Lawmakers had previously approved a $67 billion plan for the railway in November 2024, and earlier discussions occurred with China State Construction, China's largest construction firm, about possible involvement. Hanoi, Vietnam's capital, has a population of 8.7 million, while Ho Chi Minh City has a population of 9.9 million.
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The plans were submitted by Vinspeed, a company founded by Vietnamese billionaire Pham Nhat Vuong. They outline a 957-mile line that would, in theory, be delivered five years ahead of the government's earlier timeline.