Hanoi (VNA) – As the National Assembly is deliberating the landmark North-South high-speed railway project, domestic enterprises are stepping forward with bold commitments to contribute to the 67.34-billion USD project.
Chairman of Hoa Phat Group Tran Dinh Long told the press that the company, among the world’s top 50 steel producers, stands ready to supply an estimated volume of 6 million tonnes of steel required for the project, particularly high-strength prestressed steel and that for specialised high-speed rail tracks.
He stated that Hoa Phat steel meets international standards as well as the project’s technical demands, emphasising its competitive prices over those of imported products.
The steelmaker produces 8.5 million tonnes of steel annually and is planning to expand its crude production capacity to over 14 million tonnes per year by 2025 after the Dung Quat 2 steel complex project is completed.
The corporation has conducted research on steel rail over the past three years, Long said, expressing his confidence that Hoa Phat is able to manufacture the tracks of the high-speed railway.
Experts held that the 1,730-kilometer railway will generate steady, long-term demand in multiple industries, bringing breakthrough opportunities for the steel sector.
In the meantime, Deo Ca Group, a major infrastructure developer in the country, proposed mechanisms to leverage the existing resources of the enterprises that have involved in the North-South expressway project.
The corporation also suggested prioritising domestic firms with sound management capability and creating opportunities for businesses in the localities along the railway route.
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, the railway project will have direct impacts on 7-8 sectors, comprising construction and supporting industries such as building materials and manufacturing.
Last month, Deputy Minister of Transport Nguyen Danh Huy affirmed the railway will be built based on the state budget with minimal reliance on foreign technology transfer. He also underscored the mandatory use of domestically-produced goods, creating opportunities for local firms to participate in the project with a total construction value worth up to 34 billion USD./.
See more
Positive economic indicators posted in early 2025: Government press conference
Vietnam's socio-economic situation continued to recover in January, with macroeconomic stability maintained, inflation put under control, and major economic balances ensured.
Deputy minister urges swift reform for stock market upgrade
Upgrading can no longer be delayed, Deputy Minister of Finance Nguyen Duc Chi declared, highlighting the urgency of meeting international standards to elevate Vietnam’s market classification.
Vietnam-India trade reaches 15 billion USD in 2024
Vietnam’s exports to India amounted to 9.06 billion USD, up 7.6% year-on-year, while imports from India stood at 5.8 billion USD, down 0.6%.
Apartment prices continue to soar in 2025: MoC
The Ministry of Construction said apartment prices are likely to continue soaring in 2025, following a hike last year.
Banks stimulate credit from the beginning of 2025
Commercial banks have stimulated credit demand right from the start of the year to support economic growth.
Pangasius fetch record price in early 2025
VASEP said the strong price surge in early 2025 was largely due to limited supply.
Vietnam's port firms thrive in 2024
According to the Vietnam Maritime Administration, the total cargo volume through the nation's port system reached approximately 864.4 million tonnes, up 14% year-on-year. Container throughput was estimated at 29.9 million TEUs, reflecting a 21% rise.
THACO targets sales of over 100,000 vehicles in 2025
In 2025, THACO will continue to expand the scale of investment in all six key production and business sectors including automotive, agriculture, mechanical engineering and supporting industries, investment - construction, trade – services, and logistics.
Reference exchange rate continues to rise on February 5
The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,395 VND/USD on February 5, up 35 VND from the previous day.
Petrovietnam Ca Mau Fertiliser JSC exports 100,000 tonnes of urea in first days of new year
Petrovietnam Ca Mau Fertiliser Joint Stock Company (PVCFC) has exported 100,000 tonnes of urea in the first days of the Year of the Snake 2025.
Tet travel boom: Flights soar at major airports
Flight volumes at major airports such as Noi Bai and Tan Son Nhat are expected to continue rising as post-Tet travel demand remains strong.
Toyota’s sales in Vietnam increase by 46% in January
Toyota's hybrid car models recorded impressive growth with 565 units, an increase of 504% compared to the figure in January 2024.
HCM City: Nearly 1 million workers back to work after Tet holiday
Nearly 1 million workers of more than 12,600 businesses with trade trade unions in Ho Chi Minh City have returned to work following the nine-day Lunar New Year (Tet) holiday, reaching 85.33% of their total workforce, according to the municipal Labour Federation.
Over 95% of businesses in Hai Phong IZs resume operations
More than 95% of enterprises at industrial zones in the northern port city of Hai Phong have resumed normal operations.
Robust trade activities at border gates signals strong economic start to 2025
Import-export activities at Lao Bao and La Lay international border gates in the central province of Quang Tri have experienced a sharp rise in the early days of the Lunar New Year, indicating a positive economic outlook for 2025.
PM urges fast-tracking construction of nuclear power plants
Prime Minister Pham Minh Chinh requested the Ninh Thuan nuclear power plants be completed by December 31, 2031 at the latest.
Vietnam earns 51.7 bln USD from exports to EU in 2024
Vietnam shipped nearly 51.7 billion USD to the European Union in 2024, marking an 18.5% increase, equivalent to an additional 8.08 billion USD compared to the previous year.
Flexible tax policy to propel Vietnam’s economic growth in 2025
In a significant move to support businesses during challenging times, the Vietnamese government has extended and enhanced various tax relief programmes for 2025, with reductions and deferral measures aimed at stimulating economic growth.
Vietnam has six billionaires in Forbes’ latest global rich list
Vietnam has six billionaires after chairman of Masan Group Nguyen Dang Quang rejoining the Forbes’ latest list of the world’s richest individuals.
High-tech offshore aquaculture pilot launched in Khanh Hoa
The project's primary goal is to enhance the offshore aquaculture in Khanh Hoa province by improving productivity, adding value to the sector, and raising the income of local fish farmers and other stakeholders.