return icon Vietnamnet.vn

HCMC seeks US$1.3 billion from central Gov’t to fund metro construction

The HCMC authority is seeking approval from the municipal People’s Council to borrow a total of over US$1.3 billion from the on-lending fund of the central Government to construct the city’s second metro line.

 

{keywords}

A construction site is in front of the Ben Thanh Market in downtown HCMC. The city government is seeking funds to build the second metro line

 

 

According to the proposal, the city government intends to borrow US$962.61 million and 300.72 million euros in the form of foreign loans from the central Government.

The metro line will link Ben Thanh Market in District 1 with Tham Luong Depot in District 12.

The project currently requires total funding of more than VND47.8 trillion (US$2.09 billion), compared with the original VND26 trillion.

The revised capital requirement will come from over VND37.4 trillion worth of official development assistance loans and some VND10.4 trillion from Vietnam’s reciprocal capital.

Foreign loans are expected to be allocated to the HCMC budget from the central Government to develop the railway infrastructure and pay for other expenses.

Meanwhile, the municipal budget will use the on-lending funding of foreign loans for items related to transport business operations, such as locomotives, the ticketing system and depot equipment.

The Government said in a November report to the National Assembly that some 18% of households affected by the project had received compensation, and some 9% of the households had handed over their land for the construction of the metro line.

Site clearance, compensation and resettlement for the project are expected to be completed by June next year, according to the report.

Last week, Prime Minister Nguyen Xuan Phuc ordered authorities in 10 cities and provinces to fast-track the execution of key transport infrastructure projects, including the Ben Thanh-Tham Luong metro line, with a focus on removing obstacles to site clearance. SGT

Pham Nhat

Nhon – Hanoi Station metro line expected to run in 2021

Nhon – Hanoi Station metro line expected to run in 2021

Once ready, the Nhon – Hanoi Station metro line is expected to serve more than 23,000 passengers per hour from 2021.

HCM City’s metro project costs cut by US$146.5 million

HCM City’s metro project costs cut by US$146.5 million

HCMC has cut unnecessary costs to lower the investment capital for its first metro line by VND3.4 trillion (US$146.5 million) to VND43.6 trillion.  

MORE NEWS

VIETNAM NEWS HEADLINES JUNE 25

Exhibition spotlights Hue’s enameled bronze art

VIETNAM BUSINESS NEWS JUNE 25

Government seeks to resolve businesses’ capital shortage

Online exposure confers stardom on young singers

Restrictions on traditional entertainment channels by the Covid-19 pandemic have turned out to be a blessing in disguise for some young singers presenting their talents online.

Hanoi's transport department proposes more vehicles using the exclusive BRT lane

Hanoi Department of Transport has proposed the municipal People's Committee to allow passenger cars with 24 seats or more, official vehicles, ambulances and fire trucks to use Bus Rapid Transit (BRT) lanes in the capital.

16 Vietnamese designers to open Thailand Fashion Week 2022

A fashion collection by 16 young Vietnamese designers is set to open Thailand Fashion Week 2022 for the first time, with the outfits on show featuring images of Vietnamese cultural heritages.

The man who helps Vietnamese find their biological parents

Do Hung Phuc’s joy is to help those who lost their parents at birth to find their roots. In three years, the young man has created many magical and emotional reunions.

US increases coffee imports from Vietnamese market

The market share of Vietnamese coffee as part of the United States’ total imports increased from 8.95% to 9.6% during the opening four months of the year, according to statistics compiled by the General Department of Vietnam Customs.

Teenager specializes in diaphonization of animals

Two years ago, after he saw images of diaphonized specimens on the internet, Nguyen Tien Minh Duy, 15, from Buon Ma Thuot City began searching for information and learning about diaphonization.

Universities use ‘conflicts’ to help students learn more about business

Future schools need to be good at designing experiences for students to help them in their career and purpose, Lee Newman from Spain’s IE University said in an interview with VietNamNet.

Famous painter Bui Xuan Phai's works on display for first time

Sixty works by late famous painter Bui Xuan Phai, many of which were created toward the end of his life, are on display in Ho Chi Minh City.

5-year-old Hanoian conquers highest mountains in Vietnam

Dang Quang Vinh, together with his parents, has climbed the five highest mountains in Vietnam, including Lao Than, Lung Cung and Nhiu Co San, which even adults dare not climb.

Belgian comic artist, musician to attend Hue Festival 2022

Belgian comic artist Dany and musician-singer Konoba will represent artists from the Wallonie-Bruxelles region at Hue Festival 2022, according to the Wallonie-Bruxelles delegation in Vietnam.

Family has 3 kids with small stature

The family of Doan Thi Nhan in Hoang Viet hamlet, Tan Phuoc commune of Tan Hong district in Dong Thap, in the Mekong Delta, has a number of children with small stature.

Vietnamese player wins first int’l badminton title at Croatia Open

Vu Thi Anh Thu of Vietnam secured a gold medal in the Croatia Open badminton tournament on June 23 in Dubrovnik.

Face masks and community immunity

Recently, I visited a government agency. The security guards, who were not wearing face masks, did not allow me to enter the agency because I did not have a mask.
back_to_top