High-Speed Rail Project: Company Urges Immediate Action with $100 Billion Funding Pledge

On the morning of November 29th, Mr. Vo Xuan Truong, Chairman of Mekolor and representative of the Mekolor – Great USA alliance, further addressed the absence of the alliance from the North-South High-Speed Railway project meeting organized by the government on November 27th.

On his personal page, Mr. Truong shared an image of a petition letter addressed to the leaders of the Party, State, and Government, stating that he had not received any invitation to the meeting.

“We request a direct meeting to present our investment proposal, prove our capital, and review the invitation process, correcting any misleading statements that have affected our reputation. Our capital is clean, monitored by the IMF, WB, and FATF, fully legalized, and we are committed to supporting national development strategies,” Mr. Truong wrote.

According to the letter, the joint venture has been gathering information about the North-South High-Speed Railway project, a strategic future project for Vietnam, and has submitted three proposals to participate. They also proposed a 100% deposit, equivalent to $100 billion, to invest in the project.

However, to date, the Mekolor and Great USA joint venture has not received any response regarding their interest in the project.

Through media reports about the November 27th meeting, the joint venture learned of Deputy Prime Minister Nguyen Hoa Binh’s statement that the Mekolor and Great USA investor alliance had registered but did not attend the meeting. The government had attempted to contact them but could not locate their address.

“We were shocked and regretful upon hearing this. As of now, we have not received any invitation to the meeting, while our contact information, office, and representative address in Vietnam remain active and operational,” Mr. Truong added.

In the petition letter, the company requests an official meeting between the Mekolor – Great USA alliance and the government. Over the past period, they have submitted multiple files, petitions, pre-feasibility reports, and investment proposals for key infrastructure projects, including the North-South High-Speed Railway, but have not received any response. The meeting aims to allow the joint venture to fully present their financial capabilities, legal documents, implementation capacity, and long-term investment commitment.

The meeting will also provide all legalized documents related to the registered capital and establish a direct communication mechanism to avoid misunderstandings. It will review the organization and invitation process for businesses.

The representative also requests a correction of statements related to the Mekolor – Great USA alliance, as media reports claiming the alliance was uncooperative due to “untraceable address” have damaged their reputation. They seek a public correction or official notification regarding the coordination status to prevent misinformation from being used in media reports.

Mr. Truong added that he is still in Vietnam. The alliance’s representative office in Vietnam is Mekolor Joint Stock Company, located in Ninh Kieu District, Can Tho City, and remains active and serious in proposing investments for the North-South High-Speed Railway project.

Previously, on November 27th, the government invited six companies to propose the North-South High-Speed Railway project, but only five attended the meeting: Vietnam 3000 LLC – Vietnam Investment and Development Group, Discovery Group JSC, Vietnam Railway Transport JSC, Truong Hai Group JSC, and VinSpeed High-Speed Railway Investment and Development JSC.

The Mekolor – Great USA alliance, which claimed a $100 billion investment, did not attend the meeting.

According to Deputy Prime Minister Nguyen Hoa Binh, the meeting revealed the intentions of the businesses, distinguishing between those with genuine interest and those lacking seriousness. The Deputy Prime Minister emphasized that this is a large-scale, highly important project for the economy, with high technological requirements, making information exchange with businesses and investors essential.

In their June proposal for the North-South High-Speed Railway project, Mekolor described itself as a private organization founded in Vietnam, operating as an “economic innovation think tank” with a mission to develop humane economic models independent of debt, combining blockchain technology with labor value to redefine “credit” and “assets.”

However, business registration data shows that Mekolor’s primary business is trade promotion and introduction, with a registered capital of 1 billion VND, established on October 27, 2016.

GREAT USA, established in Florida, USA, represents the Great Network ecosystem in the US and international markets.

GREAT USA issues and operates stablecoins like USDG (pegged to the USD) and EURG, connects international capital from investment funds, governments, and ESG partners (Environmental – Social – Governance), and manages global data systems, smart contracts, and asset distribution.

The North-South High-Speed Railway project was approved by the National Assembly in November 2024, with a preliminary total investment of approximately 1.7 million billion VND (equivalent to $67 billion). The 1,541 km route starts at Ngoc Hoi Station (Hanoi) and ends at Thu Thiem Station (Ho Chi Minh City), passing through 20 provinces and cities.

The project features a dual-gauge track of 1,435 mm, a design speed of 350 km/h, and a load capacity of 22.5 tons per axle, including 23 passenger stations and 5 cargo stations. It aims to meet passenger transport demands, support cargo transport when needed, and serve national defense and security objectives.