Which Businesses Remain Committed to the High-Speed Rail Project After Vingroup’s Withdrawal?

According to Official Dispatch No. 764/2025 dated December 25, 2025, sent to the Government, Vingroup has officially requested to withdraw its investment registration for the North-South High-Speed Railway project, which the conglomerate had submitted to the Government for consideration in May 2025.

Why is Vingroup Withdrawing from the North-South High-Speed Railway Project?

Vingroup explains that the withdrawal is the result of careful consideration, driven by the need to focus maximum resources on strategic infrastructure projects recently entrusted by the Government. With multiple large-scale projects underway, the conglomerate believes that spreading resources too thin could compromise the promised timelines and quality.

Among these projects is the 9,000-hectare Olympic Sports City in Hanoi, centered around world-class sports facilities, including the Trống Đồng Stadium, envisioned as the world’s largest. This iconic project demands intense concentration of financial, human, and management resources, reflecting its significance not only economically but also culturally.

Vingroup emphasizes that the national importance of these projects requires absolute priority to ensure timely completion and the highest quality, fulfilling the trust placed in them by the Government and society.

In addition to the Olympic Sports City, Vingroup is also tasked with other critical transportation infrastructure projects, such as the Bến Thành – Cần Giờ and Hà Nội – Quảng Ninh high-speed rail lines. These projects require substantial investment and high-level execution capabilities.

Beyond transportation, the conglomerate is committed to large-scale industrial and energy projects, including the VinMetal steel plant, two wind farms in Kỳ Anh (Hà Tĩnh), the Hải Phòng LNG thermal power plant, and the Cần Giờ coastal megacity. These initiatives aim to enhance production capacity, ensure energy security, and promote sustainable urban development.

In this comprehensive context, Vingroup’s decision to withdraw from the North-South High-Speed Railway project is seen as a calculated and responsible move, ensuring resource concentration on the projects already underway. This approach underscores the conglomerate’s strategy to prioritize quality, timelines, and long-term effectiveness in its contributions to national infrastructure development.

Which Companies Are Ready to Invest in the North-South High-Speed Railway Project?

While Vingroup withdraws, the North-South High-Speed Railway project continues to attract interest from major domestic and international companies. Several entities with strong financial capabilities and infrastructure expertise have expressed interest in investing in the project.

Notable among them are THACO Truong Hai, a leading private enterprise with experience in large-scale industrial and logistics projects; Vietnam Railways Corporation, a veteran in railway operations; and newcomers like Vietnam Investment and Development Group (Vietnam 3000) and Discovery Group. These companies participated in a meeting with the Government’s Standing Committee on November 27 regarding the project.

Vietnam 3000 views the project as large and complex, requiring collaboration between the Government and investors, especially in capital mobilization. They prefer a Public-Private Partnership (PPP) model based on “joint coordination and support” due to the inherent risks. Their role would be to secure funding and attract top experts in the field.

However, when asked about their financial capacity and the equity contribution ratio in a PPP model, Vietnam 3000’s representative could not provide clear answers, with some responses failing to address the questions directly.

Discovery Group’s Chairman, Mr. Nguyễn Nam Thiều, acknowledged the project’s challenges but emphasized its significant societal value. He expressed a strong desire to invest in the project under a cost-recovery business model.

Vietnam Railways Corporation aims to focus on infrastructure components, such as signaling equipment and electrical systems, for the high-speed rail project.

THACO views the project as a significant opportunity. Deputy General Director Nguyễn Hoàng Tuệ stated that the company has held numerous meetings and regularly updated relevant authorities with reports, demonstrating their commitment to participating in the project under the investment and business model outlined in the Investment Law.

Regarding financing, investors will contribute 20% of the investment capital, with the remaining 80% sourced through fundraising and loans. THACO plans to establish companies to mobilize investment from domestic and international enterprises. The projected timeline is 5 years for the Hà Nội to Vinh and TP.HCM to Nha Trang sections, and 7 years for the Nha Trang to Vinh section, totaling 7 years for the entire line.

Mr. Nguyễn Hoàng Tuệ emphasized strong commitments to personnel, timelines, quality, and disbursement, ensuring timely handover of project components to the Government. THACO also aims to increase localization, with plans to manufacture train cars and locomotives in Vietnam by 2029. They urge the Government to promptly issue relevant policies and standards for the project.

The interest from multiple investors highlights the North-South High-Speed Railway project’s appeal, confirming that Vingroup’s withdrawal will not disrupt the implementation of this critical infrastructure initiative.