Vingroup chairman to contribute nearly 88 million VIC shares to VinSpeed
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
Billionaire Pham Nhat Vuong, Chairman of the Vingroup Joint Stock Company. (Photo: VNA)
Hanoi (VNS/VNA) - Billionaire Pham Nhat Vuong, 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), Vuong, who is also chairman and general director of VinSpeed, registered to transfer over 87.5 million VIC shares, or 2.26% 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, Vuong will still hold nearly 450 million VIC shares, accounting for 11.6% of Vingroup's charter capital.
Previously, Vuong transferred more than 48 million VIC shares to VinSpeed.
At the end of the trading session on June 19, VIC shares were priced at 89,400 VND (3.44 USD) per share. Therefore, the total value of more than 87.5 million VIC shares on June 19 was more than 7.8 trillion VND (300 million USD).
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’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 Vietnam’s self-reliance in railway development./.
VinSpeed commits to mobilising 20% of the total capital, equivalent to 12.27 billion USD. For the remaining 80%, excluding costs related to compensation, relocation support, and resettlement for land clearance, the company proposed borrowing from the state budget, through zero-interest loans, repayable over a 35-year period from the disbursement date.
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