China’s Pacific Construction to build $2.65 bln metro line in Hanoi
China Pacific Construction Group (CPCG), one of China's largest private corporations in the field of transport infrastructure, has partnered with Vietnam Construction and Import-Export JS Corporation (Vinaconex) on two major infrastructure projects totaling VND85 trillion ($3.46 billion) in Hanoi, including a $2.65 billion metro line.
Hanoi’s Department of Transport, CPCG, and Vinaconex inked a memorandum of understanding (MoU) on Thursday to study and build metro line No.5 and Tu Lien bridge in the Vietnamese capital.
Representatives of Hanoi’s Department of Transport, China Pacific Construction Group, and Vinaconex sign a memorandum of understanding in Hanoi, January 18, 2024. Photo courtesy of Kinh te Do thi (Urban Economy) newspaper.
The MoU came after several contacts between CPCG and senior Vietnamese officials. Yan Jiehe, founder and chairman of CPCG, met with Prime Minister Pham Minh Chinh in Hanoi in January 2023; Secretary of the Hanoi Party Committee Dinh Tien Dung in Guangzhou, China, in September 2023; and Duong Duc Tuan, Vice Chairman of Hanoi in Hanoi last October.
Metro line No.5, also known as the Van Cao-Ngoc Khanh-Lang-Hoa Lac line, will run 38.43 kilometers linking four inner-city districts with satellite urban areas. It is designed to run 6.5 kilometers underground, two kilometers on an elevated section, and the remaining 29.93 kilometers at ground level.
The line, with 21 stations and two depots, had its planning approved in 2011 and was set to be implemented in the 2021-2025 period.
Under a master plan, Hanoi will have 10 metro lines, including nine main lines and one connecting satellite urban areas, with a total length of nearly 420 km, including 75 km underground.
Commercial operations on its first and only operational metro, the 13-kilometer Cat Linh- Ha Dong line, started in November 2021 after multiple delays and cost overruns. Meanwhile, the 12.5-kilometer Nhon-Hanoi railway station metro is under construction, but has also suffered delays and additional costs.
In addition, CPCG will participate in the construction of Tu Lien bridge and roads connecting it with the Hanoi-Thai Nguyen Expressway with a total length of 11.5 km at a cost of VND20 trillion ($814 million). The bridge will cross the Red River.
- Related News
- Read More
Taiwan cooling solution firm AVC doubles Vietnam investment to $400 mln
Asia Vital Components (AVC), a Taiwan-based cooling solution provider, will increase its investment in Vietnam’s northern province of Ha Nam to $400 million.
Industries - Sun, October 27, 2024 | 1:30 pm GMT+7
Vietnam plans to invest $13 bln in 2 railways linking to China
Vietnam’s Ministry of Transport is drafting plans to invest $13 billion in building and upgrading two railways linking Vietnam with China.
Infrastructure - Sun, October 27, 2024 | 10:00 am GMT+7
Mekong Delta province Ben Tre set to export fresh coconuts to China
Vietnam and China have reached agreement on conditions for exporting fresh coconuts from the former to the latter; and it was marked by a ceremony in the Mekong Delta province of Ben Tre on Friday.
Economy - Sun, October 27, 2024 | 9:00 am GMT+7
Top e-commerce platforms in Vietnam earn $9.5 bln in Jan-Sept, up 38%
The revenues of top five e-commerce marketplaces in Vietnam, namely Shopee, Lazada, Tiki, Sendo, and TikTok Shop, reached $9.5 billion in the first nine months of this year, up 37.7% year-on-year.
Companies - Sun, October 27, 2024 | 8:00 am GMT+7
6,000 international tourists arrive in Vietnam on 5-star cruises
Nearly 6,000 international guests have arrived in Vietnam aboard five-star cruise ships in the last two days and are set to visit a range of famous natural, historic and cultural landmarks in different regions.
Companies - Sat, October 26, 2024 | 10:08 pm GMT+7
Chinese online retail platform Temu submits papers for Vietnam operations
Chinese online retail platform Temu has submitted a document to Vietnamese authorities for registering its Vietnam operations.
Companies - Sat, October 26, 2024 | 9:38 pm GMT+7
Five investors register for $2.2 bln LNG power project in central Vietnam
Five investors have applied to join the $2.2 billion Quynh Lap LNG-fired power plant project in Nghe An, according to the provincial Department of Planning and Investment.
Investing - Sat, October 26, 2024 | 4:00 pm GMT+7
Southern Vietnam coastal province promotes fish sauce, chocolate, crafts at HCMC show
Farmers and businesses from Ba Ria-Vung Tau are promoting a range of specialties and OCOP (One Commune One Product) products from the province at an exhibition in Ho Chi Minh City.
Companies - Sat, October 26, 2024 | 2:19 pm GMT+7
Northern Vietnam province Quang Ninh has new Party chief
Vu Dai Thang, a Party Central Committee member and Party chief of Quang Binh province in central Vietnam, has been assigned as Party chief of Quang Ninh province for the 2020-2025 term.
Politics - Sat, October 26, 2024 | 1:40 pm GMT+7
Thai-controlled Sabeco to start acquiring 43% stake in brewer Sabibeco next week
Thai Beverage-controlled Sabeco will start its public tender offer to buy an additional 37.81 million shares, or a 43.2% stake, in local brewer Sabibeco on October 31 until December 25.
Companies - Sat, October 26, 2024 | 11:20 am GMT+7
Vietnam mining group Vinacomin appoints new CEO
Vu Anh Tuan, a board member of state-owned Vietnam Coal and Mineral Industry Group (Vinacomin) has been appointed general director, starting from last Monday.
Companies - Sat, October 26, 2024 | 11:14 am GMT+7
Foreign players net sell $46.4 mln worth of Vietnam equities this week
Foreign investors continued to net sell on the Vietnamese stock market this week, to the tune of VND1,178 billion ($46.43 million) as the U.S. dollar extended its strengthening.
Finance - Sat, October 26, 2024 | 9:39 am GMT+7
Northern Vietnam province sees five-year registered FDI exceeds target by 181%
Quang Ninh province in northern Vietnam expects to attract $10 billion in registered foreign direct investment (FDI) in the 2021-2025 period, local authorities say.
Investing - Sat, October 26, 2024 | 8:00 am GMT+7
Vietnam invites state-owned Chinese giant to join $67 bln high-speed railway project
Vietnam’s Commission for the Management of State Capital at Enterprises (CMSC) has invited China State Construction Engineering Corporation (CSCEC) to participate in and "make contributions" to the country’s $67-billion cross-country high-speed railway project.
Infrastructure - Fri, October 25, 2024 | 7:35 pm GMT+7
Vietnam National Assembly Office Chair unexpectedly steps down
Vietnam’s National Assembly (NA), the country's supreme legislative body, has unexpectedly relieved Bui Van Cuong from the post of its General Secretary.
Politics - Fri, October 25, 2024 | 7:19 pm GMT+7
Vietnamese lender MSB owned 34% by 9 major shareholders holding over 1% stake each
A total of 33.69% of Vietnam Maritime Commercial Joint Stock Bank, or MSB, is held by nine institutional shareholders who own an over 1% stake each, according to its updated list of shareholders.
Banking - Fri, October 25, 2024 | 4:24 pm GMT+7
