Vinhomes (VHM) Begins Hanoi Metro Surveys for VND 900 Trillion Five-Line Contract

Overview

A consortium of Vinhomes (HOSE: VHM) and SGC has started geological drilling at multiple sites in eastern Hanoi, the first physical works under a turnkey contract signed on 15 October 2026 with the Hanoi Urban Railway Management Board. The contract covers five metro lines — 1, 2, 8, 10 and 14 — with a total value of nearly VND 900 trillion, excluding land clearance costs.

Key Facts

• The Vinhomes – SGC consortium signed the turnkey contract with the Hanoi Urban Railway Management Board on 15 October 2026.
• Contract value is nearly VND 900,000 billion (approximately USD 36 billion), excluding site clearance.
• Scope covers metro lines 1, 2, 8, 10 and 14, from design and equipment supply through construction and handover.
• Survey fencing and drilling rigs were recorded in September and October 2026 at Vinhomes Ocean Park 1, 2 and 3, Phú Thụy station area, and Thanh Oai near the VinFast – Trống Đồng stadium.
• The consortium has ordered more than 100 tunnel boring machines (TBMs) and over 50 diaphragm wall excavation lines.
• Vinhomes has contracted Alstom to supply 200 Metropolis train sets, each with five carriages, for the five lines.
• Target operation date for the five-line network is 2030.

What Happened

Field observations dated 21 October 2026 show fenced-off survey points, drilling rigs and workers at several locations in eastern Hanoi. Barriers carry the SGC logo and VinSpeed train branding, with construction notices and a 5 km/h speed limit posted. One site sits near the Vincom Mega Mall entrance in Vinhomes Ocean Park 2 and 3, opposite a row of shophouses; a second occupies the middle of a road, enclosed in corrugated fencing around a drilling rig. Observers on site linked the locations to the 8B metro branch running along Tô Quyền road, near Grand World Hưng Yên and Nghĩa Trụ.

Earlier, in September 2026, survey activity was recorded near Phú Thụy station on line 14, close to Vinhomes Ocean Park 1, where a site was fenced and equipped with a geological probe rig and construction materials. Additional points bearing SGC and VinSpeed signage appeared in Thanh Oai. According to the article, the drilling is intended to gather data on strata, soil bearing capacity and groundwater conditions to inform the design of foundations, stations and railway structures. Vingroup’s announcement states the consortium is working with consultants from Europe, Japan, South Korea and China on detailed design and with experienced international tunnel contractors.

Market Context

VHM closed at VND 63,300 on 5 November 2026 on HOSE. The metro programme places a residential developer at the centre of Hanoi’s largest infrastructure build-out, tying the stock’s narrative to public capex execution rather than solely to housing presales. The scale — roughly USD 36 billion against a contract that excludes land clearance — makes it one of the largest urban rail packages in Southeast Asia and links VHM’s outlook to Vietnam’s broader push to expand metro networks in Hà Nội and Hồ Chí Minh City.

Strategic Significance

The thesis rests on VHM converting a developer balance sheet into infrastructure delivery capacity. The five lines run through or near Vinhomes’ own satellite cities in eastern Hanoi and Hưng Yên, so completed metro connectivity would underwrite land and apartment values across Ocean Park 1, 2 and 3 and adjacent projects. Ordering more than 100 TBMs and 200 Alstom train sets signals the consortium intends to self-perform at scale rather than subcontract the bulk of tunnelling, which raises both execution risk and the potential margin pool. The 2030 target leaves roughly four years for design, procurement and construction of five lines, an aggressive schedule by regional standards.

What to Watch

• Formal confirmation of financial close and disbursement terms for the VND 900 trillion contract, including the state budget and credit components.
• Delivery schedules for the 100-plus TBMs and 50-plus diaphragm wall lines, and whether they arrive in time for the 2030 target.
• Progress on land clearance, which the contract value explicitly excludes and which has historically delayed Vietnamese metro projects.
• VHM’s quarterly disclosures on metro-related capital commitments and any impact on residential segment cash flow.
• Detailed design approvals with European, Japanese, South Korean and Chinese consultants, and the naming of international tunnelling partners.