Siemens Mobility's Velaro Novo trains consume 30 per cent less energy than previous models and offer more than 10 per cent additional passenger capacity. — Photo courtesy of Siemens

HÀ NỘI — VinSpeed High-Speed Rail Investment and Development JSC and Siemens Mobility have signed a turnkey contract worth up to one billion euros (US$1.14 billion) to develop two high-speed rail lines, the companies said on Wednesday.

The agreement covers the Hà Nội-Quảng Ninh and Bến Thành-Cần Giờ lines and builds on a strategic cooperation and technology transfer agreement signed by the two companies in December 2025.

Under the contract, VinSpeed, a member of Vietnamese conglomerate Vingroup, will oversee project development, track construction and civil works, while Siemens Mobility will provide rail technology and technical expertise.

Siemens Mobility will supply 10 Velaro Novo high-speed trains for the two lines, as well as communications and electrification systems, the companies said.

The 121km Hà Nội-Quảng Ninh line will have four stations, while the 54km Bến Thành-Cần Giờ line will have two stations. The work will be carried out in phases.

The deal is part of VinSpeed's efforts to develop its capabilities in high-speed rail and expand modern transport infrastructure in Việt Nam.

VinSpeed CEO Phạm Thiếu Hoa said the contract marked an important step towards developing the company's high-speed rail projects in Việt Nam.

"Combining VinSpeed's project implementation capabilities with Siemens Mobility's advanced rail technology and global experience will provide a foundation for modern, efficient and sustainable operations on the new rail lines," Hòa said.

The partnership will also help lay the groundwork for an integrated high-speed transport system in Việt Nam, he added.

Michael Peter, CEO of Siemens Mobility, said Việt Nam is entering a new era of mobility and that the company is proud to contribute to the country's transformation.

Siemens Mobility's Velaro Novo trains consume 30 per cent less energy than previous models and offer more than 10 per cent additional passenger capacity, Peter said.

The trains will be combined with ETCS Level 2 signalling and advanced electrification systems to provide what he described as a sustainable and efficient transport solution.

The partnership underscores Siemens Mobility's commitment to helping countries modernise their transport infrastructure while supporting economic growth and environmental protection, he said. — VNS