Chinese giants keen on Vietnam metro railway projects
Two Chinese railway giants have informed Prime Minister Pham Minh Chinh of their interest in getting involved with the implementation of metro railway projects in Vietnam.
Executives of Dalian Locomotive and Rolling Stock Co. Ltd., under China’s state-owned CRRC Corporation Limited (CRRC), and state-owned Power Construction Corporation of China (PowerChina) discussed cooperation possibilities during their meeting with PM Chinh in Liaoning province on Monday.
PM Chinh is on a four-day visit to China.
Vietnam-China railway projects
Sun Rongkun, chairman of Dalian Locomotive and Rolling Stock Co. Ltd., said that his company, which boasts top railway technology and extensive experience, was willing to join the implementation of agreements inked by the two countries and follow instructions of the two governments.
Prime Minister Pham Minh Chinh (right) and Sun Rongkun, chairman of Dalian Locomotive and Rolling Stock, at a meeting in China, June 24, 2024. Photo courtesy of the government's news portal.
The firm stood ready to join metro projects in Hanoi and Ho Chi Minh City; providing solutions, technology and workforce training to help Vietnam develop its railway sector, the executive added.
PM Chinh urged the Chinese giant and Vietnam’s state-owned Vietnam Railways Corporation to collaborate in manufacturing locomotives, financing and workforce training. He also suggested that the company considers joining projects outside the railway sector, like new energy.
Chinh also mentioned current bilateral cooperation in building transnational railway routes, including one connecting Hanoi, Lao Cai province and Hai Phong city; another linking Lang Son province and Hanoi; and yet another between Quang Ninh province and Hai Phong city. He added that Vietnam planned to continue developing urban railways in Hanoi, especially the one linking the city to the Hoa Lac Hi-Tech Park, and in HCMC.
PowerChina and metro projects in Hanoi, HCMC
At the meeting with PowerChina, PM Chinh urged the giant to invest more in Vietnam, focusing on railway and renewable energy sectors. Vietnam welcomes foreign firms, including PowerChina, to join railway projects agreed to by authorities of both countries including metro routes in Hanoi and HCMC.
Prime Minister Pham Minh Chinh (right) and Wang Xiaojun, deputy general manager of PowerChina, at a meeting in China on June 24, 2024. Photo courtesy of the government's news portal.
He also proposed that PowerChina helps Vietnam with new investments, technology and management of railway sector development.
The PM emphasized that Vietnam was woking on a legal framework for direct power purchase agreement (DPPA) mechanisms and encouraging solar power for self-production and self-consumption, not to mention LNG- and gas-fired power.
Wang Xiaojun, deputy general manager of PowerChina, said the firm was ready to cooperate with Vietnam in railway, metro railway, new energy, wind power, especially in northern Vietnam.
PowerChina has been operating in Vietnam since 2000, working on contracts worth $9 billion, employing more than 1,000 laborers. These include 23 solar power projects of 2,681 MW, nine offshore wind power projects of 1,217 MW, 16 onshore wind power projects of 1,201 MW and two waste-to-power projects in Hanoi and Can Tho city capable of handling a total of 4,400 tons of waste per day.
Vietnam’s ambitious metro plans in Hanoi and HCMC comprise 10 routes each, totalling 418 km and 220 km, respectively. Hanoi has one route in operation and two others under construction, while HCMC is yet to put any project into operation.
- Related News
- Read More
IFC promotes Vietnam’s first blue bond with $150 mln package for SeABank
A financing package of $150 million for private lender SeABank aims to catalyze a viable blue finance market while fostering green bonds, the International Finance Corporation (IFC) said Tuesday.
Banking - Tue, June 25, 2024 | 6:30 pm GMT+7
Former deputy head of Party Central Committee’s Commission for Internal Affairs arrested
The Ministry of Public Security’s investigative agency has launched legal proceedings against and detained Nguyen Van Yen, former deputy head of the Party Central Committee’s Commission for Internal Affairs, for “appropriating state secret documents”.
