70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy
China’s major corporations express interest in Vietnam’s large-scale railway projects
Ngoc Mai 16:23, 2023/09/17
Cooperation in infrastructure projects that link Vietnam and China, including high-speed railways, holds a solid political foundation rooted in the relationship between the two nations.

Leaders of China Railway Group (CREC) and Power Construction Corporation of China (PowerChina) have expressed interest in taking part in Vietnam’s large-scale railway project, including the Lao Cai – Hanoi – Haiphong section. 

 Prime Minister Pham Minh Chinh (R) and CREC Chairman Chen Yun. 

The view was shared during the meeting between Vietnam's Prime Minister Pham Minh Chinh and CREC Chairman of the Board of Directors Chen Yun, and PowerChina's Chairman of the Board Ding Yanzhang on September 16.

CREC Chairman Chen Yun expressed the group's willingness to invest in the railway projects outlined in the Vietnamese Government’s railway planning.

Acknowledging CREC's global business investments, PM Chinh reiterated that the Vietnamese government welcomes foreign businesses in general, and specifically Chinese enterprises, to expand their investments and operations within Vietnam.

Highlighting the significance of infrastructure development as a strategic priority, the Vietnamese government leaders and CREC's Chairman discussed the potential of exploring the construction of the approximately 388-kilometer Lao Cai - Hanoi - Hai Phong railway line.

Chinh welcomed CREC Group's potential participation in this project, requesting that immediately after the meeting, the relevant  Vietnamese agencies enter into specific discussions with CREC Group regarding the project's feasibility, including aspects such as design, financing, construction, and management. The aim is to find the most suitable and mutually beneficial arrangement for both parties.

The Prime Minister emphasized that the Government would guide on matters within its jurisdiction, with a commitment to ensuring progress, quality, safety, and environmental standards as outlined.

Ding Yanzhang, Chairman of PowerChina, also expressed plans to invest in power projects and participate in infrastructure development in Vietnam, including high-speed railway projects.

 Prime Minister Pham Minh Chinh and PowerChina's Chairman Ding Yanzhang. 

The Vietnamese Government leader welcomed this initiative and encouraged the group to collaborate with Vietnamese authorities to promptly explore solutions, emphasizing the importance of feasibility.

According to the Prime Minister, cooperation in infrastructure projects that link Vietnam and China, including high-speed railways, holds a solid political foundation rooted in the strong relationship between the two nations.

The key lies in the detailed implementation of these projects to yield practical benefits for all parties, while also adhering to the spirit of balancing the interests of the state, people, and businesses, and sharing the risks involved.

The Vietnam Railways Department is currently seeking feedback on the initial report for the Lao Cai - Hanoi - Haiphong - Quang Ninh railway route's planning phase.

The railways will start at the Hekou railway (China) in Lao Cai and run eastward through provinces and cities such as Yen Bai, Phu Tho, Vinh Phuc, Hanoi, Hung Yen, Hai Duong, Haiphong, and end at Cai Lan Port in Quang Ninh.

In Vietnam, the CERC has undertaken several notable projects, including the construction of the Cat Linh - Ha Dong line of the Hanoi Metro project with a total  EPC contract value of US$640 million. They are also involved in the Dak Nong wind power project valued at $18.1 million SD and a tire factory project in Tien Giang with a total value of $5 million.

The wholly state-owned PowerChina has been operating in the Vietnamese market since 2000 and has participated in major projects such as the  Lai Chau and Son La hydropower projects, the Vinh Tan coastal thermal power center, and acted as the general contractor for wind and solar power projects with a combined capacity of 7 GW. The total contract value for these projects exceeded $6.5 billion.

Prime Minister Pham Minh Chinh, along with the Vietnamese delegation, has traveled to Nanning to attend the China-ASEAN Expo and the China-ASEAN Trade and Investment Summit, held from September 16 to 17, at the invitation of the Chinese government.

TAG: Vietnam news Vietnam China vietnam chinal railway projects vietnam crec vietnam powerchina
Other news
16:07, 2024/07/20
Gov’t mulls creation of oil and gas trading exchange
Such a platform would help minimize price manipulation, ensure a flexible pricing mechanism, and improve the distribution and circulation of oil and gas.
21:59, 2024/07/19
Hanoi promotes women's role in safe agri-food trade
The city will focus on strengthening enforcement of food safety regulations in food production and trade facilities.
18:00, 2024/07/17
Hanoi commercial letting stagnates
Property owners who rent commercial space need to change and adapt their approach in response to the difficulties faced by tenants.
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
07:13, 2024/07/17
NIC boosts Vietnam's chip talent with Qorvo, Cadence partnerships
Vietnam has the potential to become a center for incubating the semiconductor ecosystem if stakeholders have the necessary faith and drive.