Thailand’s long-delayed high-speed rail project linking Don Mueang, Suvarnabhumi and U-Tapao airports has reached a critical stage, with the State Railway of Thailand (SRT) preparing to ask the Eastern Economic Corridor (EEC) Policy Committee to decide whether the public-private partnership contract should be amended or terminated.
The project, awarded in 2018 to Asia Era One, a consortium led by CP Group, was designed as a flagship infrastructure project connecting Bangkok with the Eastern Economic Corridor. However, progress was delayed by the COVID-19 pandemic, leading the private partner to seek contract revisions after the notice to proceed was postponed.
Despite years of negotiations under successive governments, the revised agreement has yet to be finalised. Acting SRT Governor Anan Phonimdang said discussions between the SRT, the EEC Office and Asia Era One have narrowed the options to two.
The first option is to proceed with the previously proposed contract amendment, which has already been reviewed by the Office of the Attorney-General before seeking Cabinet approval.
The second option is to terminate the agreement if the EEC Policy Committee determines the contract cannot be legally revised. In that case, both parties would assess their legal obligations, investment commitments and responsibilities under Thailand’s public-private partnership framework.
According to the SRT, Asia Era One has informed the government that it has been unable to secure project financing because financial institutions consider the project too risky. The consortium warned that without amendments to the original contract, it may not be able to continue with the project.
The SRT expects to submit the proposal to the EEC Policy Committee by August 2026, following board discussions in July.
If the contract is terminated, the SRT says it will maintain rail services into the Eastern Economic Corridor using its existing double-track railway network while reviewing whether a high-speed rail system remains necessary under current market conditions.
The decision could also affect the Airport Rail Link and parts of the Thai–Chinese high-speed rail project, with the SRT preparing contingency plans to ensure transport services continue without disruption.
The EEC Policy Committee's decision is expected to determine the future of one of Thailand's largest transport infrastructure projects.
