VinSpeed of Southeast Asia's richest man Pham Nhat Vuong signs $1.1B deal with German rail giant Siemens Mobility
Rail company VinSpeed has signed a contract worth one billion euros (US$1.15 billion) with German company Siemens Mobility for high-speed locomotives.
Pham Nhat Vuong, Southeast Asia's wealthiest individual, has secured a $1.1 billion agreement with German rail giant Siemens Mobility for VinSpeed to construct and operate two high-speed train lines. The first line will connect Hanoi and Ha Long, spanning 120 kilometers, while the second will run from Ben Thanh in central Ho Chi Minh City to the outlying Can Gio area, stretching 54 kilometers.
This deal follows a previous framework agreement between the two companies, under which Siemens will supply and integrate the trains and key systems, including signaling, communications, and power supply. Siemens Mobility, a leading provider of rail and transportation solutions with over 175 years of experience, will also coordinate technology transfer and maintenance during the trains' operational phase.
Vuong, who established VinSpeed in May, owns 51% of the company, with the remaining shares held by Vietnam Investment Group (35%), Vingroup (10%), and Vuong's sons (1% each). The total investment for the two lines is estimated at VND202 trillion, with commercial operations commencing in 2028.
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