“We’re ready to prove we have $100 billion in hand. The funds will be disbursed continuously to ensure the project’s implementation,” said Mr. Vo Xuan Truong, Chairman of Mekolor Joint Stock Company, during a press briefing with Vietnamese media on June 9.
“Some may accuse me of bluffing or claiming phantom capital, but I speak as a representative of an alliance involving a U.S. entity and am bound by international law. This is not the kind of statement one makes lightly. Bluffing at a national level could easily land someone in legal trouble,” Mr. Truong added.
Mr. Truong’s Mekolor alliance, in cooperation with U.S.-based company Great USA, recently submitted an official proposal to Prime Minister Pham Minh Chinh, seeking to invest in the North-South High-Speed Railway Project.
According to the proposal, the investment would be made directly using the alliance’s own capital—specifically, $100 billion in cash.
The statement came amid reports from Vietnamese media showing Mekolor’s registered headquarters on Ly Tu Trong Street in Ninh Kieu District, Can Tho City, appearing shuttered and locked. Photos depicted what looked like a typical residential property. “Several locals living nearby said they had never heard of Mekolor Joint Stock Company,” local outlets noted.
Further scrutiny revealed that Mekolor has a registered charter capital of just VND 1 billion (approximately $39,000).
Despite skepticism, the Mekolor–Great USA alliance claims it can complete the high-speed rail project within five years of receiving the green light from the government. It also proposes a 49-year investment recovery period.
The alliance promises transparent fare pricing regulated jointly with the state, independently audited financials, and even offers free tickets for all passengers during the first six months of operation.
Mekolor is registered in Vietnam as a joint stock company specializing in trade promotion and business matchmaking.
Little information has been released about Great USA. A website of the same name describes it as a U.S. firm involved in commercial evaluation and business consulting.
Previously, Vietnamese conglomerates Vingroup’s VinSpeed (founded by billionaire Pham Nhat Vuong) and Thaco (Truong Hai Auto Corporation) also submitted proposals to invest in the same railway project.
VinSpeed committed to delivering the project within five years, contingent on partial state funding, interest rate support, and land use rights along the rail corridor. Thaco proposed a seven-year completion timeline, seeking government guarantees for loans and interest subsidies over a 30-year term.
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Source: Vietnam Insider