In a significant move for infrastructure development, the National Assembly of Vietnam has paved the way for private investment in the ambitious North-South high-speed rail project by approving two new development models: public-private partnerships and fully private funding. This decision, reached during a vote on Friday, grants the government the mandate to select both the investment model and the investors for this extensive initiative. Initially framed as a public sector endeavor, the project garnered renewed interest from the private sector following a recent resolution from the Politburo which emphasized the importance of advancing private enterprise in national development. This shift not only signals a move towards more flexible funding options but also invites major players to join in one of Vietnam’s largest infrastructure projects to date. Two prominent domestic conglomerates have stepped forward with proposals to construct the railway. VinSpeed, led by Vietnam’s wealthiest entrepreneur Pham Nhat Vuong, has committed to covering 20% of the estimated US$61 billion project cost while seeking to borrow the remaining $49 billion from the government. On the other hand, Thaco Group has put forth a similar proposal but intends to secure its financing through loans from both domestic and international financial institutions, with the government serving to guarantee these loans. What’s particularly intriguing is Thaco’s approach to maintaining local control; they plan to create a dedicated subsidiary to oversee the project, ensuring that a significant portion of the funding and management remains within Vietnam. The rail line, stretching an impressive 1,541 kilometers from Hanoi to Ho Chi Minh City and traversing 20 provinces and cities, is designed to facilitate speeds of up to 350 kilometers per hour. It will feature 23 passenger stations and five dedicated freight terminals, transforming travel and cargo transport across the region. The feasibility study for this landmark project is set to commence this year, with ambitious plans for completion by 2035, a timeline that keeps an eye firmly on future connectivity and economic growth.