South Korea is willing to facilitate the trans-Vietnam high-speed railway project by sharing relevant expertise and experience, said Korea National Railway chairman Lee Seong-hae.
At a Tuesday meeting with Tran Thien Canh, head of the railway authority under Vietnam’s Ministry of Transport, the South Korean executive sought support from the Vietnamese side to enable Korean businesses enter Vietnam’s high-speed railway sector.
During the visit, the Vietnamese delegation learned about South Korea’s high-speed railway technology, transit-oriented development (TOD) model for railway stations, and metropolitan express railway and underground railway project.
Vietnam has no cross-country high-speed railway infrastructure. A mega project is under consideration by the Party Politburo, the country's highest decision-making body. In November 2023, the Ministry of Transport introduced three plans for the project with the trains running at maximum speeds of 200 to 350 km/h for passenger transportation. Estimated cost ranged from $67.3 billion to $72 billion.
Last week, Minister of Finance Ho Duc Phoc said Vietnam planned to mobilize foreign capital to pay for 30% of the planned North-South high-speed railway project and the remaining from domestic sources.
Vietnam’s target is to kick off construction in 2027, finish the first phase of 800 kilometers by 2030, and complete the whole project by 2040, Phoc said.