Several major Vietnamese companies, including Vingroup subsidiary VinSpeed and automaker Thaco, are vying for a role in Vietnam’s gigantic North-South high-speed railway project.

At a meeting on Thursday with standing Deputy Prime Minister Nguyen Hoa Binh and other government senior officials, representatives from both groups presented investment proposals, financial models, and technology options for the multi-billion-dollar project.

Government leaders meet with representatives of businesses wishing to invest in the North-South high-speed railway project. Photo courtsy of the government's news portal.

Thaco, represented by deputy CEO Nguyen Hoang Tue, said the corporation aims to invest under Vietnam’s Investment Law framework and proposed contributing 20% of project capital, with the remainder mobilized from domestic and foreign investors or lenders.

The company outlined plans to complete the Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections within five years, and the Nha Trang-Vinh segment over seven years.

Thaco also urged the government to finalize a policy and technical-standards framework to enable private-sector participation. Nha Trang and Vinh are part of the central provinces of Khanh Hoa and Nghe An, respectively.

Vingroup (HoSE: VIC) subsidiary VinSpeed, represented by Vingroup CEO Nguyen Viet Quang, proposed completing construction within five years after receiving cleared land.

Based on its estimate that the full line could cost over $61.35 billion, the company suggested borrowing 80% of the investment capital and repaying the loans over 30 years.

Vinspeed pledged to meet all regulatory and lending requirements, avoid cost overruns, and assume certain business risks, while investing in technology development and workforce training to localize expertise over time.

The government has not yet announced a shortlist of investors and continues to study private-sector participation for the high-speed line. Deputy Prime Minister Binh stressed that the evaluation process must be fair, transparent, open, and completely aboveboard. He welcomed the goodwill of businesses eager to contribute to the country’s development.

The North–South high-speed railway project is considered a national flagship initiative, marked by an unprecedented scale of investment and technical requirements in Vietnam. The estimated total investment stands at $67.34 billion, with construction alone accounting for roughly $33.5 billion.

The 1,541-kilometer line will run from Ngoc Hoi station in Hanoi to Thu Thiem station in Ho Chi Minh City, traversing 20 cities and provinces.

The project will feature a newly built dual-gauge track (1,435 mm), designed for speeds of up to 350 km/h and axle loads of 22.5 tons. It will include 23 passenger stations and five cargo terminals, serving both passenger transport and freight needs when necessary, while also contributing to national defence and security.