Responding to VTC News, Mr. Vo Xuan Truong, Chairman of the Mekolor and Great USA investment alliance, said that the joint venture was established 3 months ago, determined with the North-South high-speed railway project. The large capital, up to 100 billion USD as proposed, Mr. Truong said the joint venture had previously mobilized from investment funds, financial institutions, and large banks in the world .
Public opinion is skeptical, businesses say they are capable
According to the proposal document for the North-South high-speed railway project of the Mekolor (Vietnam) and Great USA Inc. (USA) alliance, which the joint venture said it had sent to Prime Minister Pham Minh Chinh and Deputy Prime Minister Tran Hong Ha, the investment project will be in the form of private investment.
Mr. Vo Xuan Truong, Chairman of Mekolor and Great USD investment alliance. (Photo: NVCC)
The entire capital is arranged and demonstrated by this alliance through available resources from funds in the Mekolor Capital and Great Core Fund ecosystems. Of which, 67 billion USD is for building high-speed railway infrastructure; 10–20 billion USD is for site clearance and resettlement; 13 billion USD is reserved for operating and upgrading the system after the project comes into operation.
The Alliance commits to not need counterpart funds from the budget, not request government guarantees, nor demand special financial incentives.
When the project is operational, there will be 6 months free for people to experience and Mr. Truong said that is the marketing cost.
Mr. Truong said: "We have carefully researched and analyzed the feasibility many years ago and saw the investment opportunity. We are confident in our ability to participate in the investment."
In response to doubts that his business has no experience in implementing infrastructure and construction because this is a very large, key project, the business owner said it is necessary to distinguish between investors and construction contractors.
Specifically, he is an investor, who will calculate the feasibility of the project. Here is the story of investment, operation, and exploitation when compared and competing with other means of transport such as aviation, traditional railways, and passenger cars. As for construction, that is the technique, belonging to the construction unit.
"We explain these issues clearly and specifically before submitting proposals to the Prime Minister, along with financial proof. We do not make empty promises, but have preliminary reports assessing investment progress, operation, and capital recovery. Everything is based on data and has feasibility reports for each item and project we propose, " he added.
The small alley leads to the office of Mekolor Joint Stock Company, a joint venture between Mekolor and Great USD that has just proposed investing 100 billion USD in the North-South high-speed railway. (Photo: HX)
He also said that many people are wondering how to invest and do business in joint ventures, and how real estate projects along the route will develop. But he is not concerned with that issue: " I am a doctor of economics, calculating economic development from a macro perspective. Many people comment online but do not understand the calculations of an economist, in economic problems, there is not only 1+1=2?".
10-15 years payback?
Regarding project exploitation, Mr. Truong is confident that the 100 billion USD investment in the North-South high-speed railway of which he is Chairman can be recovered within 10-15 years from the time the project goes into operation.
He gave a calculation: 100 million people currently travel by many different means. If there is a high-speed railway with a travel cost of 1.1-1.2 million VND/tael, which is half the price of an air ticket, then a rough calculation shows that at least 60 million people will travel by this high-speed railway every year, generating an annual revenue of about 3-3.5 billion VND.
In addition, along the route, according to the proposal, there will be about 20 rest stops in the provinces and cities. At these stops, brand chains will be built, enough to create a large revenue-increasing effect. He affirmed that with such a large number of customers, no commercial channel can bring stronger profits and values. And if favorable, 100 billion USD can be recovered within 10-15 years from the time the project goes into operation.
"As the joint venture proposed to exploit for 49 years, after 30-35 years it can make a profit. If there is a risk, the capital recovery period will only last 20-25 years. I guarantee it," he affirmed.
However, when asked about the partners participating in the joint venture, he said that they had to "keep the investment secret". He only revealed that the partners participating in the joint venture were large financial corporations, very strict, and had a sharp assessment of the project they invested in. He committed that from the beginning the project would be subject to an independent audit. In addition, the reason for choosing the American partner was because he wanted to list the project on the New York Stock Exchange.
The office of Mekolor Joint Stock Company in Can Tho, chaired and directed by Mr. Vo Xuan Truong, is located in a small alley on Ly Tu Trong Street, An Cu Ward, Ninh Kieu District. (Photo: H. X)
When asked about the scale of the business with 4 employees and a charter capital of 1 billion VND, whether it makes his business inferior to the partners participating in the joint venture, as well as makes partners and management agencies lack confidence, Mr. Truong said that he himself does not feel any concern. He registered the capital to establish the business based on his actual capital.
The capital to prepare for the high-speed railway project comes from the joint venture, mobilized from financial institutions in the form of issuing convertible preferred shares. As for the management agencies, he said they have provided financial proof.
"If anyone doesn't believe it, please ask the Government Office, where you submitted your documents and proof of financial capacity, to provide it. I have no duty to provide it because I have to keep it confidential with my partners, and I also have no responsibility to provide it," he said.
When asked about the current business operations, he said the company is still doing well, is implementing the technology sector well and has companies in the ecosystem developing together. The office is in Can Tho, but he lives in Ho Chi Minh City.
He said that he was not surprised by some press agencies reporting that “a company in an alley with a charter capital of 1 billion USD proposed to raise 100 billion USD”. The joint venture is not asking for money but is disbursing and investing.
He said that 100 billion USD is not a number on paper. It is the result of a cross-border, post-bank financial structure that has been established over many years, has legal documents, financial confirmation, and was officially submitted to the Prime Minister and Deputy Prime Minister on June 3, 2025.
"For those who use charter capital as the sole basis for doubt, we would like to say it frankly: If you have never designed a cross-border financial structure, please do not use charter capital to evaluate a global capital system. We have never shown off account balances. We only disclose the operating mechanism of real capital - real guarantees - real partners - and real risks being managed.
If you cannot distinguish legal capital from the global credit structure, then you are in no position to comment on this proposal," Mr. Truong continued to affirm.
Source: https://vtcnews.vn/bi-nghi-ngo-lien-doanh-chi-100-ty-usd-lam-duong-sat-cao-toc-bac-nam-noi-gi-ar948318.html
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