Siemens Inks Vietnam High-Speed Rail Contract Valued at Up to 1 Billion Euros

(09:05 GMT) *Siemens: Parties Signed Comprehensive Strategic Cooperation and Technology Transfer Agreement in 2025
(09:05 GMT) *Siemens: VinSpeed Will Be Responsible for Project Development, Track Construction and Civil Works
(09:06 GMT) *Siemens Mobility Will Provide Rail Systems, Technical Expertise
(09:26 GMT) Siemens Inks Vietnam High-Speed Rail Contract Valued at Up to 1 Billion Euros

By Joshua Kirby

Siemens signed a contract with Vietnam's VinSpeed to supply trains for use on high-speed rail in the Southeast Asian republic, part of a deal worth up to one billion euros ($1.15 billion).

The agreement builds on an existing framework signed last year between the two sides, Siemens said Tuesday. The German industrial giant's rail business, Siemens Mobility, will serve as the technology partner under the deal, while VinSpeed--part of Vingroup, Vietnam's largest conglomerate--will build the tracks and handle the civil works.

Siemens Mobility will deliver 10 of its Velaro Novo trains, a model that can reach speeds of 350 kilometers per hour, equivalent to around 217 miles per hour. The company will also supply signaling and electrification systems, as well as technical expertise, it said.

"The company is positioning itself as a leader in defining high-speed rail standards in Vietnam, laying the groundwork for this future long-distance network," Siemens said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby