Vingroup and T&T approved to compile investment dossiers for Hanoi metro lines
The two firms would fund the pre-feasibility studies to build the dossiers on their own and Hanoi won’t need to repay the cost if the city decide to go with another proposal.
Deputy Prime Minister Trinh Dinh Dung has just assigned Hanoi to study and acknowledge opinions from other ministries, based on which it will need to draw up invesment dossiers for the city’s urban railway projects, according to the Government Portal.
Earlier, Hanoi authorities submitted a report to Prime Minister Nguyen Xuan Phuc asking him to allow Vingroup and T&T Group to build three of the ten railway projects of the city.
The two real estate giants then announced their interest on undertaking the studies for those three metro lines, which Hanoi authorities seek permission to go ahead via its proposal submitted to relevant ministries and Vietnam Railways.
Particularly, Vingroup wants to study two routes, the 38.4-kilometer No.5 line from Van Cao to Hoa Lac and the 5.9km No.2 line from Tran Hung Dao to Lien Ha, while T&T wants to look into the 54km No.4 route connecting Me Linh, Sai Dong, and Lien Ha. All these projects are to be implemented under the Build-Transfer (BT) investment model.
Once selected as main investors, the groups will shoulder the expenses incurred for building investment dossiers. In case they are not chosen as the main investors, they will have to voluntarily hand over all records and research reports to the city authority and other investors.
The three metro lines were put forward for private investment in 2016 so that they can be completed by 2025. However, so far only Vingroup and T&T have expressed interest.
The construction of the railway lines is part of the Hanoi’s plan to enhance its public transport network and limit personal vehicles in the central business district by 2030. As part of the city’s master plan for 2030 and vision to 2050, Hanoi will have ten urban railway lines with a combined length of 417.8km.
The city will need over US$40 billion for the constructions, including US$7.5 billion in 2017-2020, US$7.6 billion in 2021-2015, US$3.5 billion in 2026-2030, and $21.3 billion after 2031. All items will be built under the PPP model, under which investors can use land to develop urban infrastructure and shopping centers.
Earlier, Hanoi authorities submitted a report to Prime Minister Nguyen Xuan Phuc asking him to allow Vingroup and T&T Group to build three of the ten railway projects of the city.
The two real estate giants then announced their interest on undertaking the studies for those three metro lines, which Hanoi authorities seek permission to go ahead via its proposal submitted to relevant ministries and Vietnam Railways.
Illustrative photo
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Particularly, Vingroup wants to study two routes, the 38.4-kilometer No.5 line from Van Cao to Hoa Lac and the 5.9km No.2 line from Tran Hung Dao to Lien Ha, while T&T wants to look into the 54km No.4 route connecting Me Linh, Sai Dong, and Lien Ha. All these projects are to be implemented under the Build-Transfer (BT) investment model.
Once selected as main investors, the groups will shoulder the expenses incurred for building investment dossiers. In case they are not chosen as the main investors, they will have to voluntarily hand over all records and research reports to the city authority and other investors.
The three metro lines were put forward for private investment in 2016 so that they can be completed by 2025. However, so far only Vingroup and T&T have expressed interest.
The construction of the railway lines is part of the Hanoi’s plan to enhance its public transport network and limit personal vehicles in the central business district by 2030. As part of the city’s master plan for 2030 and vision to 2050, Hanoi will have ten urban railway lines with a combined length of 417.8km.
The city will need over US$40 billion for the constructions, including US$7.5 billion in 2017-2020, US$7.6 billion in 2021-2015, US$3.5 billion in 2026-2030, and $21.3 billion after 2031. All items will be built under the PPP model, under which investors can use land to develop urban infrastructure and shopping centers.
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