The municipal government stressed that the approval is limited to research and proposal preparation and does not constitute the appointment of Masterise as project developer, nor does it imply approval of investment or project implementation under existing regulations.

If Masterise’s proposal is not approved by competent authorities, or if the company fails to complete the study within the assigned timeframe, it will bear all related costs, the document said.

Upon completion, all research outputs must be handed over to the Ho Chi Minh City Urban Railway Management Board for state management and use in accordance with regulations.

Earlier, Masterise proposed preparing an investment dossier for Metro Line No.3, aka the An Ha-Hiep Binh Phuoc depot line, under a public-private partnership (PPP) model and a build-transfer (BT) contract.

Under the city’s approved master plan, Metro Line No.3 will span 45.8 km, running through several major transport corridors across the city.

Beyond Metro Line No.3, Masterise has also proposed studying investment opportunities in other large infrastructure projects, including the Can Gio Bridge, Phu My 2 Bridge, and an expressway linking the Ho Tram tourism complex with the under-construction Long Thanh International Airport.

HCMC plans to develop a network of 27 metro lines with a combined length of about 1,012 km under its long-term transport master plan, as it accelerates metro construction through 2030.

The city attempts to roll out more than 10 metro lines in parallel over the remainder of the decade. While several projects are slated for public investment, a growing number have attracted private-sector interest, with some already entering early implementation stages.

Last December, VinSpeed, a rail firm founded by Vingroup chairman Pham Nhat Vuong, broke ground on the Ben Thanh-Can Gio metro line. Sovico Group, controlled by Vietjet Air chairwoman Nguyen Thi Phuong Thao, has proposed studying Metro Line No. 4, linking Dong Thanh with the Hiep Phuoc urban area.

Bcons Group has expressed interest in continuing research on Metro Line No. 2, which would connect HCMC with Thu Dau Mot in neighboring Binh Duong province, while China’s Pacific Construction Group has also expressed its interest in the same project.

Separately, conglomerate Thaco is studying an investment plan for an urban rail link from Ben Thanh to Thu Thiem and onward to Long Thanh International Airport. The proposal would combine the planned Thu Thiem-Long Thanh railway with a section of metro line No. 2 between Ben Thanh and Thu Thiem.

Masterise Group has been selected by the Government and the Ministry of Public Security as investor of the Gia Binh International Airport project, located in Bac Ninh province, a neighbor of Hanoi.

The National Assembly on December 11 approved an investment plan for this gigantic project, which will cost about VND196.38 trillion ($7.45 billion) to meet international standards, including 5-star service.

The airport, located about 40 km from central Hanoi, is expected to handle 30 million passengers and 1.6 million tons of cargo annually by 2030. The figures by 2050 will be 50 million passengers and 2.5 million tons.

The development will be carried out in two phases. In phase 1, from now to 2027, essential facilities will be completed to serve the APEC Summit in 2027. From 2026-2030, remaining phase 1 works will be finalized to ensure full operational capacity of 30 million passengers and 1.6 million tons of cargo per year.

For phase 2, from 2031-2050, construction will focus on expanding capacity to 50 million passengers and 2.5 million tons of cargo annually.