Decree No. 319/2025/ND-CP has just been issued to promote technology development and technology transfer for key railway projects in Vietnam. This decree opens up opportunities for major enterprises such as Hoa Phat, Vingroup, Thaco, and GELEX to participate in a USD 100 billion market. It requires companies to meet stringent criteria regarding physical capabilities, financial resources, and human resources with high expertise. The railway sector is projected to need USD 58-64 billion for the North-South system over the next 20 years, along with urban railway needs, pushing the industry’s total value to over USD 100 billion. Hoa Phat is preparing a project to produce steel rails for railways with an investment of VND 10 trillion. Vingroup and Thaco excel in technology and mechanical manufacturing, while GELEX is seeking to develop wires for high-speed rail. The government aims to elevate Vietnam’s railway industry, reduce dependence on imports, create jobs, and enhance the endogenous capacity of its manufacturing industry.
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