Hyundai Rotem has won a Vietnam rail project worth 491 billion won. This is the first time Korean-made electric multiple units have entered Vietnam.
Hyundai Rotem said on the 23rd (local time) that it signed a contract with the THACO Group for the Ho Chi Minh Metro Line 2 project. The Ho Chi Minh Metro Line 2 project is a rail infrastructure project aiming to open in 2030. The total length is 64 km with 36 stations planned, and construction began on Jan. 1. It will proceed in three phases overall and be built sequentially.
Hyundai Rotem will supply state-of-the-art driverless electric multiple units. Some of the driverless trains will be produced at a rolling stock plant that the THACO Group will establish in Vietnam. Through localization, Hyundai Rotem plans to help develop the local rail industry that the Vietnamese government is fostering and to broaden cooperation over the mid to long term.
Hyundai Rotem has worked with about 500 domestic partner companies up to this contract. It is pioneering overseas markets and pursuing joint entries, and is providing technical support, including joint research and development. Through this, it plans to expand Korea's rail industry ecosystem.
Hyundai Rotem plans to target the local market by expanding cooperation with the THACO Group. Last year, it signed a localization agreement with the THACO Group for urban rail and high-speed rail vehicles. It also plans to seek large-scale projects expected to be tendered, such as the North-South high-speed rail project. This project alone is estimated at 100 trillion won.
A Hyundai Rotem official said, "As we entered Vietnam for the first time, we broadened our business base and laid the groundwork for local cooperation," adding, "By uncovering business opportunities, this will provide a solid foundation for the development of Korea's rail industry as well."