The North-South high-speed railway project is opening a new chapter for Vietnamese enterprises. This is not only an opportunity for growth, but also a challenge in terms of capacity, technology and strategic cooperation thinking. If passing this “test”, Vietnamese enterprises will grow up a big step, not only at home, but also be competitive in the global value chain.
In early May 2025, VinSpeed Investment Joint Stock Company - a company established by Vingroup Corporation - became the first enterprise to propose investing in the entire North-South high-speed railway. With a total capital commitment of about 1.5 - 1.6 million billion VND; of which 20% is counterpart capital, VinSpeed proposed that the State lend the remaining amount at 0% interest rate within 35 years, excluding site clearance costs.
Not only investing in infrastructure, VinSpeed aims to build a comprehensive value chain for high-speed railways: producing trains, signaling equipment, developing urban areas with stations according to the TOD model - taking advantage of real estate strengths from the Vingroup ecosystem. TOD (Transit Oriented Development) is an urban development model oriented towards public transport, in which residential, commercial and service areas are planned around major transit points such as railway stations.
New regulations in the amended Law such as exemption from import tax on equipment, exemption from procedures for establishing TOD investment policies, and decentralization of land planning all help VinSpeed have the opportunity to realize this strategy in a synchronous manner.
Right after VinSpeed, Truong Hai Group (Thaco) also proposed to invest in the entire route under PPP, with a similar level of commitment. The difference is that Thaco has set the goal of comprehensive localization of high-speed railway equipment: from locomotives, carriages, depot systems, maintenance to infrastructure mechanics. With a foundation of automobile manufacturing and engineering mechanics in Chu Lai Open Economic Zone ( Quang Nam ), Thaco hopes to build an internationally competitive domestic railway industry.
The tax incentives, import tax exemptions and project division into components in the amended Law help Thaco to conveniently implement each phase in accordance with its capacity. At the same time, promoting technology transfer from developed countries is a strategic support for Thaco in the process of deep participation.
Although not directly investing or operating the line, Hoa Phat Group plays an indispensable role in the supply chain of basic materials. On May 29, 2025, Hoa Phat signed a contract with SMS Group (Germany) to deploy the first high-speed rail steel production line in Southeast Asia, with a capacity of 700,000 tons/year, at the Hoa Phat Dung Quat Iron and Steel Production Complex (Quang Ngai). The product is designed to meet technical standards for trains running at 200-350 km/h, suitable for the North-South high-speed railway.
The revised Railway Law also imposes import barriers on domestically produced products that meet standards, indirectly creating a “shield” for domestic rail steel like Hoa Phat’s. At the same time, the new policy also creates conditions for businesses to access raw materials and dumping sites - significantly reducing input costs for metallurgy.
Mr. Tran Dinh Long - Chairman of the Board of Directors of Hoa Phat Group affirmed that Hoa Phat is ready to supply all steel output for key railway projects, with an estimated total volume of 10 million tons and prices more competitive than imported goods. After Dung Quat 2 comes into operation, Hoa Phat's total crude steel capacity can reach 15 million tons/year.
Many domestic construction and infrastructure enterprises are actively preparing to approach the North-South high-speed railway project. Deo Ca Group Joint Stock Company (stock code: HHV), with experience in constructing large-scale tunnel projects, has announced its readiness to participate. Fecon Joint Stock Company (stock code: FCN) has identified high-speed railway as a strategic priority until 2030 and is preparing human resources and technology to participate in the project's components. Lizen Joint Stock Company (stock code: LCG) affirms that it can meet the majority of the construction structure and is cooperating with units to seize the opportunity. In addition, Vietnam Construction and Import-Export Joint Stock Corporation (stock code: VCG) is also planning to participate in the project according to its own capacity and strengths.
With a total investment of more than VND1,713 trillion, the North-South high-speed railway project is not only a big "boost" in infrastructure, but also an important "test" of the real capacity of Vietnamese enterprises. Unlike previous large projects, this time the Government puts enterprises in a central role - from supplying materials, equipment, construction to operation and maintenance. The Government also requires the completion of contractor selection and contract signing before December 31, 2026 - demonstrating the determination to start construction early on the 1,541 km long route passing through 20 provinces and cities and playing a vital role in both socio-economic development and national defense and security.
On June 16, at the 9th Session of the 15th National Assembly, the Government submitted the Draft Law on Railways (amended). The draft law represents a major step forward in institutionalization, when it codifies 23 specific mechanisms and policies - especially focusing on financial incentives and reforming investment procedures, creating a clear legal corridor for businesses. The North-South high-speed railway is identified as a priority subject for these mechanisms; including exemption from import tax on equipment not yet produced domestically, corporate income tax incentives, preferential credit, strong decentralization to localities and allowing the division of projects into sub-projects - expanding access opportunities according to the actual capacity of businesses.
Not only that, a part of the law is expected to take effect from July 1, 2025, instead of waiting until 2026, creating a timely legal premise for projects in preparation, especially the North-South high-speed railway.
Source: https://doanhnghiepvn.vn/tin-tuc/du-an-duong-sat-toc-do-cao-bac-nam-bai-kiem-tra-voi-doanh-nghiep-viet/20250710082239892
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