Politics - Tue, June 25, 2024 | 6:10 pm GMT+7
Over 50% of Malaysia’s marine park reefs affected by bleaching
More than 50% of the coral reefs in Malaysia's marine parks have been affected by mass bleaching caused by rising sea temperatures, the country's Department of Fisheries said in its announcement following a study conducted between April and June.
Southeast Asia - Tue, June 25, 2024 | 5:01 pm GMT+7
Indonesia’s data centre hit by ransomware attack
Indonesia’s national data centre had been recently hit by a ransomware attack demanding a ransom of $8 million, Communication and Informatics Minister Budi Arie Setiadi said on Monday.
Southeast Asia - Tue, June 25, 2024 | 4:59 pm GMT+7
Philippines reduces rice import tax, creates export opportunities for Vietnam
A new decree issued by the Philippines that cuts rice import tax to 15% is expected to increase export opportunities for Vietnam.
Economy - Tue, June 25, 2024 | 4:54 pm GMT+7
Indonesia’s textile sector sees job cuts soar
Tens of thousands of textile and textile product (TPT) workers in Indonesia have been laid off in the first half of this year, president of the Confederation of Indonesian Trade Unions (KSPN) Ristadi said on Sunday, describing the sector’s situation as an emergency.
Southeast Asia - Tue, June 25, 2024 | 4:48 pm GMT+7
Indonesia economy projected to remain resilient: WB
Indonesia's successful economic performance is largely thanks to the government’s strong macro-economic policy framework, which helps attract investment, World Bank (WB) director for Indonesia and Timor-Leste Carolyn Turk said on Monday.
Southeast Asia - Tue, June 25, 2024 | 4:46 pm GMT+7
Work begins on second Vietnam-Singapore industrial park this month
Vietnam Singapore Industrial Park Joint Venture Co. (VSIP) on Tuesday broke ground for a new facility in the central province of Ha Tinh.
Industrial real estate - Tue, June 25, 2024 | 3:53 pm GMT+7
Tourism recovery to add 1-plus ppts to Vietnam’s 2024 GDP growth: VinaCapital
After having boosted Vietnam’s GDP growth by more than four percentage points last year, a continued recovery of foreign tourists visiting Vietnam is expected to add more than one ppt to the country’s growth this year, said VinaCapital, a leading Vietnam-focused asset management firm.
Economy - Tue, June 25, 2024 | 12:14 pm GMT+7
Marvell, Google should invest more in Vietnam: minister
Minister of Planning and Investment Nguyen Chi Dung has called on Marvell Technology and Google to invest more in Vietnam, especially in semiconductors and artificial intelligence (AI), as part of his working trip to the United States from June 22-26.
Industries - Tue, June 25, 2024 | 11:06 am GMT+7
SHB bank launches financial solution package for foreign-invested enterprises
Saigon Hanoi Commercial Joint Stock Bank (SHB) has launched a financial solution package for foreign-invested enterprises (FIEs) with outstanding incentives, quick procedures, and simple documentation.
Banking - Tue, June 25, 2024 | 9:03 am GMT+7
Public opinion should not decide amendments to gold market management rules: economist
Vietnam is sufficiently equipped to manage the gold market and any amendment to Decree 24 should be based on legal, scientific grounds, not public opinion, says Dr. Nguyen Duc Kien, former head of the Prime Minister’s economic advisory group.
Finance - Tue, June 25, 2024 | 8:16 am GMT+7
Dull market prompts Heineken to suspend factory in central Vietnam
Heineken Vietnam Brewery Limited Company, or Heineken Vietnam, has suspended operations of its factory in the central province of Quang Nam since June 12, citing multiple challenges in the local market.
Companies - Mon, June 24, 2024 | 10:02 pm GMT+7
VNG strives to invest in technology and emerging trends
VNG Corporation will continue to innovate and invest in technology and emerging trends, including AI, fintech, and data centres, the company said at its 2024 AGM on Friday in Ho Chi Minh City.
Companies - Mon, June 24, 2024 | 9:20 pm GMT+7
Vietnam sees robust growth, abundant opportunities await: insiders
Vietnam is expected to see robust growth in the next 5-10 years, opening more investment opportunities for foreign investors in all sectors, said insiders.
Economy - Mon, June 24, 2024 | 9:08 pm GMT+7
