Vinhomes (VHM) Named Main Contractor on Ben Thanh - Can Gio Railway

Overview

VinSpeed, the investor behind the Ben Thanh - Can Gio railway, has notified the Hồ Chí Minh City People’s Committee and relevant departments that simultaneous construction of the project’s key components will begin on October 30. The main construction contractor is a consortium of SGC Investment and Construction JSC, as lead member, and Vinhomes (VHM), the HOSE-listed residential developer.

Key Facts

• Construction start date for key components: October 30, per VinSpeed’s notice to city authorities.
• Scope includes the railway line (tunnels and viaducts), Ben Thanh station, Can Gio station, the depot, the transport operations control centre (OCC), and railway systems covering power supply, communications, signalling and fare collection.
• Total route length is approximately 54km, of which about 3.3km is underground from Ben Thanh station to roughly Km3+173; the remainder runs on viaducts.
• Design is double track, 1,435mm gauge, electrified; Phase 1 comprises Ben Thanh and Can Gio stations, one depot and one OCC.
• The SGC - Vinhomes consortium is named main construction contractor; CONINCO is the construction supervision consultant.
• The project is structured as direct investment, starting at Ben Thanh market area and ending at a 39ha site adjoining the Can Gio coastal tourism urban area.
• The alignment passes through Ben Thanh, Khanh Hoi, Xom Chieu, Tan Thuan and Tan My wards, plus Nha Be, Binh Khanh, An Thoi Dong and Can Gio communes.

What Happened

VinSpeed High-Speed Railway Investment and Development JSC issued a notice to the Hồ Chí Minh City People’s Committee and related departments setting out its plan to launch simultaneous construction of the project’s priority works from October 30. The notice, as reported in Vietnamese media, lists the components to be started: the rail line including tunnels and elevated sections, Ben Thanh and Can Gio stations, the depot, the transport operations control centre, and the railway systems spanning power, information, signalling and ticketing.

The same notice discloses the contractor structure. The construction consortium is led by SGC Investment and Construction JSC, with Vinhomes JSC as the second member. CONINCO, formally the Technology, Equipment and Construction Verification Consulting JSC, takes the construction supervision role. The filing does not disclose the contract value awarded to the consortium, the revenue split between SGC and Vinhomes, or the construction timetable beyond the October 30 start.

Market Context

VHM closed at VND 64,300 on October 24, 2026 on HOSE. The stock sits in the Real Estate sector, and the railway award adds an infrastructure construction dimension to a business historically driven by residential sales at Vinhomes Grand Park, Royal City and the Can Gio coastal urban project. The Ben Thanh - Can Gio line is one of the largest transport schemes in Hồ Chí Minh City and sits adjacent to Vinhomes’ own Can Gio land bank, tying the contractor role to the developer’s existing master plan for the area.

Strategic Significance

The contractor role matters less for near-term construction margin than for what it signals about Vinhomes’ positioning around Can Gio. The line terminates at a 39ha site adjoining the Can Gio coastal tourism urban area, a project in which Vinhomes is the principal developer. Building the rail link gives the company direct influence over the delivery schedule and design of the transport connection that underpins the accessibility case for that urban area. It also establishes Vinhomes as a participant in public transport infrastructure, a segment where Vietnamese property developers have historically had limited direct construction exposure.

What to Watch

• Any disclosure of the contract value and Vinhomes’ share of the SGC-led consortium’s works.
• Confirmation on October 30 that construction has formally commenced, and which components break ground first.
• Progress milestones on the 3.3km underground section, the most technically demanding portion.
• VHM’s next quarterly earnings release for any construction revenue or backlog disclosure.
• Updates on the Can Gio coastal urban project’s approvals, given the rail line’s terminal adjacency.