Vingroup and T&T Group offer to fund Hanoi metro lines' studies
The two real-estate giants commit to use their own finance for the studies.
Hanoi has submitted a report to Prime Minister Nguyen Xuan Phuc asking for guidance on the proposals of the Vingroup and T&T Group to invest in three among ten urban railway projects.
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In July 2017, the city announced a list of seven investors that had registered to implement urban railway projects in the city. Five domestic investors and two foreign ones registered, including Vingroup, Xuan Thanh, Lung Lo 5, Tan Hoang Minh, Mosmetrotroy (Russia), and joint venture of Licogi – MIK and Lotte (South Korea).
However, until now, only Vingroup and T&T Group have submitted detailed implementation proposals.
Specifically, Vingroup proposed to invest in two routes, No. 5, from Van Cao to Hoa Lac (38.4km) and No. 2 from Tran Hung Dao Street to Thuong Dinh (5.9km). Meanwhile, the T&T Group plans to takes charge of the No. 4 route connecting Me Linh, Sai Dong and Lien Ha (54km). All projects are to be implemented under the Build-and-Transfer (BT) investment model.
Both firms committed to raise the capital for pre-feasibility and feasibility studies. Once selected as main investors, the groups will shoulder the expenses incurred for the feasibility studies. They will have to voluntarily hand over all records and research reports to the city authority and other investors in case they are not chosen as the main investors.
The city officials also want the investors to hire experienced foreign consultants to ensure the quality of the projects and to commit to finish on schedule.
These reports will be submitted to the Prime Minister and the National Assembly later this year for decision.
Hanoi wants to finish constructing 10 urban railways with a total length of 417.8 meters by the end of 2025. The city will need over US$40 billion for their construction, 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 will be built under the PPP model, in which investors can use land to develop urban infrastructure and shopping centers.
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