The two enterprises were also urged to finalise documents for submission to the Ministry of Finance and competent sectors for investment policy approval in accordance with the Law on Investment.

Illustrative image.

Earlier, the Politburo had issued Resolution No. 68 on the private sector development, encouraging private firms to engage in the national strategic projects such as high-speed railway, urban railway, and spearhead industries.

VinSpeed has proposed a total investment of over 1.56 quadrillion VND (61.35 billion USD) for the high-speed rail project, excluding compensation and relocation costs for site clearance.

Under their financing structure, VinSpeed will arrange 20% of the total project capital, equivalent to 312.33 trillion VND, while seeking an interest-free state loan for the remaining amount over a 35-year period from the date of disbursement.

It plans to break ground on the project before December 2025 and complete the entire rail line for commercial operation before December 2030.

The firm is negotiating technology transfer agreements with partners from the countries with a leading railway industry including China, Germany, and Japan for the domestic manufacturing of locomotives, carriages, and signalling systems.

Thaco has made a similar proposal with a total investment of over 1.56 quadrillion VND for the project, with the site clearance work to be handled by the State and excluded from the total capital.

Under its financing model, Thaco will contribute 20% of the total investment while mobilising the remaining 80% through domestic and foreign credit institutions with full government guarantee and interest subsidisation over 30 years.

Thaco proposed implementing the project in two phases over seven years, applying electrified rail-on-track technology meeting international standards.

The company plans to collaborate with domestic enterprises in receiving technology transfers from leading global partners in Europe, including Germany and France, and Asia, particularly Japan and the Republic of Korea.

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VinSpeed commits to mobilising 20% of the total capital, equivalent to 12.27 billion USD. For the remaining 80%, excluding costs related to compensation, relocation support, and resettlement for land clearance, the company proposed borrowing from the state budget, through zero-interest loans, repayable over a 35-year period from the disbursement date.

 

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