14:08 | 09/07/2017 Economy- Society
The capital city is planning to spend VND87 trillion (US$3.8 billion) on four urban railway projects with construction scheduled to begin during the 2017-2020 period.
The spending estimate was approved by the municipal People’s Council at a meeting on July 3.
The projects on the list include Line 3 from Hanoi Railway Station to Hoang Mai, Line 5 from Van Cao to Hoa Lac and two sections of Line 2.
Funding for these projects will be sourced from the city’s budget and private investment under public private partnerships.
Five domestic investors including Vingroup, Xuan Thanh, Lung Lo 5, Tan Hoang Minh, a joint venture of LICOGI and MIK Group, as well as two investors from Russia and the Republic of Korea, have expressed their interest in Hanoi’s metro system.
Last month, Vingroup announced that it would invest about VND100 trillion (US$4.4 billion) in order to build several metro lines in Hanoi.
Currently two lines are under construction, namely Line 2A from Cat Linh to Ha Dong and part of Line 3 from Nhon to Hanoi Railway Station but both are falling behind schedule.
Approximately 90% of the construction work on Line 2A has been completed and official service is scheduled for the second quarter of next year, while the completion date for Line 3 has been delayed until 2021.