Speech by THACO Chairman at the Groundbreaking Ceremony of HCMC Metro Line No. 2, Ben Thanh – Thu Thiem Section

- Respected Comrade Tran Luu Quang, Politburo Member and Secretary of the HCMC Party Committee;

- Respected current and former leaders of the Central Government and the City;

- Respected Comrade Nguyen Van Duoc, Member of the Party Central Committee, Deputy Secretary of the City Party Committee, and Chairman of the HCMC People's Committee;

- Respected leaders of the City Party Committee, People's Council, People's Committee, Vietnam Fatherland Front Committee, and the city's departments, agencies, and local authorities;

- Distinguished delegates and guests,

First, on behalf of THACO Group, allow me to express our deep gratitude to the Party, the National Assembly, and the Government for developing key policies, particularly those promoting the private economic sector through Politburo Resolution No. 68-NQ/TW, as well as developing urban railways and the railway industry in Vietnam, including Railway Law No. 95/2025/QH15, National Assembly Resolution No. 188/2025/QH15, and Government Decree No. 319/2025/ND-CP.

We also send our special thanks to the City’s Party Secretary, who heads the Steering Committee for Developing HCMC's Railway Network, along with the City Party Committee, the People's Committee, and all city departments and agencies for entrusting THACO as the EPC General Contractor for the Ben Thanh – Tham Luong section of Metro Line No. 2 (which broke ground on January 15, 2026), and for approving Dai Quang Minh as the investor for the Ben Thanh – Thu Thiem section under the public-private partnership (PPP) model that breaks ground today.

The Ben Thanh – Thu Thiem section is designed as a fully underground line running 6 km. The route alignment and station locations have been optimized to integrate with the existing urban structure and future development plans. The line includes 6 underground stations, beginning with Ben Thanh Station and continuing to Ham Nghi Station, which will be the deepest in HCMC at 33 m, in order to cross beneath the Saigon River at a depth of 41 m. The line then connects to To Huu Station — linked to the City's new Administrative Center — followed by Children's Palace Station, International Hospital Station, Binh Khanh Station, and finally Thu Thiem Station, a central hub integrated with the main station of the North–South High-Speed Railway, which will continue on to Long Thanh International Airport.

The section is the deepest underground railway line in HCMC, crossing the Saigon River and running through the Thu Thiem area, where the soft ground and complex hydrogeological conditions differ significantly from those of inner-city areas. As a result, strict control is required to prevent structural deformation throughout construction, and especially to keep ground stability within the allowable displacement limit of the TBM tunnel — 15 mm or 1/1,000 m in length — during operation. To meet these requirements, advanced technical solutions have been studied and applied consistently across every component. Among them, soft-soil ground reinforcement is the core factor determining the safety and success of the project.

In the Thu Thiem area, soft soil is reinforced using cement-soil columns built with deep mixing technology (CDM) — a method that uses drilling equipment to break up the existing soil structure while injecting cement slurry, which mixes evenly with the soil to form columns with high compressive strength. These columns create a system of piles along both sides, beneath the base, and above the crown of the entire tunnel and station structures.

For tunnel construction along the line, THACO is responsible for operating the tunnel boring machines (TBMs) and installing the tunnel lining. Notably, this project marks the first time in Vietnam that Slurry Pressure Balance TBM (SPB-TBM) technology will be used — for the section crossing beneath the Saigon River and the one passing the Lovers of the Holy Cross Convent. The SPB-TBM operates with a closed-loop slurry circulation system that creates precise pressure balance and forms a stable "filter cake," controlling the risk of collapse and water intrusion, and protecting the existing structures above.

Both the Ben Thanh – Thu Thiem and Ben Thanh – Tham Luong sections will use fully automatic operation technology (GoA4). The information, signaling, and control systems, along with operations management for the entire line, will be connected and integrated into the Operations Control Center (OCC), and later for the city's broader urban railway network — ensuring synchronized, safe, reliable, and efficient operations. We will continue to evaluate and select the right technology for the electrical and mechanical (E&M) systems, including signaling and control, at a time that aligns with the project schedule, to ensure the best technology at the most reasonable cost.

