Vingroup will invest nearly $5 billion to build a railway in Hanoi

City People’s Committee Ha Noi has handed over a memorandum of understanding that Vingroup will invest VND100 trillion (about US $ 5 billion) in urban rail.

On June 25, at the “Hanoi 2017 – Investment and Development Cooperation” conference, Ha Noi awarded memorandum of understanding with enterprises to implement some big projects in the area.

Chairman of the City People's Committee of Hanoi Nguyen Duc Chung gives a memorandum to representatives of Vingroup

Chairman of the City People’s Committee of Hanoi Nguyen Duc Chung gives a memorandum to representatives of Vingroup

In particular, Vingroup is pouring about 100,000 trillion dong to build an urban railway in Hanoi, besides the ones being built with state budget funds. The memorandum was held in the presence of Prime Minister Nguyen Xuan Phuc.

When deployed, this will be the first urban railway project in Vietnam to be fully funded by private capital. However, Vingroup will not be published yet.

City People’s Committee said the deployment, disbursement of the amount of VND1,000 billion will follow the progress of site clearance. This advance will be refunded from the financial obligations that this corporation must pay to Hanoi if the current debt or later arising from the new project.

In February, 2017, at a meeting with Deputy PM Trinh Dinh Dung on urban railways, Chairman of the City People’s Committee Ha Noi Nguyen Duc Chung confirmed that the Cat Linh – Ha Dong railway line has been completed and will be put into operation in September 2014.

Hanoi has also revealed that the city has received proposals from three large conglomerates to build subway lines. Specifically, Lung Lo Construction Corporation, Vingroup Group and Xuan Thanh Group.

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