Billionaire Phạm Nhật Vượng. — VNA/VNS Photo

HÀ NỘI — Billionaire Phạm Nhật Vượng, chairman of the VinGroup Joint Stock Company (VIC), will contribute an addition of more than 87.5 million Vingroup shares to the VinSpeed High-Speed Rail Investment and Development JSC (VinSpeed), which was established to register to invest in the ​​North-South Expressway project.

According to a recent filing with the State Securities Commission and the Ho Chi Minh Stock Exchange (HoSE), Vượng – chairman and general director of VinSpeed – registered to transfer over 87.5 million VIC shares, or 2.26 per cent of VIC’s charter capital, as a capital contribution to VinSpeed. 

The ownership transfer transaction is expected to be carried out through the Vietnam Securities Depository and Clearing Corporation (VSDC) from June 24 to July 23 this year. After the transaction, Vượng will still hold nearly 450 million VIC shares, accounting for 11.6 per cent of Vingroup's charter capital.

Previously, Vượng transferred more than 48 million VIC shares to VinSpeed.

At the end of the trading session on June 19, VIC shares were priced at VNĐ89,400 (US$3.44) per share. Therefore, the total value of more than 87.5 million VIC shares on June 19 was more than VNĐ7.8 trillion ($300 million).

The ​​North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Việt Nam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.

VinSpeed has pledged to begin construction before December 2025, accelerating the project timeline to bring the entire railway into operation by December 2030. The firm is currently in talks with leading partners from China, Germany and Japan to facilitate technology transfer and the domestic production of locomotives, carriages and signalling systems.

In parallel, VinSpeed plans to implement rapid workforce training to localise technical capabilities and foster Việt Nam’s self-reliance in railway development. — BIZHUB/VNS