VinMotion and VinRobotics, the contribution ratio of Pham Nhat Quan Anh and Pham Nhat Minh Hoang was 5% each.

VinSpeed Registers for a Key Project, Aiming for Construction to Start Before December 2025

The North-South high-speed railway project is a key project that has garnered significant attention from businesses, including VinSpeed.

Today (May 14), VinSpeed High-Speed Railway Development and Investment JSC officially registered to invest in the North-South high-speed railway project. The company aims to commence construction before December 2025 and operate the entire line before December 2030.

The proposed project has a total investment of over VND 1.5 million billion (approximately USD 61.35 billion), excluding compensation and resettlement costs. VinSpeed commits to arranging 20% of the capital (approximately VND 312,330 billion, or USD 12.27 billion), with the remaining amount to be borrowed from the State at a 0% interest rate for a period of 35 years from the disbursement date.

According to VinSpeed, this approach alleviates the burden on the state budget and aligns with the reality that most high-speed railway projects worldwide struggle to break even or require long-term subsidies.

Currently, VinSpeed is working with partners from China, Germany, and Japan to transfer technology and manufacture locomotives, carriages, and signaling and control systems in Vietnam. Simultaneously, the company will enhance human resource training, master the technology, and gradually establish a domestic high-speed railway industry.

Moreover, to repay the state-borrowed capital, VinSpeed plans to develop modern urban areas around the stations following the TOD (Transit-Oriented Development) model, in collaboration with Vingroup and Vinhomes. This approach will enhance infrastructure, improve living standards, and boost the local economy in sparsely populated areas distant from city centers.

“We choose to invest at this time because we feel the strong support and high expectations of the Party, State, and people for the private sector,” said Ms. Dao Thuy Van, Vice Chairman of VinSpeed. “We are committed to making every effort to implement the project effectively, ensuring investment efficiency and timely repayment.”

Furthermore, VinSpeed will forge extensive collaborations with domestic enterprises to construct the entire line simultaneously, gradually developing the high-speed railway industry and instilling national pride in every Vietnamese citizen.