Decree No. 352/2026/NĐ-CP has supplemented and further clarified a number of provisions directly related to the North-South high-speed railway project, covering investment methods, the division of the project into component projects, site clearance, and the determination of total investment costs.
Decree No. 352/2026/NĐ-CP supplements a number of provisions directly related to the preparation and implementation of the North-South high-speed railway project.
Clarifying Investment Methods and the Division into Component Projects
The Government has issued Decree No. 352/2026/NĐ-CP amending and supplementing a number of articles of Decree No. 123/2025/NĐ-CP, which details a number of articles and measures for organizing and guiding the implementation of the Law on Railways, and Decree No. 67/2026/NĐ-CP, which provides detailed regulations on Front-End Engineering Design (FEED) and special mechanisms for certain railway projects.
The new Decree contains a number of provisions directly related to the preparation and implementation of the North-South high-speed railway project.
Notably, Decree No. 352/2026/NĐ-CP adds two matters directly related to the North-South high-speed railway project to the scope of Decree No. 123/2025/NĐ-CP, namely provisions on additional investment methods and the separation of compensation, support, and resettlement components of the project into independent projects.
Regarding the preparation, appraisal, and approval of the Feasibility Study Report, the Decree provides that these activities for the North-South high-speed railway project implemented under the public investment method shall be carried out in accordance with Resolution No. 172/2024/QH15.
Where component projects under the North-South high-speed railway project are approved for investment by competent authorities under the public-private partnership (PPP) method or implemented under the business investment method, the preparation, appraisal, and approval of the Feasibility Study Report and subsequent steps shall comply with Government regulations on construction activities, construction investment cost management, construction contracts, and relevant laws.
The division of the project into component projects and the proposed investment methods are also to be addressed during the preparation of the Feasibility Study Report.
According to the Decree, the interim report must include estimated total construction investment costs; a preliminary assessment of socio-economic efficiency; a preliminary risk assessment; an orientation for urban development under the Transit-Oriented Development (TOD) model; and proposals on the division into component projects, investment methods, implementation schedules, and component projects to be prioritized for early implementation.
In the Feasibility Study Report, the division into component projects and investment methods will continue to be specified, together with matters such as investment necessity and objectives; scale, location, and land-use requirements; design plans; schedule; total investment costs; funding sources; and capital recovery capacity.
Another mechanism directly related to project implementation is the separation of compensation, support, and resettlement components into independent projects.
The Decree provides that compensation, support, and resettlement projects shall constitute independent projects. This provision forms part of the overall project preparation mechanisms, alongside the determination of component projects and appropriate investment methods for each component project.
Specific Regulations on Total Investment Costs
Decree No. 352/2026/NĐ-CP also contains extensive provisions on the determination and appraisal of the project’s total investment costs. Accordingly, estimated total construction investment costs shall be determined on the basis of the Front-End Engineering Design (FEED), serving as a basis for the project preparation process.
For projects divided into component projects or independent component projects, the project’s total investment cost shall be determined based on the aggregate total investment costs of the component projects.
Notably, for cost items for which no regulations exist or where Vietnamese regulations are not appropriate, the Decree allows calculations to be made based on references to railway projects with similar characteristics and implementation conditions elsewhere in the world.
The Decree also provides that total construction investment costs shall be adjusted when the project is adjusted and in cases permitted by the National Assembly.
Alongside the determination of total investment costs, the Feasibility Study Report must clarify funding sources, capital recovery capacity, financial analysis, risk analysis, and the capacity to secure funding for the operation and maintenance of the infrastructure after it is put into use.
The appraisal process is also specifically regulated. The Appraisal Council includes representatives from the Ministry of Construction, the Ministry of Finance, and relevant ministries and agencies. The appraisal covers total investment costs, implementation time and schedule, funding sources, socio-economic efficiency, and other key aspects of the project.
After the appraisal results are available, the investor shall finalize the total construction investment cost dossier and submit it to the State Audit Office of Vietnam (SAV) for audit. Under the Decree, the audit must be completed within no more than 30 days from the date on which the complete dossier is received.
In addition, the Decree allows investors to carry out certain tasks in parallel during the project preparation process. Where necessary costs arise from such parallel implementation, the investor may add these costs in accordance with regulations, with a decision to be made within 20 working days.
Thus, the provisions of Decree No. 352/2026/NĐ-CP focus on specifying a range of matters supporting the preparation and implementation of the North-South high-speed railway project, from the division into component projects and selection of investment methods to the organization of compensation, support, and resettlement, as well as the preparation, appraisal, and determination of total investment costs.
Decree No. 352 Amends Two Railway Decrees
Decree No. 352/2026/NĐ-CP dated September 11, 2026 of the Government amends and supplements a number of articles of Decree No. 123/2025/NĐ-CP and Decree No. 67/2026/NĐ-CP concerning Front-End Engineering Design (FEED) and special mechanisms for certain railway projects.
In particular, the Decree amends and supplements provisions on scope of application; preparation and appraisal of Feasibility Study Reports; Front-End Engineering Design (FEED); the Appraisal Council; appraisal procedures; cost management; and the determination of total construction investment costs.
The Decree also provides transitional provisions for railway projects that had been approved or whose Feasibility Study Reports had been submitted for appraisal before the effective date of the Decree.
Decree No. 352/2026/NĐ-CP takes effect from the date of its issuance.