To meet localization requirements in construction, manufacturing rolling stock and E&M systems for HCMC's urban railway projects — and to develop Vietnam's railway industry in line with strategies of the Party, the Government, and the City, THACO draws on its experience operating its 320-hectare Industrial Park for Mechanical Engineering and Supporting Industries in Chu Lai (Da Nang City). Building on this foundation, THACO has been developing a 320-hectare Railway and Multi-Purpose Mechanical Engineering Industrial Complex in Binh Co Ward (HCMC), located within the 786-hectare Specialized Industrial Park for Mechanical Engineering and Supporting Industries. The complex will produce specialized construction equipment such as TBMs, beam launchers, and structural installation equipment, as well as high-quality precast concrete components such as tunnel segments, sleepers, and viaduct girders.

THACO has formed a strategic partnership with Hyundai Rotem, one of the world's leading rolling stock manufacturers and a member of Hyundai Motor Group. In December 2025, the two parties signed a localization agreement under which Hyundai Rotem will transfer technology, train personnel, and provide technical support to help THACO develop rolling stock production in Vietnam. Under this agreement, 6 train sets will be fully manufactured in South Korea, while 42 CKD kits will be assembled in Vietnam. After that, Hyundai Rotem will supply component parts, and the entire aluminum-alloy carbody will be produced in HCMC, along with selected components of E&M systems, laying groundwork for the first Railway Industrial Complex in HCMC and in Vietnam.

Distinguished leaders and guests,

Vietnam is entering a new era of development. Central policies are being carried out strongly and effectively at the local level. In HCMC, many strategic resolutions have been pursued with strong determination — including those on developing urban railways.

Entrusted by the City to take part in developing its urban railway system, THACO is deeply aware that this is not only an honor but also a great responsibility. Therefore, we make the following commitments:

First, we will strictly comply with laws and all state regulations in carrying out the project, ensuring labor safety and environmental protection, and minimizing the inconvenience that construction may cause to people and society.

Second, we will apply the most advanced technology and manage quality rigorously to ensure the safest and most efficient operations. During implementation, we will continue to develop and refine technical standards and regulations, contributing to growing the railway system in HCMC and across Vietnam in the years ahead. We will also carry out technology transfer and localization to the highest possible standard, in line with the goals set by the State and the City.

Third, we will follow transparent and optimal cost management plans. During the project course, we will work closely with regulators to develop cost benchmarks, laying the groundwork for an urban railway system with the most efficient investment and operating costs.

Fourth, we will support and create opportunities for domestic enterprises to take part in the railway construction value chain — including design, construction, and manufacturing — by joining these urban railway projects.

Fifth, on a personal note: 48 years ago, I came to this city to study and went on to build my family here. I have always tried to give a hand when the city needed it, and it’s my utmost desire to see it grow. Today, we have a great opportunity to take part in developing the urban railway system — and through it, to accelerate the development of our Industrial Park for Mechanical Engineering and Supporting Industries, including railway manufacturing. As a mechanical engineer who has worked in this field for nearly 45 years and achieved a degree of success, I see this as my highest honor and responsibility — a chance to give back and to leave a meaningful mark on this beloved city. I commit to working with all the integrity, dedication, and capability, to build a standard and efficient urban railway system for the city, and to help raise the national mechanical engineering industry to a respected position regionally and globally.

I would like to sincerely thank the Party, the National Assembly, and the Government for your close support and guidance.

I want to thank the determined leadership of the City Party Committee, the People's Council, the People's Committee, and the Steering Committee for Developing HCMC's Railway Network. My thanks also go to the city's departments, agencies, and ward authorities for their swift and effective cooperation, which has made today's groundbreaking possible.

Finally, I wish all of our leaders and guests good health, happiness, and success.

Thank you very much!