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The Ministry of Finance of Vietnam has submitted to the Government a restructuring plan for Vietnam Railways(VNR) for the 2026–2030 period, with a vision to 2035, oriented toward the establishment of the Vietnam National Railway Group.
According to the Ministry of Finance of Vietnam, the restructuring is not merely an internal requirement of the enterprise but also stems from new mandates assigned by the National Assembly, the Government, and the Prime Minister.
Under resolutions approving the investment policy for the North–South high-speed railway and the Lao Cai–Hanoi–Hai Phong railway line, Vietnam Railways (VNR) has been tasked with receiving, managing, and maintaining railway infrastructure, organizing operations and services, and mobilizing other enterprises to invest in rolling stock and participate in railway industrial development.
In this context, the Ministry of Finance assesses that these missions are urgent and require substantial changes in capital structure, human resources, and organizational model. Transforming VNR into the Vietnam National Railway Group is viewed as a strategic solution to establish a large-scale state-owned enterprise capable of leading the transport–logistics and railway industry sectors, in line with the Politburo’s orientation to develop strong economic conglomerates.
Under the proposal, the Vietnam National Railway Group would be formed by converting the current corporation’s operating model. The parent company would be a wholly state-owned single-member limited liability company, inheriting all legal rights, obligations, and responsibilities of VNR in accordance with existing regulations.
A key highlight of the restructuring plan is the roadmap for establishing specialized subsidiaries and corporations. By the end of 2027, the Vietnam Railway Industry Corporation is expected to be established; by the end of 2029, the Vietnam Railway Electrification One-Member LLC; and by the end of 2031, the Vietnam Railway Infrastructure Corporation.
These entities are expected to serve as technology “absorbers,” gradually localizing and mastering railway technologies — from operations and maintenance to manufacturing and production. The longer-term goal is to build a modern, internationally aligned corporate governance model based on digital platforms, capable of undertaking major railway projects in the future.
Regarding financial resources, the Ministry of Finance stated that it will develop plans to supplement the group’s charter capital in accordance with the law. Notably, VNR is expected to receive additional public assets, including the Da Lat–Trai Mat railway line and several existing stations such as Hai Phong, Thanh Hoa, Vinh, Hue, and Saigon stations. The Da Lat–Trai Mat line alone is estimated to be valued at approximately VND 50 billion. As a result, the group’s projected charter capital is expected to reach nearly VND 32.41 trillion in the 2026–2030 period and more than VND 49.78 trillion in 2031–2035.
Hai Phong News
