Vietnam opens US$40-Billion Investment Opportunity for Ho Chi Minh City Metro Expansion Project

Ho Chi Minh City, Vietnam (Metro Rail Today): Vietnam’s most powerful construction and real estate conglomerates are gearing up for a historic urban transformation as Ho Chi Minh City advances a massive US$40-billion metro expansion plan. Backed by a mix of public investment and private capital, the city aims to build 10 new urban railway lines by 2035, laying the foundation for a modern, transit-driven metropolis in the country’s economic hub.

Momentum behind the metro build-out has accelerated significantly in 2024, propelled by recent legal reforms that streamline approvals, create more robust public–private partnership models and offer greater political assurance to private investors. These reforms have effectively unlocked new avenues for mega developers to acquire prime urban land in exchange for constructing critical mass transit infrastructure—an incentive that has drawn Vietnam’s largest corporations and regional players into a vigorous competition.

Authorities have prioritised several metro lines for phased development, many of which have already attracted strong interest from domestic and international firms.

• Metro Line No. 1, the Ben Thanh–Suoi Tien section, opened for service in December 2024, becoming the city’s first operational line and a proof of concept for future routes.
• Metro Line No. 2 is preparing to break ground on the Ben Thanh–Tham Luong section in January 2026.
• Private sector enthusiasm is particularly evident in proposals for Metro Line No. 3 and Metro Line No. 4, with Masterise and Sovico emerging as early contenders. Sovico has already received approval to prepare a formal investment plan for Line No. 4.
• Vingroup is set to begin construction on Metro Line No. 12 in December 2025, while Thaco and Malaysia’s Gamuda Land are exploring investments in the Thu Thiem–Long Thanh corridor.
• Becamex has shown interest in the Binh Duong–Suoi Tien link, which holds significant transit-oriented development potential.

Industry experts say Ho Chi Minh City’s metro expansion is poised to become one of Southeast Asia’s most consequential infrastructure programs. “What we are witnessing in Ho Chi Minh City is a defining moment in the region’s shift toward sustainable, high-capacity urban mobility. The scale of private-sector engagement reflects deep investor confidence and signals that Vietnam is ready to compete with global megacities,” said Mrs. Mamta Shah, MD & CEO of Urban Infra Group.

With 10 metro lines planned, covering hundreds of kilometres and integrating dozens of high-demand corridors, the project is expected to reshape land use patterns, ease congestion in one of Asia’s busiest cities and create new development clusters anchored around major stations. The city’s long-term strategy emphasises transit-oriented urban growth, with the metro serving as the spine of a new metropolitan framework that enhances connectivity between central districts and rapidly growing suburban zones.

As competition intensifies among Vingroup, Sovico, Thaco, Masterise, Becamex and Gamuda Land, the next year will be pivotal in determining which conglomerates secure the largest stakes in Vietnam’s most ambitious mass transit programme. With legal clarity, political backing and investor enthusiasm at an all-time high, Ho Chi Minh City's metro revolution is now firmly underway, signalling a transformative decade for Vietnam’s southern megacity.