If the project is approved this quarter construction would begin immediately and be completed by the last quarter of 2027 for testing and commercial launch by the first quarter of 2028, VinSpeed said in a recent filing with the government.

A highspeed train in Germany.

The 120-kilometer line will start at the National Exhibition and Convention Center in Hanoi, pass through Bac Ninh Province and Hai Phong City and end at Tuan Chau Ward in Ha Long.

It will have a maximum speed of 350 kilometers per hour. In the early years of operation VinSpeed expects to run a train every 60 minutes, and every 30 minutes from 2030.

The project has been added to the government’s nationwide rail network planning for the period until 2030, but a developer has not been selected.

Another key project the company plans is the high-speed line between Hanoi and HCMC spanning 1,541 kilometers.

It has applied to build the railroad at a cost of $61.35 billion, equivalent to 13% of Vietnam's GDP.

VinSpeed, founded by Vietnam’s richest man Pham Nhat Vuong in May, operates in railroad construction and rolling stock manufacturing.

Vuong owns 51% of the company and the rest is owned mostly by Vuong-controlled Vietnam Investment Group (35%) and his flagship company Vingroup (10%).

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