Unlocking the Potential: Private Investment in the High-Speed Rail Project Gets Greenlit

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On June 27th, with the unanimous approval of 433 delegates, the National Assembly passed the Resolution of the 9th Session of the 15th National Assembly.

Notably, the National Assembly agreed with the Government’s proposal to approve the addition of investment forms under the Law on Investment through the Public-Private Partnership (PPP) and business investment methods under the Law on Investment for the North-South high-speed railway project, alongside public investment.

The National Assembly assigned the Government to organize the selection of investment and investors in accordance with regulations. Should there be any mechanisms or policies beyond the Government’s authority, they are to report to the National Assembly for consideration and decision-making.

Previously, in the proposal submitted to the National Assembly, the Government recommended that the National Assembly approve the addition of other investment forms (such as PPP investment and business investment) for the North-South high-speed railway project, in addition to public investment, in the Resolution of the 9th Session.

The Government will select the investment method and investors according to regulations. If there are any mechanisms or policies beyond their authority, they will report to the National Assembly.

According to the Government, the North-South high-speed railway project was approved by the Politburo for investment through public investment, and the National Assembly also approved the investment principle and public investment method in Resolution 172 dated November 30, 2024.

At that time, there were no investors interested in proposing investments for the project. However, after the passage of Resolution 68 on breakthroughs in private economic development, during the implementation of the project, the Government received investment proposals from several investors. These investors requested to invest through private investment (direct investment).

The Government stated that the investment methods of PPP and direct private investment have solid political, legal, and practical foundations.

Specifically, Resolution No. 68 of the Politburo states: “Expand the participation of private enterprises in important national projects,… such as high-speed railways and urban railways.”

At a meeting on June 20, 2025, the Politburo agreed on the policy of adding other investment forms (PPP investment, business investment, etc.) alongside public investment. They also assigned the Government Party Committee to coordinate with the National Assembly Party Committee to report to the 15th National Assembly at the 9th Session for consideration and decision-making.

According to Clause 2, Article 37 of the Law on Public Investment, the addition of investment forms does not fall under the category of adjusting the project’s investment policy. However, as it differs from Resolution No. 172/2024/QH15 dated November 30, 2025, of the National Assembly, the Government reported to the National Assembly for approval.

Restructuring the Stock Market

Also in the newly passed Resolution of the 9th Session of the 15th National Assembly, the National Assembly requested that the Government resolve prolonged stagnant projects and investments that waste resources and hinder the development of enterprises. They also asked to clarify the responsibilities of the four related agencies.

The National Assembly called for an end to the delay in payment for contracts signed between state agencies and state-owned enterprises with private enterprises. They emphasized the need to focus on resolving difficulties and bottlenecks in procedures, accelerating project progress, and effectively utilizing land resources that are being wasted or disputed.

Along with this, the Government is tasked with reviewing and completing credit policies, including policies that prioritize a portion of commercial credit for businesses, especially small and medium-sized enterprises, supporting industries, and innovative start-ups. These enterprises can borrow to invest in new machinery, equipment, technology, green transition, digital transformation, and export and supply chain credit.

Encouraging lending based on data, cash flow, and value chains is also a part of the resolution. The National Assembly also emphasized strengthening inspection, supervision, and tight control of lending activities; and controlling internal lending.

The resolution urges the Government to promptly restructure the stock market, develop the insurance market, and improve regulations on corporate bonds to develop the corporate bond market extensively. This will attract medium and long-term capital for economic development.