New opportunities for the railway industry.

Most likely, 2025 will be the last year that Vietnam Railways Corporation operates as a corporation before transitioning to a state-owned economic group, opening up many opportunities for breakthroughs.

An international transport train carrying agricultural products for export, operated by Vietnam Railways Corporation.

Big mission

“Completing and promptly implementing the restructuring plan for Vietnam Railways Corporation for the period 2026-2030, with a vision to 2035, oriented towards a corporate model, is one of the top priorities of the Board of Members and the Executive Board of the Corporation in 2026,” emphasized Mr. Cao Anh Tuan, Deputy Minister of Finance , at the conference to implement the production and business plan of Vietnam Railways Corporation, held last weekend.

According to Deputy Minister Cao Anh Tuan, this project aims not only to streamline the organizational structure but also to transform the Corporation's operating model into a group model, creating a foundation for the railway industry to participate more deeply in investment activities as well as the management, operation, and exploitation of new railway infrastructure projects, especially modern and high-speed lines.

Previously, on December 23, 2025, the Ministry of Finance submitted Proposal No. 965/TTr-BTC to Prime Minister Pham Minh Chinh and Deputy Prime Minister Ho Duc Phoc regarding the restructuring of Vietnam Railways Corporation for the period 2026-2030, with a vision to 2035, according to the group model orientation.

This is the second submission by the Ministry of Finance in just two months regarding the restructuring plan for Vietnam Railways Corporation for the period 2026-2030, with a vision to 2035, oriented towards a corporate model.

Following the directives of Deputy Prime Minister Ho Duc Phoc in Official Letter No. 11425/VPCP-ĐMDN dated November 20, 2025, the Ministry of Finance continued to hold meetings and solicit written opinions from the following ministries: the Ministry of Construction, the Ministry of Justice, the Ministry of Industry and Trade, and the Vietnam Railways Corporation.

According to the draft Decision of the Prime Minister on the restructuring of Vietnam Railways Corporation for the period 2026-2030, with a vision to 2035, following the group model (attached to Submission No. 965), a parent company - Vietnam Railways Group - will be established in the period 2026-2030 under a parent company-subsidiary model. The parent company will be a limited liability company with 100% state-owned capital, converted from Vietnam Railways Corporation.

Along with the establishment of the parent company - Vietnam Railways Corporation, the Government will establish new subsidiaries wholly owned by the parent company, including: Vietnam Railway Industry Corporation and Vietnam Railway Electrification Company Limited.

During the period 2031-2035, it is planned to establish another subsidiary wholly owned by the parent company - Vietnam Railways Group, namely the Vietnam Railway Infrastructure Corporation.

In the event that the State decides to invest in the North-South high-speed railway project through public investment, Vietnam Railways Corporation and its parent company - Vietnam Railways Group (after establishment) will complete the study of the operating unit model for implementation according to the decision of the competent authority.

Regarding the restructuring plan for finance, capital, and assets, the Ministry of Finance proposes implementing a roadmap for new investments in locomotives and carriages to replace those that have reached the end of their service life; developing the railway industry; developing railway infrastructure business; and taking over public assets after the completion of projects as decided by competent authorities, including: the Lao Cai - Hanoi - Hai Phong railway line, the railway industrial complex; and taking over 6 existing railway stations.

In the event that the State decides to invest in a high-speed railway on the North-South axis through public investment, a plan should be studied to supplement the charter capital from the performance of assigned tasks as stipulated.

If the Decree on capital management is issued by the Government, the charter capital of Vietnam Railways Corporation in the period 2026 - 2030 will be VND 32,356 billion, including: current charter capital of VND 3,250 billion; investment capital from projects approved or decided on by competent authorities (VND 7,153 billion) from the state budget; and the value of public assets assigned to the enterprise and included in the State capital portion of the enterprise (VND 21,953 billion).

During the period 2031-2035, the charter capital of Vietnam Railways Corporation is expected to increase to VND 49,733 billion, not including the cost of taking over the high-speed railway line on the North-South axis if this project is implemented with public investment capital.

New development cycle

“Along with closely monitoring the process of submitting the Project for approval by competent authorities, to ensure effective transformation, the Ministry of Finance is closely coordinating with relevant ministries and sectors to develop specific mechanisms and policies for the railway industry, focusing on finalizing decrees on specific financial mechanisms, improving governance capacity and the efficiency of using state assets in enterprises,” Deputy Minister Cao Anh Tuan said.

Sharing this view, Mr. Nguyen Danh Huy, Deputy Minister of Construction, stated that the Vietnam Railway Corporation in particular and the Vietnamese railway industry in general are facing great opportunities with a series of large-scale railway infrastructure projects, including trans-Vietnam projects and those connecting international routes, being invested in.

According to Mr. Nguyen Danh Huy, if the project is approved by the competent authorities, Vietnam Railways Corporation will undergo a fundamental change in its position and strength, becoming fully capable of investing heavily in fleet modernization and building a foundation for a modern railway industry.

"However, to achieve this goal, in addition to its own efforts, Vietnam Railways Corporation needs to continue receiving attention and support from state management agencies regarding capital, as well as preferential policies on taxes and land, in order to create a sufficiently strong leverage for the unit to accelerate and break through," Deputy Minister Nguyen Danh Huy emphasized.

Furthermore, the transfer of Vietnam Railways Corporation to the direct control of the Ministry of Finance, including state management and Party affairs, is not simply a change in management authority, but aims to create conditions for the enterprise to access budget resources in a more proactive, systematic, and long-term manner.

"From that financial foundation, Vietnam Railways Corporation will be able to gradually develop the railway mechanical industry, acquire and master technology, and prepare the capacity to participate in investment projects worth tens of billions of USD in the future," the Deputy Minister of Construction said.

According to Mr. Hoang Gia Khanh, General Director of Vietnam Railways Corporation, in 2026, the corporation will simultaneously carry out two strategic tasks: managing, exploiting, and operating the existing railway system safely and efficiently; and preparing to receive, manage, operate, exploit, and maintain new railway lines assigned by the State.

The first task is to manage, exploit, and operate the existing railway line, ensuring safety and efficiency, and achieving double-digit growth targets. The key solution is to continue promoting the application of science and technology and extensive digital transformation in accordance with Resolution No. 57 of the Politburo; to continue streamlining the organizational structure according to Resolution No. 18 of the Central Committee; and to strictly and effectively implement Directive No. 22 of the Prime Minister on ensuring order and safety in railway traffic.

The second task is to implement new railway projects, focusing on the restructuring plan of Vietnam Railways Corporation for the period 2026-2030, with a vision to 2035, following the group model after approval by the Prime Minister; and simultaneously implementing the project to build a railway industrial complex with a total investment of over 10,000 billion VND in Ngoc Hoi area, Hanoi, ensuring timely progress and investment efficiency.

The goal of these two strategic tasks is to transform Vietnam Railways Corporation into a strong economic group in the railway sector, through the formation of a synchronized ecosystem encompassing transportation, infrastructure management, railway industry, training, and technology transfer.

In this context, the Railway Industrial Complex construction project is identified as a crucial foundation for gradually mastering technology and reducing dependence on imports in the long term.

"If 2025 is considered the 'foundation' phase, then 2026 is the year of 'getting into gear' of a new development cycle, with the determination to bring railways back to their pivotal role in the national transportation system, aiming for a modern, sustainable transport sector that is more deeply integrated with the region and the world," Mr. Hoang Gia Khanh emphasized.

Source: https://baodautu.vn/van-hoi-moi-cho-nganh-duong-sat-d481656.html