Cú Lừa Hay Nước Cờ Thiên Tài? Sự Thật Đằng Sau Các Liên Danh Đường Sắt Của THACO & Vingroup

What do you think when an automotive industrial empire just shifts its focus to South Korea to negotiate the transfer of automation technology? but when they arrived at the construction site of the city's vital metro line, They are once again seeing them sign a general contract with a Chinese conglomerate? A billion-dollar conglomerate has recently made waves by partnering with the tech giant from the land. Then, just one week later, unexpectedly filed a request to withdraw from the nation's largest railway mega-project? It is not the plot of a movie, but rather a series of calculated, cold, and extremely precise moves in geo-economics. has recently taken place in Vietnam's infrastructure market between two major private economic players, Vingroup and Paco. Their appearance, sudden pivot, and erratic wheel movements are confusing many observers. But from a financial and business strategy perspective, every surprise comes at a price. Every decision to retreat is a stepping stone toward a greater offensive. Today, BCNN will thoroughly deconstruct the entire strategic layers behind these railway consortia to answer the question What are Vietnam's billionaires truly planning with the country's transportation network? Recently, public opinion and economic experts have been focusing their attention on a pivotal decision made by the Ho Chi Minh City Department of Construction. Officially issued an operating permit for construction to the consortium comprising Trường Hải Tha Cô Group and China Railway Engineering Corporation (CREC). This consortium will undertake the EBC contract, including design, equipment supply, and construction of the viaduct for Phase 2 of the Metro Line, from Ben Thanh to Tham Luong. a super project with a total investment of over 55 trillion VND. Immediately, a rhetorical question arose. The state entrusting a key infrastructure project to a leading domestic private conglomerate, which then hires a consortium including a foreign contractor, Especially Chinese contractors— is that acceptable? Are there risks regarding schedule, quality, and technological dependency? To understand Chairman Tran Ba Duong's strategy, we need to look back at his previous moves. Thako's first step was to approach Hyundai Products, a company belonging to the renowned South Korean Hyundai Group. Possesses core technology throughout the entire lifecycle of urban rail transit systems, from locomotive and carriage manufacturing to signaling systems. Thako's leadership personally traveled to South Korea to inspect the Sinbundang Metro line, which employs automated, driverless operation technology. GOA4, and explore the security model at Deport Daylight. The core objective of this agreement is for Hyundai Products to support Thako in manufacturing train models under a Vietnamese brand. Integrate electromechanical systems and master maintenance processes. To turn this into reality, Thako has planned to build a technology complex named Metro, spanning up to 786 hectares in Tan Uyen, Binh Duong Province, Cau. including steel structure manufacturing plants, concrete component facilities, and particularly the internal rail testing system. Thako aims to become the supplier of hardware and control software for the entire Southern Metro system. However, manufacturing train cars is one thing, Constructing a tunnel beneath the heart of Ho Chi Minh City, a megacity with an enormous population, presents an entirely different challenge. And this is when the surprise appears. Instead of continuing to use South Korean or Japanese contractors for the construction phase, Thako has partnered with a Chinese railway group. CREC won the contract for the EBC corrugated beam package of Metro Line 2 Ben Thanh–Tham Lương, valued at over 55 trillion VND. This tender covers the entire scope from design, construction, to equipment supply and installation. Thako acts as the main contractor representing a Vietnamese legal entity, and they require a partner with practical capabilities. CREC is not an unknown name. It is a company with as many as 290,000 employees. Has continuously been listed in the Fortune Global 500 for 17 years and has constructed three out of every five urban rail transit projects in China. They own tunneling technology and TBM (Tunnel Boring Machine) systems among the most advanced in the world. Many people are wary of the coldness of Chinese contractors. In Vietnam, CREC is precisely the same entity. Through its subsidiary company, the Linh Ha Dong line project, which has repeatedly missed deadlines and undergone multiple changes in funding. In fact, we must acknowledge that no Vietnamese enterprise has yet been capable of serving as the sole general contractor. Designing and constructing the subway system. Thako's decision to form a consortium with CREC is a practical move. Thako is employing a dual-interface strategy. Using a local contractor's wrapper to secure the project, apply South Korea's safety standards and operating technologies to optimize long-term maintenance. But yet Leverage China's ultra-fast construction capabilities and cost optimization to ensure the project is completed on time. Committing to the fourth quarter of 2030. In this way, Thako reduces the risk of complex construction work. and protect its margin. Thako's ambitions do not stop at Line 2. With this completed model, the joint venture Thako and Bekamesh has just proposed to independently fund the research. Investment, adding 2 metro lines connecting the new city center of Binh Duong and Thu Dau Mot to the city center Hồ Chí Minh Street. With an initial investment total reaching 124 trillion VND. If successful, Thako will establish natural monopoly position in the sugar supply chain within the southern key economic region. If Thako approaches the highway project with the mindset of a manufacturing industrialist, then Vingroup, through Vinspeak approaches it with the mindset of a creator of urban ecosystems and premium services. By the end of 2025, public opinion was shocked when Vinspeak signed a comprehensive strategic cooperation agreement with Germany's Siemens. Unlike Thako, Vingroup skipped the mid-range technology segment and went straight for the giant. Europe's giant, heading straight toward the high-speed train line Velaronovo, capable of reaching 350 km per hour. With a hollow tubular hull design that increases cargo capacity by 10% and reduces power consumption by 30%, Vingroup aims to provide a travel experience on par with the