In a letter dated December 25, the conglomerate said it was seeking to pull out of the registration it submitted to the government in May for the flagship rail project.
The group said the decision had been carefully considered to ensure maximum concentration of resources on major strategic infrastructure projects it has recently been tasked to deliver.
Among them is the Olympic Sports Urban Area in Hanoi, covering more than 9,000 hectares, centred on a complex of high-quality sports facilities. Vingroup said it must prioritise resources to meet commitments on progress and quality.
A design plan for the Olympic Sports Urban Area in Hanoi
Alongside the Olympic Urban Area project, the group has also been assigned to develop several key transport infrastructure schemes, including the Ben Thanh-Can Gio high-speed rail line and the Hanoi-Quang Ninh high-speed rail route.
Vingroup is also rolling out a series of large industrial, energy and infrastructure projects, such as the VinMetal Steel Plant, two wind power plants in Ky Anh of Ha Tinh, the Haiphong LNG Thermal Power Plant and the Can Gio coastal megacity. These projects require substantial investment, time and execution capacity.
Meanwhile, the north-south high-speed rail project has attracted interest and investment proposals from other companies with strong financial capacity and experience, including Thaco Truong Hai, Vietnam Railways Corporation and Vietnam Investment and Development Group.
Vingroup said its withdrawal would not affect the overall implementation of the north-south high-speed rail project.
