Held at the Government Office, the session welcomed Deputy Prime Minister Tran Hong Ha, Minister of Construction Tran Hong Minh, Governor of the State Bank of Vietnam Nguyen Thi Hong, Minister of Justice Nguyen Hai Ninh, along with leaders from the Ministries of Finance, Science and Technology, and representatives of several major enterprises. These included Vietnam 3000 LLC, Discovery Group JSC, Vietnam Railways Corporation, Truong Hai Group, and Vinspeed High-Speed Railway Investment and Development JSC.

The consultation aimed not just to hear investment ideas and solutions directly from businesses, but also to gauge their seriousness and capabilities. Officials stressed that the public deserves clarity about which firms are truly equipped to deliver and which make unfounded claims.

In his opening remarks, Deputy PM Nguyen Hoa Binh noted that the Politburo and National Assembly had already issued directives and resolutions on the project. He outlined three potential investment models: public investment, public-private partnership (PPP), and fully private funding. The challenge is selecting the most beneficial path for Vietnam.

The Ministry of Construction reported that despite numerous submissions, many were vague, with insufficient financial documentation and missing contact details.

Deputy PM Binh reaffirmed the government's stance on impartiality, transparency, and openness in evaluating proposals. He also praised companies demonstrating sincere interest in contributing to national development.

“This is a serious and constructive meeting,” he said. “Its purpose is to listen to the visions, proposals, and commitments of enterprises, and to clarify mutual concerns. Ultimately, our national interest must be paramount. The people expect this railway - one that delivers on the goals set and serves Vietnam’s development.”

During the session, each enterprise presented their investment concepts, financial plans, technologies, and proposed models.

Nguyen Nam Thieu, Chairman of Discovery Group, admitted the project's scale was immense but expressed interest in a revenue-recovery business model. However, when asked about staffing and capital, he revealed the group only had 70 employees and capital of 2,000–3,000 billion VND (about $80–120 million) - a mere 0.2% of the estimated $67 billion needed.

Vietnam 3000 LLC proposed a PPP approach but was unable to clarify its financial capacity, or how much it could contribute or raise. The Ministry of Construction deemed its proposal vague, and the State Bank urged it to disclose specific financial sources rather than broad claims about bringing "100% of funding to Vietnam."

Vietnam Railways Corporation expressed interest in supplying infrastructure, particularly signal systems and power networks.

Nguyen Hoang Tue, CEO of Truong Hai Group, stated that his company is ready to contribute 20% of capital, with the remaining 80% sourced through loans or partner contributions. The group proposed forming new firms to mobilize domestic and international investors.

He emphasized their commitment to project quality, timely disbursement, localization of technology, and eventual domestic production of train carriages and engines by 2039. Initial construction phases could begin from Hanoi to Vinh and from Ho Chi Minh City to Nha Trang, expected to take five years; the remaining section from Nha Trang to Vinh would take another seven.

Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, proposed a business investment model through its subsidiary Vinspeed. The estimated investment is over $61 billion (excluding land clearance costs), with a 5-year construction timeline after site handover.

Vinspeed committed to borrowing 80% of the capital and repaying over 30 years. The company pledged strict compliance with legal regulations, no subcontracting, no transfer of the project, and full technological investment with increased localization. It also vowed to build domestic expertise and prepare for full-scale operations upon completion.

Quang argued that if Vinspeed invests directly, the government would only need to loan 80% instead of covering the full cost. It would also recoup the loan in 30 years - far quicker than a 140-year public investment recovery. He emphasized that early operation would catalyze national economic growth and social development.

Deputy PM Binh noted that only five of the six invited firms attended. One - Mekolor and Great (USA) - could not be located despite prior registration and once claiming it would raise $100 billion.

“Some firms came prepared, with detailed reports and serious attitudes,” Binh remarked. “Others lacked clarity, or had glaring capability gaps - like having only 70 staff and $120 million in capital for a $67 billion project.”

He reiterated that the meeting was not to select investors but to gather information. He tasked the Ministry of Construction with leading the creation of a report proposing the most viable investment model and regulatory framework for government consideration.

VGP