most developed countries in the world. consistent with the brand positioning of their high-end real estate products. Yet what left investors and the press perplexed was that just one week after that handshake agreement, Vingroup officially submitted a request to the government to withdraw its investment registration from the high-speed highway mega-project. North-South crane project, with an estimated investment of around 67 billion USD. The press release outlines the reasons diplomatically, by leaving room for focusing on infrastructure, urban development, and renewable energy projects It has been handed over. However, from a financial analysis perspective, this is an excellent exit opportunity. A project involving 1,500 km of road passing through more than 20 provinces represents a trap for a private enterprise. genuine white. The distinctive feature of national highway roads is the enormous investment cost. The maintenance cost is enormous. but the price of painting is controlled by the state to ensure social welfare. Investors can only survive Thanks to the development of real estate along the corridor, but Vingroup's aggregation of TOD land and urban development integration With public transportation spanning a total of 1,500 km, it is unimaginable and fraught with legal risks. Particularly, Vingroup once proposed not developing real estate along the North-South project in order to ensure transparency in economic performance. Without a real estate investment fund to offset cross-coverage, investing in national highway projects will lead to liquidity risks. Severe, threatening the entire group's cash flow. Vingroup recognized this and decided to cut losses immediately. from scratch. But stepping away from the North-South axis does not mean Vingroup is giving up on the highway game. Shortly after its withdrawal, Vingroup unexpectedly increased its charter capital by 36%, soaring to a level of 45 trillion dong. This enormous capital was immediately injected to prepare for two major coastal road projects. The Bến Thành-Cần Giờ line exceeds 100 trillion VND, and the Hanoi-Quảng Ninh line is approximately 5.3 billion USD. Why is it the transit-oriented development value capture model? The answer lies in the concept of the transit-oriented development value capture model. Look at the Bến Thành-Cần Giờ line. At Cần Giờ, Vingroup is the developer of the super project urban complex. A coastal area spanning thousands of hectares is located, serving as an international-class seaside tourism hub. The biggest challenge of this metropolitan area is the distance and connectivity infrastructure to the city center. Ho Chi Minh. By independently developing a high-speed rail line capable of 350 km/h using Siemens technology, Vingroup has shortened travel time to just over 10 minutes. Immediately, the value of tens of thousands of villas surged. Resorts in Can Gio will boom. Profits from land rent differentials in real estate will easily cover the costs. Regarding the cost of constructing a road adjacent to the land. This model is currently receiving strong support from various ministries and agencies in Vietnam. A typical example is that Ho Chi Minh City retains 100% of the revenue generated from TOD development to cover costs. investing in infrastructure according to special resolutions. Similarly, the Hanoi–Quảng Ninh line will receive direct investment Continuing the flow of visitors from the capital straight into the Vinburn and VinHome projects in Ha Long – Van Don. Vingroup does not sell train tickets to get rich. They use the high-speed rail network across the country as an elevator for 5,000 speedy thousandfold, turning travel into an integral part of a luxurious service experience to exponentially increase the value of the vast real estate ecosystem. Taco's and Vingroup's participation brings extremely positive signals for Vietnam's economy. Nam. We are witnessing the bankruptcy of the model that completely depends on foreign ODA funding. outside and stepping into an era of self-reliance with the rise of domestic private conglomerates. Instead of being forced to purchase expensive technology and hire costly contractors from ODA-providing countries, Now, Vietnamese businesses are free to choose. Taco exemplifies the utmost practicality. Adopting Western-standard advanced technology and allies such as South Korea, yet still relying on outdated construction machinery cheap giants from China to optimize costs. Vingroup, on the other hand, demonstrates sharp, cold agility. of modern financial thinking, willing to cut back on grand symbolic projects characterized by monumental ambitions such as Bach Nam axis to concentrate resources and capture actual profits from potential TOD areas By leveraging the essence of the land's technology, the Road Law of 2025 and urban planning guidelines are currently underway. create an unprecedented legal corridor, paving the way for private enterprises to apply the TOD model, Transform public transportation into the axis for urban planning. If the state can maintain a mechanism transparent and clear regarding compensation for relocation, as well as the collection of value-added tax derived from this process, such as the Experts suggest that Vietnamese enterprises are fully capable of building an infrastructure network. international caliber through our own internal resources. The unexpected developments in recent times truly The quality is perfect preparatory steps. Two distinct business philosophies, TACO's industrial mindset. And Vingroup's ecosystem thinking is jointly reshaping the country's landscape. The billion-dollar infrastructure play in Vietnam is no longer the exclusive privilege of state-owned conglomerates or nhà foreign contractors. Private empires are entering the scene with new rules of the game, new calculations, and fresh maneuvers. the previous time. Whether TACO partners with China or Vingroup abandons the mega project in the south not a step backward, but a vital choice to protect capital and reposition oneself within global value chain. Therefore, in your view, between the turnkey model and manufacturing, which one is more advantageous? TACO's business and the railway model to enhance the value of Vingroup's TOD (Transit-Oriented Development) projects Which strategy will bring more sustainable success and make a more tangible contribution to the people of Vietnam? Please leave your comments below. Don't forget to like, subscribe to the channel, and turn on the bell. To not miss the following analyses from BCNN. Thank you, goodbye, and see you again!