DPM Phoc emphasised that to achieve Vietnam's development goals, the country is focusing on its economic transformation based on science, technology, innovation, digitalisation, green transition, and productivity enhancement, with a goal to reach double-digit growth in the near future.

He stressed, "Modern infrastructure development such as airports, seaports, expressways, and high-speed railways is very important," and shared information about upcoming urban railway and high-speed railway projects that Vietnam is prioritising.

At the meeting, THACO chairman Tran Ba ​​Duong reported to the DPM the group's investment plans in the urban railway sector, as well as prospects for cooperation between THACO and Hyundai Rotem in this field. "This is an opportunity for the two businesses to shake hands and work together," he said.

Congratulating Vietnam on its 80^th National Day, Lee Yong-bae highlighted the strong and positive development of Vietnam-South Korea relations.

He shared Hyundai Rotem's and South Korea's experience and achievements in developing high-speed trains. "Vietnam holds great potential for high-speed rail development to drive breakthrough growth," he said.

Following this, Hyundai Rotem's chief technology officer introduced the company's nearly 50 years of achievements and strengths in manufacturing high-speed trains, locomotives, carriages, signalling systems, and maintenance services.

Hyundai Rotem, a major South Korean mechanical engineering enterprise founded in 1977 under the Hyundai Group, operates in various sectors, including railways, where it manufactures high-speed trains, locomotives, carriages, signalling systems, and provides maintenance services. The company is also a pioneer in hydrogen-powered train technology.

Hyundai Rotem expressed its desire to participate in developing Vietnam's high-speed railway system through technology transfer for high-speed train production, cost-efficient operations, and a comprehensive package covering human resource training, localised manufacturing in Vietnam, and maintenance throughout operations.

DPM Ho Duc Phoc (middle), chairman of THACO (left), and CEO of Hyundai Rotem (right). Image source: VG

During the meeting, Hyundai Rotem and THACO answered DPM Phoc's detailed questions on Hyundai Rotem's actual high-speed train production results, train design speeds, operating costs, component and spare part manufacturing for operational assurance, and signalling control systems.

DPM Phoc highly appreciated Hyundai Rotem's proposal to cooperate and transfer technology to Vietnamese enterprises in the process of railway industrialisation, localisation of production, autonomous operations, and reasonable operation and maintenance costs.

He stressed, "For the high-speed railway system to operate effectively, it must ensure overall synchronisation from initial design to rail production, signalling systems, locomotives, carriages, maintenance, and operating costs."

Vietnam has many high-speed railway and urban railway projects to be deployed, he said. The government has assigned the Ministry of Construction as the state management agency to advise the government in this area. The DPM suggested that enterprises work with the Ministry of Construction to present their comprehensive, integrated design proposals for consideration and resolution.

He also emphasised the fruitful cooperation between Vietnam and South Korea over the past years. He noted that major South Korean conglomerates and enterprises are already present and operating effectively in Vietnam.

"The Vietnamese government always supports South Korean businesses in continuing to expand their long-term, effective investment and production activities in Vietnam, further strengthening bilateral cooperation," he said.