Vingroup sent a document to the Ho Chi Minh City People's Committee: The railway to Can Gio will be built with private capital.

This railway project will shorten travel time between the center of Ho Chi Minh City (District 7) and Can Gio - Photo: CHAU TUAN

Vingroup Corporation has just sent a document to the Ho Chi Minh City People's Committee regarding research on investment in a railway project connecting the center to Can Gio.

In this document, Vingroup Corporation said that it has cooperated with Vietnamese organizations and individuals, including the Chairman of the Board of Directors of Vingroup Corporation, to establish VinSpeed ​​High-Speed ​​Railway Investment and Development Joint Stock Company.

According to Vingroup, the establishment of VinSpeed ​​Company is to centrally deploy and effectively invest in projects, with the desire to participate in the investment process to develop the national railway system, contributing to the development of the country's transport infrastructure and in the spirit of Resolution No. 68 of the Politburo on private economic development.

Including policies on expanding private enterprise participation in important national projects such as high-speed railway projects, urban railway projects...

VinSpeed ​​Company is responsible for investing in the construction, business (operation, exploitation) of high-speed railway projects, manufacturing railway vehicles (locomotives, carriages) and signal and control systems...

VinSpeed ​​Company, part of the Vingroup ecosystem, will be an investor, responsible for participating in the investment and development of railway projects proposed by the group, including the railway project connecting the center to Can Gio.

Based on studying legal regulations, considering related factors and to speed up the progress of investment procedures, Vingroup Corporation proposes to invest in the project in the form of direct investment according to the provisions of the Investment Law, using private capital arranged by VinSpeed ​​Company, without using state capital.

Vingroup Corporation hopes that the City People's Committee will consider, approve and direct relevant units to support, guide and coordinate the implementation of related work to soon complete the investment and construction of the project.

The railway connecting the city center to Can Gio is about 48.7km long. After receiving the proposal, in early May 2025, the City People's Committee issued a document approving Vingroup Corporation to study and prepare a project proposal under the public-private partnership (PPP) method.

Accordingly, Vingroup is responsible for balancing its own budget to research and prepare project proposals, without using the city budget. In case the project proposal is not approved, the investor will bear all risks and expenses incurred.

The City requests Vingroup to study and prepare a project proposal document ensuring the requirements, quality, content, and components are in accordance with regulations. At the same time, complete the project proposal document and submit it to the competent authority within 12 months from the date of issuance of this document.

In case the project proposal is not approved by the competent authority, or is not completed within 12 months, this document will be invalid. Vingroup Corporation shall bear all risks and expenses incurred.

According to the City People's Committee, the approval of research and preparation of proposal documents does not require the appointment of Vingroup Corporation as the investor to implement the project.

After completing the procedures on investment policy, project announcement and approved feasibility study report, the city will organize a bidding to select an investor in accordance with current legal regulations.

DUC PHU

Source: https://tuoitre.vn/vingroup-gui-van-ban-cho-ubnd-tp-hcm-duong-sat-di-can-gio-se-lam-bang-nguon-von-tu-nhan-20250515160231824.htm