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The Government Office has just issued Notice No. 230/TB - VPCP announcing the conclusion of Deputy Prime Minister Tran Hong Ha at the meeting on the investment proposal of the North-South high-speed railway project of Vinspeed High-speed Railway Investment and Development Joint Stock Company on May 12.
According to the Deputy Prime Minister, the Politburo issued Resolution No. 68-NQ/TW dated May 4, 2025 on private economic development, which advocates expanding the participation of private enterprises in important national projects; encouraging the private economic sector to participate with the state in strategic areas and important national projects (such as high-speed railways, urban railways, key industries, etc.).
Therefore, at the meeting, the initial opinions of the ministries and agencies were basically in support of and welcomed the proposal of Vinspeed Company to invest in the high-speed railway project on the North-South axis.
However, the proposal to change the investment form and the proposal to apply some specific and special policy mechanisms to implement the Project must be reported to the competent authority and is under the authority of the National Assembly .
Regarding the draft Resolution on piloting a number of specific and special mechanisms and policies for investment in developing the railway system, the Deputy Prime Minister assigned the Ministry of Construction, according to its functions and tasks, to preside over and carefully review the proposals of investors, absorb the opinions of the Standing Committee of the Government Party Committee, and comments from ministries and branches to complete the draft Resolution on the principle of including generally applicable policies in the draft Resolution; report to competent authorities and submit to the National Assembly before May 20, 2025.
Regarding the specific proposal of the North-South high-speed railway project, the Deputy Prime Minister assigned the Ministry of Construction to preside over the synthesis based on the proposals and comments of the Ministries and agencies: Finance, Agriculture and Environment, Justice, State Bank of Vietnam; report to the Government Standing Committee, the Government Party Committee Standing Committee for consideration before submitting to competent authorities for consideration of the policy of converting investment forms, policy mechanisms, and specific characteristics applied specifically to implement the Project.
In particular, the Ministry of Finance is assigned to thoroughly evaluate the contents within its functions and tasks, including: assessing the feasibility of converting the form from public investment to direct investment; assessing the feasibility and ability to balance state capital sources to lend to enterprises according to the investor's proposal; specific and special policy mechanisms for the project (the state lending to private enterprises without interest with a loan term of 35 years; the project's operating time is 99 years; the minimum ticket price for each class and the enjoyment of other investment incentives prescribed by law...).
The State Bank of Vietnam is responsible for reviewing, evaluating and providing comments on the policy of the total outstanding loan balance of the project not being included in the total outstanding loans of VinGroup Corporation according to the provisions of the Law on Credit Institutions as advised by the Ministry of Finance.
The Ministries of Agriculture and Environment, Justice, Public Security, National Defense, Industry and Trade, Science and Technology, according to their functions and duties, review, comment and assess the impact on the policy mechanisms proposed by Vinspeed Company.
Regarding the implementation progress, the Deputy Prime Minister assigned ministries and agencies to promptly give opinions and propose contents according to their functions and tasks, and send documents to the Ministry of Construction before May 19, 2025. The Ministry of Construction will synthesize and report to the Standing Committee of the Party Committee of the Ministry of Construction, submit to the Standing Committee of the Government Party Committee before May 22, 2025; report to competent authorities and the National Assembly at the 9th session of the 15th National Assembly (when permitted by competent authorities).
The Deputy Prime Minister assigned Vinspeed Company to take the lead and coordinate with the Ministry of Construction and the Ministry of Finance to complete the investment plan dossier, make a comparison between the two investment plans between the state and the private sector, clarifying the feasibility, completion progress, investment efficiency, etc., thereby proving the advantages of private investment: faster, cheaper, more effective.
Vinspeed works with ministries and agencies: Construction, Finance, Agriculture and Environment, Justice, Industry and Trade, Science and Technology, State Bank of Vietnam to clarify and perfect specific policy mechanisms, especially to submit reports to competent authorities for consideration and decision.
Vinspeed is responsible for properly implementing the commitment on the proposed contents; researching and planning to build a railway industrial system, playing a leading role in developing the railway industrial chain in case of decision by competent authorities.
On May 14, 2025, VinSpeed, chaired by billionaire Pham Nhat Vuong, officially registered to invest in the North-South high-speed railway project.
The project has an investment capital of about 1,562,000 billion VND (equivalent to about 61.35 billion USD), excluding compensation costs, relocation support, and resettlement for site clearance.
Of which, VinSpeed is responsible for arranging 20% of the total investment capital of the project, equivalent to 312.33 trillion VND (about 12.27 billion USD). For the remaining 80% (excluding compensation costs, relocation support, and resettlement for site clearance), VinSpeed proposes to borrow State capital without interest within 35 years from the date of disbursement.
VinSpeed hopes to make every effort to start the project before December 2025, speed up construction progress, and put the entire route into operation before December 2030.
Source: https://baodautu.vn/dien-bien-moi-lien-quan-toi-de-xuat-lam-duong-sat-toc-do-cao-xuyen-viet-cua-vinspeed-d283941.html
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