The MobiFone Telecommunications Corporation (MobiFone) signed an investment memorandum of understanding (MoU) with the Hanoi People's Committee last week.

Workers dismantle telecommunications cables in Quang Trung Street in Hanoi.

Accordingly, the corporation will invest about 500 billion VND (22.4 million USD) into a project to bury telecom cables underground in the city.

Other partners who joined the MoU include Viettel Group, Vietnam Post and Telecommunications Group (VNPT) and Hanoi Electricity Corporation (EVN Hanoi), with a total investment estimated at 3 trillion VND.

Speaking at the event, Le Nam Tra, chairman of MobiFone's member council, said the corporation was honoured to contribute to the project.

"This is a big and meaningful project for the city's socioeconomic development, which contributes to build a more modern and civilised capital city," Tra said.

VNA