Pham Nhat Vuong, Vingroup’s founder and Vietnam’s first dollar billionaire, signed the May 6, 2025, document, which reports showed was addressed directly to Prime Minister Pham Minh Chinh and Deputy Prime Minister Tran Hong Ha. In it, VinSpeed, a newly formed Vingroup subsidiary, asked to be the sole investor and operator of the $61 billion railway project.
onsdag 28. mai 2025
Vingroup tests the line of Vietnam’s new capitalism
On May 11, 2025, Vietnamese media widely reported that Vingroup, one of the nation’s most powerful private conglomerates, offered to take full control of the North–South high-speed railway project. However, less than 24 hours later, the headlines suddenly vanished as articles disappeared online, links went dead and state-controlled media fell silent. The cause behind the censorship: the full proposal had leaked online, revealing terms that shocked the public and ignited a backlash.
Pham Nhat Vuong, Vingroup’s founder and Vietnam’s first dollar billionaire, signed the May 6, 2025, document, which reports showed was addressed directly to Prime Minister Pham Minh Chinh and Deputy Prime Minister Tran Hong Ha. In it, VinSpeed, a newly formed Vingroup subsidiary, asked to be the sole investor and operator of the $61 billion railway project.
Pham Nhat Vuong, Vingroup’s founder and Vietnam’s first dollar billionaire, signed the May 6, 2025, document, which reports showed was addressed directly to Prime Minister Pham Minh Chinh and Deputy Prime Minister Tran Hong Ha. In it, VinSpeed, a newly formed Vingroup subsidiary, asked to be the sole investor and operator of the $61 billion railway project.
