Hanoi’s second metro line project to drag on to 2029
The Nhon-Hanoi Station railway’s trains. Photo courtesy of Vietnam News Agency.
Hanoi Urban Railway Management Board has proposed to delay the Nhon-Hanoi Station urban railway project for seven years and an extra investment capital expenditure of over $200 million.
Work on the city's second railway project started in 2009, originally scheduled for completion in 2022, but construction progress has been delayed.
The project is deploying all 10 main bidding packages. Its overall completion progress is about 74.36%. The figures for the elevated and underground sections are 95.1% and 33%, respectively.
According to a representative of the board (MRB), the project now faces five major challenges. First, equipment contracts have seen both implementation time and costs extended due to the impact of the Covid-19 pandemic, which delayed and disrupted manufacturing and importing of equipment and prevented the travel of specialists from Europe.
Other problems include site clearance and disputes with international contractors due to delays.
According to the new proposal, the elevated section will be operational in 2022, the full route in 2027, with warranty and payment settlement completion in 2029.
MRB also asked for the total project investment to rise to VND34,532 billion ($1.49 billion), an increase of $211.6 million.
The extra costs are derived from the variation of the exchange rate between the Euro and Vietnamese dong, amendments to the design and technical requirement to fit the implementation reality and operational mode, delays, updates of investment expenditures, and work supplements, it claimed
The Nhon-Hanoi Station section of Hanoi's pilot urban railway project is 12.5 kilometers long. The line has eight elevated stations and four underground, with an 8.5-kilometer elevated section from Nhon in Bac Tu Liem district to Cau Giay district and four-kilometer underground section from Cau Giay district to Hanoi Station in Dong Da district. Hanoi Station is one of Vietnam's major train hubs.
The project is funded by official development assistance loans from the French government, French Development Agency, Asian Development Bank, European Investment Bank, and domestic counterpart funds.
- Read More
Vietnamese lender MBBank launches versatile corporate card for smart financial management
MBBank has introduced MB Hi BIZ, a multi-functional corporate card that integrates both debit and credit features, designed to enhance spending control and provide businesses with flexible access to capital.
Banking - Sat, July 26, 2025 | 2:30 pm GMT+7
Tradition, innovation keys to elevating Vietnamese cuisine globally: exec
Vietnam boasts a wide array of beloved food products, but more innovative and eye-catching packaging is needed to boost global appeal, said Nguyen Trung Dung, founder and CEO of Dh Foods JSC, a Vietnamese spice company.
Companies - Sat, July 26, 2025 | 2:19 pm GMT+7
Vingroup, FPT back central Vietnam province’s green growth, innovation drive
Conglomerate Vingroup and tech giant FPT Corporation have pledged to support Khanh Hoa in its green growth and innovation push, outlining key priorities for the south-central province to drive future breakthroughs.
Industries - Sat, July 26, 2025 | 10:04 am GMT+7
Non-interest income drives Vietnamese lender ACB’s Q2 profit growth
Vietnam’s Asia Commercial Bank (ACB) reported a pre-tax profit of VND6.1 trillion ($233.3 million) in the second quarter of this year, up nearly 9% year-over-year.
Banking - Sat, July 26, 2025 | 9:05 am GMT+7
Northern Vietnam province determined to break ground on LNG-fueled power project in Sept
A $2.56 billion LNG-fueled power project in the northern province of Hung Yen is set to break ground in September, local authorities reaffirmed.
Energy - Fri, July 25, 2025 | 10:19 pm GMT+7
State-owned giant Petrovietnam seeks to develop eco-energy, industrial center
Petrovietnam is studying a large-scale eco-energy and industrial center project in the country which will be a vital driving force of the group's future development and "a matter of survival", said chairman Le Manh Hung.
Energy - Fri, July 25, 2025 | 3:23 pm GMT+7
Standard Chartered puts Vietnam's 2025 growth forecast at 6.1%, country aims for 'at least 8%'
Standard Chartered has revised its 2025 GDP growth projection for Vietnam to 6.1%, down from 6.7% early this year.
Economy - Fri, July 25, 2025 | 2:51 pm GMT+7
Malaysia strives to transform Kuala Lumpur into flagship AI-driven smart city
Malaysia identifies AI as a key strategic driver to turn Kuala Lumpur into its leading smart city towards a livable, sustainable urban model and enhancing its competitiveness in ASEAN, according to Malaysian Digital Minister Gobind Singh Deo.
Southeast Asia - Fri, July 25, 2025 | 1:50 pm GMT+7
Bridgestone holds 25% of Vietnam’s passenger tire market: exec
Vietnamese consumers purchase approximately 3 million passenger tires annually, with Bridgestone holding a 25% share of the market, said Nguyen Ngoc Dung, senior national sales manager for the passenger tire group at Bridgestone Vietnam.
Companies - Fri, July 25, 2025 | 1:43 pm GMT+7
Vietnam securities firms see diverging profits in Q2
The top 10 securities companies on the Ho Chi Minh Stock Exchange (HoSE) experienced mixed earnings in Q2 amid the strong rebound of the benchmark VN-Index.
Finance - Fri, July 25, 2025 | 12:55 pm GMT+7
Vietnam's retail space market rebounds after massive crackdowns on counterfeit goods
The presence of numerous international brands in Ho Chi Minh City and Hanoi signals that Vietnam's retail market remains attractive, and following a wave of authorities' crackdowns on counterfeit goods, consumers are expected to benefit from a more sustainable market.
Real Estate - Fri, July 25, 2025 | 10:46 am GMT+7
Vietnam's plastics heavyweight Tien Phong sees record-high quarterly profit
Tien Phong Plastic JSC, a top plastics manufacturer in Vietnam, posted an after-tax profit of VND320.5 billion ($12.26 million) in Q2/2025, up 34.5% year-on-year and an all-time quarterly high.
Companies - Fri, July 25, 2025 | 9:00 am GMT+7
VinFast partners with 12 major banks to accelerate green transport in Hanoi
Vietnamese electric vehicle maker VinFast, a subsidiary of Vingroup, on Thursday signed a cooperation agreement with 12 financial institutions to promote the transition from gasoline-powered vehicles to electric ones in Hanoi.
Companies - Thu, July 24, 2025 | 10:43 pm GMT+7
Thailand submits final proposal in tariff talks with US
Thailand has entered the final stage of negotiations with the U.S. on tariffs, hoping to achieve a tax rate that is competitive with regional partners before the August 1 deadline.
Southeast Asia - Thu, July 24, 2025 | 10:39 pm GMT+7
Vietnam’s expressway giant VEC lands huge state capital boost
State-owned expressway developer Vietnam Expressway Corporation (VEC) has seen its charter capital rise by over VND37.5 trillion to VND38.62 trillion ($1.48 billion) this year, as per a decision signed by Minister of Finance Nguyen Van Thang.
Companies - Thu, July 24, 2025 | 10:26 pm GMT+7
Vietnam’s food giant Kido to acquire 41% stake in operator of HCMC mall
Kido Group (HoSE: KDC), a leading food company in Vietnam, has announced its plan to acquire a 41% stake in Bac Binh Construction Investment JSC, the operator of Van Hanh Mall – one of the largest shopping centers in Ho Chi Minh City.
Real Estate - Thu, July 24, 2025 | 10:14 pm GMT+7
