Maersk and Hateco study Vietnam rail terminals

The two companies signed a non-binding memorandum on 20 October 2026. The signing took place during Vietnamese General Secretary and President To Lam’s official state visit to Denmark. Hateco Group and APM Terminals, the ports arm of A.P. Moller-Maersk, will conduct a joint feasibility study. The study covers one rail freight terminal in Hai Phong and three further sites across northern Vietnam.

Each proposed facility would include cargo-handling and storage infrastructure. Together, they are designed to link industrial parks, logistics hubs and production zones to major transport corridors. The Hai Phong terminal would serve as the gateway to deep-water maritime services already operating in the port city.

A northern logistics network takes shape

The project builds directly on an existing partnership. Maersk and Hateco jointly developed the Hateco Hai Phong International Container Terminal, a deep-water facility that opened in 2025 with investment of around US$400 million. The proposed rail network would extend that relationship inland.

For manufacturers in northern Vietnam, the commercial logic is straightforward. Rail connections can reduce dependence on road haulage between factory gates and seaports. They also open an additional export route for goods destined for global markets via Hai Phong.

The feasibility study will determine exact site selections, technical specifications and traffic assumptions. October 2026 government statements placed the preliminary investment figure for the full rail network at up to US$3.5 billion. The table below sets out the key figures as reported.

What does the deal mean for investors?

The agreement signals a broader strategic shift. Integrated port-to-inland logistics gives shipping groups greater control over cargo flows. Revenue is no longer confined to the quayside. For Maersk, the approach aligns with its stated aim of becoming an end-to-end logistics provider across Asia.

Vietnam’s macroeconomic backdrop supports the rationale. The World Bank raised its 2026 growth forecast for Vietnam to 7.4%, underpinning demand for freight infrastructure. Trade volumes along the Cambodia–Vietnam corridor are also expanding, adding weight to cross-border logistics investment.

By FurtherAsia’s reading of the numbers, a US$3.5 billion rail network would rank among the largest private freight-infrastructure commitments in Southeast Asia in recent years. The non-binding status means execution risk remains real. Site approvals, financing structures and anchor traffic commitments have yet to be confirmed.

However, the scale of the proposal and the credibility of both partners place this study in a different category from routine letters of intent. Investors should track the feasibility timeline, any binding development agreements, and the Vietnamese government’s rail concession framework over the coming quarters.

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