Loans Granted to Hanoi Metro
Hanoi Train Station-Nhon Urban Metro Rail Project Director Nguyen Quang Manh has announced that additional loan agreements for the project have been signed.
Investment capital in the metro project has been adjusted to over €1.17 billion ($1.26 billion), an increase of close to €400 million ($432 million).
The Ministry of Planning and Investment has not yet approved an increase in investment capital of VND51.7 trillion ($2.2 billion). Delayed approval has the potential to leave the project in financial difficulties, and loans from the Japan International Cooperation Agency (JICA) are set to expire at the end of 2016.
Construction began in December 2013, five years after approval, and has been temporarily halted until the adjusted investment capital is verified.
Site clearance has reportedly progressed slowly. Deputy Transport Minister Nguyen Hong Truong has said that as the urban railway line passes through residential areas, arrangements for site clearance and resettlement have been difficult.
A report from a consulting firm evaluating the projects for the Ministry is expected to be released in April 2016.
Hitachi to Construct Ho Chi Minh City Metro Elevators and Escalators
Hitachi has secured an order of elevators and escalators for Ho Chi Minh City Metro Line 1, the company’s largest ever order in Vietnam and first order of its escalators in the country.
Related: Vietnam: Long-Awaited Investment Law Guidelines Promulgated
The order of 32 elevators and 31 escalators is to be delivered in 2017. Hitachi has provided 64 units of elevators since entering into a distribution agreement with Thang Uy Trading Co. in 2009.
Metro Line 1 will connect central Ben Thanh Market in District 1 with Suoi Tien in District 9. The line, 19.7 kilometers in length, will consist of 2.6 kilometers of underground track and 17.1 overground. It will serve three underground and 11 elevated stations.
Metro Line 1 is expected to be completed in 2017, and to begin operation in 2018.
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