Vingroup has withdrawn from its proposal to invest in Vietnam’s North–South high-speed railway project, citing the need to concentrate financial and managerial resources on other major infrastructure, industrial, and energy developments already under implementation.
The group confirmed on December 25 that the decision was taken proactively to ensure the effective delivery of ongoing projects. These include the planned Olympic Sports urban area in Hanoi covering more than 9,000 hectares with the 135,000-seat Trong Dong Stadium, as well as several large-scale ventures such as the VinMetal 2 steel plant, wind power projects in Ha Tinh province, the Hai Phong LNG thermal power plant, and the Can Gio coastal reclamation megacity.
Vingroup’s original high-speed rail proposal was submitted in May 2025 through its subsidiary VinSpeed. Under the plan, VinSpeed proposed to contribute 20 percent of the project’s capital, with the remaining 80 percent financed through a zero-interest state loan over a 35-year term. VinSpeed has continued to pursue other rail-related investments, including the Ho Chi Minh City–Can Gio line and the Hanoi–Ha Long line, and recently signed a strategic technology transfer agreement with Siemens Mobility for the use of its Velaro Novo high-speed train platform.
The withdrawal triggered a sharp reaction in the stock market, with Vingroup-related shares—VIC, VHM, and VRE—falling to their daily limits following the announcement. Despite Vingroup’s exit, the North–South high-speed railway remains a priority national project, with interest also expressed by companies such as THACO and Vietnam Railways, while Hoa Phat has begun developing steel capacity intended to supply rail infrastructure.
Vietnam’s National Assembly has approved private sector participation in the project, which has a preliminary investment value of around VND1.7 quadrillion (approximately USD68 billion). The 1,541 km line will run from Ngoc Hoi Station in Hanoi to Thu Thiem Station in Ho Chi Minh City, passing through 20 provinces and cities. The government aims to begin construction in December 2026 and complete the project by 2035, with authorities continuing to evaluate the most suitable and transparent investment model.