VinSpeed, a newly formed unit under Vietnam’s largest conglomerate, Vingroup, has submitted a proposal to develop a US$61 billion high-speed railway between Ho Chi Minh City and Hanoi. The initiative is led by Vingroup’s founder and Vietnam’s wealthiest individual, Pham Nhat Vuong.

According to Channel News Asia (CNA), the proposed railway spans 1,545km and aims to reduce travel time between the two cities from 30 hours to just five. Construction is targeted to begin by December 2025, with completion slated for 2030, five years ahead of the Vietnamese government’s previously anticipated timeline.

As reported by VnExpress, VinSpeed has committed to funding 20% of the project (approximately US$12.27 billion) using private capital, while requesting the remaining 80% through interest-free state loans, to be repaid over 35 years. The proposed financial structure excludes land acquisition and resettlement costs, which will be managed separately.

VinSpeed is also engaging with potential partners from China, Germany, and Japan for technology transfer and local manufacturing of trains, signalling equipment, and railway systems. Workforce training and localisation are expected to be key priorities throughout the project lifecycle.

The Vietnamese government is currently reviewing the proposal. If approved, this initiative could mark a significant milestone in Vietnam’s transportation history, while positioning the country as a regional leader in modern rail infrastructure.