On the morning of November 27th, Deputy Prime Minister Nguyen Hoa Binh chaired a meeting with various ministries, agencies, and numerous businesses to consult on the North-South High-Speed Railway Project. Held at the Government Office, the meeting was attended by Deputy Prime Minister Tran Hong Ha, leaders from the Ministries of Construction, Justice, Science and Technology, the State Bank of Vietnam, and the Ministry of Finance, along with representatives from prominent transportation and infrastructure investment firms such as Truong Hai, Vinaspeed, Discovery, Vietnam 3000 LLC, and VNR.
In his opening remarks, Deputy Prime Minister Nguyen Hoa Binh stated that the policy for investing in the high-speed railway has been endorsed by the Politburo and approved by the National Assembly through a resolution. Three investment models are under consideration: public investment, PPP (Public-Private Partnership), and private investment. The goal is to select the most optimal and beneficial model for the nation. This meeting aims to assess the actual capabilities, commitment, and preparedness of participating businesses, providing transparent information to the public and serving as a basis for the Government to consider investment options.
Many investor dossiers are incomplete, with unclear capabilities
The Ministry of Construction reported that while a significant number of documents were submitted by businesses, many lacked basic information, presented vague investment ideas, and failed to demonstrate financial or implementation capabilities. Some businesses provided incomplete contact details.
Vietnam 3000 LLC speaking at the meeting – Photo: VGP
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During discussions, the disparity between claims and actual capabilities of many businesses became evident. A representative from Vietnam 3000 LLC expressed interest in participating in the project through a PPP model, stating the company would “mobilize capital and bring experts to the project.” However, when asked about the proportion of equity capital, financial capacity, and legal grounds for capital mobilization, the representative failed to provide clear answers and often strayed from the core questions.
A similar situation occurred with Discovery Group. Chairman Nguyen Nam Thieu acknowledged the project as “very large and challenging” but expressed hope to invest under a revenue-based recovery model. When questioned about the company’s workforce and financial capacity, he revealed that the entire group has only about 70 employees and a total capital of 2,000-3,000 billion VND—insufficient to meet the requirements of a multi-billion-dollar infrastructure project.
Major investors commit strongly to capital, timelines, and technology
In contrast, several large enterprises presented more concrete and well-founded plans. Truong Hai Group (THACO) Deputy CEO Nguyen Hoang Tuyet stated that the group has held numerous meetings, continuously updated its dossier, and submitted reports to authorities to demonstrate its commitment to the project. THACO proposed an investment model under the Investment Law, where the investor contributes 20% of the capital, with the remaining 80% mobilized through loans. In addition to its own resources, the company plans to establish subsidiaries to raise capital from domestic and international partners.
THACO Deputy CEO Nguyen Hoang Tuyet speaking at the meeting – Photo: VGP
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THACO plans to complete the Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections within 5 years and the Nha Trang-Vinh section within 7 years. The group commits to ensuring progress, quality, adherence to technology, increasing localization rates, and delivering all required components to the State on schedule.
Vinaspeed Railway Investment and Development JSC, a newly prominent enterprise, proposed an investment model with a total estimated cost of over 61 billion USD, excluding land clearance expenses. The company requested to borrow 80% of the total capital, repayable over 30 years. Vinaspeed pledged to comply with legal regulations, invest in modern technology, enhance localization, train personnel, ensure national security and defense, and “avoid cost overruns.”
Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, investor in Vinaspeed Railway Investment and Development JSC – Photo: VGP
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A representative from Vietnam Railways (VNR) expressed interest in participating in the signaling equipment and electrical systems segments, areas where the company has expertise.
Assessing capabilities and clarifying intentions
Deputy Prime Minister Nguyen Hoa Binh emphasized that this meeting is for information gathering, not for selecting investors. “Today’s meeting invited six registered businesses, but only five attended. One registered business, the Mekolor and Great (USA) Investor Alliance, did not show up, and we couldn’t locate them despite our efforts. This meeting has provided valuable insights into the seriousness and preparedness of various businesses. Some demonstrated a high level of commitment with well-prepared reports, while others submitted incomplete dossiers with unclear ideas. A company with only 70 employees and a capital of 2,000-3,000 billion VND cannot meet the project’s requirements,” the Deputy Prime Minister noted.
Deputy Prime Minister Nguyen Hoa Binh chairing the meeting – Photo: VGP
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Stressing that this is not a session to select or decide on investors, the Deputy Prime Minister instructed the Ministry of Construction to collaborate with the Ministry of Finance, the State Bank of Vietnam, and relevant agencies to promptly finalize a report proposing investment methods and accompanying policies for Government review. He also urged ministries and agencies to actively contribute to the report, which will serve as a critical foundation for Government discussions and assessments before submission to higher authorities for decision-making.
– 20:18 27/11/2025
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