Key facts
- VinSpeed, Vingroup's rail unit, signed a deal with Siemens.
- The deal is for 10 bullet trains valued at up to 1 billion euros ($1.1 billion).
- The trains will be used on VinSpeed's high-speed rail lines in Hanoi and Ho Chi Minh City.
Vingroup's rail subsidiary, VinSpeed, and German industrial conglomerate Siemens have entered into an agreement for the supply of 10 bullet trains. The deal is valued at up to 1 billion euros, equivalent to $1.1 billion. These trains are intended for use on VinSpeed's planned high-speed rail networks in Vietnam's major cities, Hanoi and Ho Chi Minh City. The project aims to drastically cut travel times between these cities, with a goal of reducing a two-hour journey to just 30 minutes. Vietnam currently lacks high-speed rail infrastructure, a gap Vingroup seeks to fill with this initiative.