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Cat Linh Railway – Ha Dong: The repayment timely for China Exim Bank even though the project is behind schedule

In early September, 2018, all 13 trains will be tested on the entire Cat Linh - Ha Dong railway.

The Finance Ministry has just sent a letter to Ministry of Transportation and BIDV announcing the debt repayment on January 21, 1818 and the commitment fee for the $ 250 million preferential credit loan provided by China Exim Bank. Cat Linh railway line – Ha Dong.

Accordingly, the Ministry of Finance will make timely payment to China Eximbank (the Export-Import Bank of China) of the maturity date, interest and commitment fees due on January 21, 2018 for favorable credit valued at $ 250 million for the project.

Specifically, the Ministry of Finance said the re-lending portion is as follows: outstanding loans were $ 38.56 million, plus principal and interest payable was more than $ 2.99 million (equivalent to VND 67.8 billion) In which interest is more than $580 thousand (VND13.16 billion), the root is $2.4 million (VND54.4 billion).

In early September, 2018, all 13 trains will be tested on the entire Cat Linh - Ha Dong railway.
In early September, 2018, all 13 trains will be tested on the entire Cat Linh – Ha Dong railway.

“The project has completed the withdrawal of capital from the agreement in December 2017. The total amount of loan has been withdrawn according to the mechanism of re-lending under the proposal of detailed withdrawal of capital by the Ministry of Transport (Project Management Board It is worth more than $ 43.3 million, and the commitment fee for the re-borrowed portion of the agreement is $ 657.7 thousand, ” Ministry of Finance said.

In addition, the Ministry of Finance requested the Bank for Investment and Development of Vietnam (BIDV) to compare the amount of money to be repaid (principal, interest, commitment fee) of the re-lending, collected from the project management unit railroad and return to the account of the accumulated funds repayment.

Previously, Vu Hong Phuong, deputy general director in charge of the railway management board, said that the construction volume of the project has been completed 95% so far, but in 2017 due to slow additional capital on should affect the progress.

Up to now, the additional capital has been cleared so the Board has asked the general contractor to arrange human resources, planning each week, every month and allocate payment capital to subcontractors; Quickly sign the remaining contracts with the subcontractor.

According to Deputy Minister of Transport Nguyen Ngoc Dong, in January, the Ministry of Transport will report on the implementation of the project with the Government to finish the progress.

According to the progress of the Chinese general contractor, early September 1818 will run all 13 trains on the whole route. After a trial run of 3 to 6 months, the project will be commercially exploited.

It is known that the whole railway Cat Linh – Ha Dong is 13.05 km long on high. Starting point at Cat Linh station, ending at Yen Nghia station (Highway 6), including 12 high-rise stations and 19.6ha Depot area in Ha Dong district, double track 1.435mm.

There are 13 trains, each with 4 coaches. Length of 3-5 minutes per trip, the future 2 minutes / trip; Design speed is 80km / h, average exploitation speed is 35km / hour.

Total initial investment of the project from $ 552 million (equivalent to VND8,770 billion) so far has increased to $ 891.92 million (equivalent to VND18.792 billion), after two years of project delay was the price team added $339.1 million (equivalent to VND7,000 billion, nearly 40%).

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Cat Linh Railway – Ha Dong: The repayment timely for China Exim Bank even though the project is behind schedule
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