Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed
Billionaire Pham Nhat Vuong has registered to transfer more than 48 million Vingroup (VIC) shares to the newly-established VinSpeed that registered to build the North-South high-speed railway project.
Vuong currently holds over 656 million shares of Vingroup, equivalent to 16.92% of the conglomerate's charter capital.
VinSpeed High-Speed Rail Investment and Development JSC is a subsidiary of Vingroup. Billionaire Pham Nhat Vuong is Vingroup's chairman cum chairman and CEO of Vinspeed.
This transfer, representing approximately 1.24% of Vingroup’s charter capital, will be executed through the Vietnam Securities Depository and Clearing Corporation (VSDC) between June 5 and July 4 this year.
Billionaire Pham Nhat Vuong. Photo courtesy of the government's news portal.
Previously, on May 15, VinSpeed announced its registration to invest in Vietnam’s North-South high-speed railway project.
The behemonth project will have an estimated investment of VND1,562 trillion ($60.24 billion), excluding costs related to compensation, relocation support, and resettlement for land clearance. It is scheduled for completion by 2030.
VinSpeed commits to mobilizing 20% of the total investment capital, equivalent to $12.27 billion. For the remaining 80%, excluding costs related to compensation, relocation support, and resettlement for land clearance, the company proposed borrowing from the state budget, through zero-interest loans, repayable over a 35-year period from the disbursement date.
Compared to the investment plan approved under Resolution No. 172/2024/QH15, VinSpeed’s proposal would substantially reduce fiscal pressure on the national budget. This model gains further relevance considering the global trend of high-speed rail projects struggling with cost recovery and sustained profitability.
VinSpeed has pledged to begin construction before December 2025, accelerating the project timeline to bring the entire railway into operation by December 2030.
The firm is currently in talks with leading partners from China, Germany, and Japan to facilitate technology transfer and the domestic production of locomotives, carriages, and signaling systems.
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