The project has been added by the government to Vietnam's Railway Network Plan. It will be one of only two high-speed railway lines in the country, alongside the 1,541-km North-South line from Ngoc Hoi Station (Hanoi) to Thu Thiem Station (Ho Chi Minh City), which is scheduled for investment before 2030.

According to VinSpeed's proposal, the total investment for the Hanoi-Quang Ninh high-speed railway is estimated at VND139 trillion ($5.3 billion). The company expects the investment policy approval to be granted in the last quarter of this year, and construction will take 24 months until the end of 2027. Trial runs are scheduled for late 2027, followed by commercial operations in the first quarter of 2028.

The 120 km line will pass through 22 communes and wards in Hanoi, Bac Ninh, Haiphong, and Quang Ninh.

VinSpeed ​​JSC was founded in May by billionaire Pham Nhat Vuong, with a charter capital of VND15 trillion ($600 million). The company focuses on railway construction, locomotive and rolling stock manufacturing, and related services. Vuong holds 51 per cent of shares, while his sons Pham Nhat Quan Anh and Pham Nhat Minh Hoang each hold 1 per cent. The remaining stakes belong to Vietnam Investment Group (VIG) with 35 per cent, and Vingroup with 10 per cent.

In May, VinSpeed ​​also proposed investing in the North-South high-speed railway project, estimated at $61.35 billion, equivalent to about 13 per cent of Vietnam's GDP by end-2024. The company pledged to mobilise 20 per cent of the total investment ($12.27 billion), while requesting the government to provide interest-free loans for the remaining 80 per cent over 35 years from the date of disbursement.

Under the updated railway development plan to 2030, the government has also revised investment timelines for several other projects. The Hanoi-Dong Dang (Lang Son province) line will now be developed before 2030, instead of after 2030 as previously planned. Similarly, the Haiphong-Halong-Mong Cai (Quang Ninh), Thap Cham-Dalat, and An Binh-Saigon-Tan Kien lines have been prioritised for pre-2030 research and investment.

Additionally, seven existing national railway lines will be upgraded, and cross-border connections with China, Laos, and Cambodia will receive investment priority.