On 31 December 2025, the Ho Chi Minh City (HCMC) People’s Committee approved a proposal by Masterise Group, one of Vietnam’s leading real estate groups, to use its own capital to conduct surveys, research, and prepare an investment proposal for Metro Line 3 (An Ha – Hiep Binh Phuoc) over a one-year period. HCMC emphasized that this approval is strictly limited to research activities and does not constitute the assignment of investor responsibilities, approval of investment preparation, or recognition of Masterise as an official investor under current legal regulations. In case the proposal fails to obtain competent approval or the research not completed on time, Masterise will bear all associated costs. Upon completion, all research outcome must be transferred to the HCMC Urban Railway Management Board for state management and data utilization.
Previously, Masterise proposed studying Metro Line 3 to the HCMC under a public-Private Partnership (PPP) model, specifically a Build-Transfer (BT) contract. Metro Line 3 has a total length of approximately 45.8 km[1]. The line is planned to connect with Metro Line 2 (Thu Dau Mot – HCMC) at Hiep Binh Phuoc Depot, forming a continuous urban rail corridor linking the former Binh Duong area with the city center. Masterise has also expressed interest in other major infrastructure projects, including Can Gio Bridge, Phu My 2 Bridge, and the LongThanh-HoTram expressway.
Currently, HCMC plans to develop a metro network comprising 27 lines with a total length of approximately 1,012 km. The city is implementing Resolution No. 188 to accelerate investment procedures and enable the simultaneous deployment of more than 10 metro lines by 2030. Alongside public investment projects, several private investors have expressed interest or submitted proposals to participate in metro system development, including:
(1) VinSpeed High-Speed Rail Investment and Development Joint Stock Company, who commenced construction of the Ben Thanh–Can Gio railway project on 19 December 2025;
(2) Sovico Group, who proposed a study of Metro Line 4 (Dong Thanh – Hiep Phuoc Urban Area);
(3) Bcons Group and China’s Pacific Construction Group, who have expressed interest in further studying Metro Line 2, connecting HCMC with Thu Dau Mot (in Binh Duong area); and
(4) Thaco Group, who is studying an investment plan for an urban railway line from Ben Thanh to Thu Thiem and onward to Long Thanh International Airport, combining the planned Thu Thiem – Long Thanh railway with a section of Metro Line 2 between Ben Thanh and Thu Thiem.
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References: 1. The Investor Vafie Magazine, 2 January 2026
https://theinvestor.vn/hcmc-allows-masterise-to-study-metro-line-no3-project-d18013.html
2. VnEconomy, 4 January 2026
3. Sai Gon Giai Phong, 31 December 2025
[1] running along major transport corridors including An Ha – Le Minh Xuan – Tan Kien Station – National Highway 1 – Kinh Duong Vuong – Hong Bang – Hung Vuong – Cong Hoa Six-Way Intersection – Nguyen Thi Minh Khai – Xo Viet Nghe Tinh – National Highway 13 – Hiep Binh Phuoc Depot
