Vietnam-based Mekolor JSC and USA-based Great USA Incorporation has proposed to fully finance and develop Vietnam’s North–South high-speed railway (HSR), estimated at USD100 billion. The proposal, submitted to the Government of Vietnam, includes a 12-point plan and pledges to complete construction within five years, without seeking public funds or financial guarantees.
The alliance claims strong backing from global financial and tech partners, aiming for a 49-year operational term and a 95% Vietnamese workforce. Mekolor promotes itself as a blockchain-driven firm with a history of controversial legal disputes and regulatory scrutiny, including a $22 billion arbitration claim and a 2024 fine for online misconduct.
This is one of several competing bids. VinSpeed, backed by billionaire Pham Nhat Vuong, has proposed covering 20 percent of the cost with private capital, while THACO’s plan involves a similar structure with 80 percent financing from credit institutions. These developments reflect growing private sector interest in Vietnam’s strategic transport infrastructure.