The company’s chairman, Tran Ba Duong, said at an event Monday that the subsidiary, Dai Quang Minh, would embark on 42 projects this year, including the railroad.

But while Thaco is bidding for the rail project, authorities have yet to award it to anyone.

Dai Quang Minh used to be an urban property developer, but was restructured last year with a focus on railroad development and began hiring experts in this industry.

It hopes to master core technologies such as tunnel boring, production of precast concrete and construction of elevated bridges.

The subsidiary has been tasked with soon breaking ground on a 786-hectare industrial park in HCMC for mechanical engineering companies.

The rail route was planned more than a decade ago and is intended to connect various parts of HCMC with Long Thanh and the broader southeastern region. The line will be around 48 km in length and cost nearly US$3.5 billion.

Long Thanh International Airport received its first flights late last year, and its first phase is expected to begin commercial operations in the middle of this year. But its connectivity with HCMC remains limited.

General Secretary of the Communist Party of Vietnam To Lam said earlier this month that travel time from the metropolis to the airport needs to be cut to 30 minutes from the two hours it takes many now.