HCMC eyes $9.5 bln investment in 6 new metro projects until 2035
Ho Chi Minh City is drafting a plan to invest VND236,629 billion ($9.53 billion) in building six more metro projects until 2035, while admitting state budget and official development assistance (ODA) capital are limited.
Currently, HCMC is building Metro No. 1 (Ben Thanh-Suoi Tien) worth VND43,700 billion ($1.76 billion) and Metro No. 2 (Ben Thanh-Tham Luong) worth VND47,900 billion, with both projects having already missed many deadlines.
According to its current plan, the city aims to build eight metro routes and three tramway or mono-rail routes, totaling 220 kilometers with an investment of $25 billion.
The other six metro lines include the 8.9-kilometer Metro No. 5 connecting the Bay Hien intersection and Saigon bridge, with investment capital of VND38,700 billion ($1.56 billion), including VND28,000 billion in ODA and the remaining from HCMC's budget.
This project had its pre-feasibility studies submitted to the Prime Minister in 2017 and 2020 but has yet to be approved. The project is set to seek in-principle approval from the parliament next year.
The remaining five are the 10-kilometer Metro 3a linking the Ben Thanh market and Mien Tay bus station, worth VND41,800 billion ($1.68 billion); the 21-kilometer phase 1 of Metro No. 4 linking Thanh Xuan ward and Nguyen Van Linh road, worth VND58,185 billion; the 9.1-kilometer phase 2 of Metro No. 4 connecting the Ben Thanh-Thu Thiem depot and Tham Luong-Tay Ninh bus station deport, worth VND32,604 billion; the 12.1-kilometer Metro 3b going from the Cong Hoa intersection to Hiep Binh Phuoc ward, worth VND41,140 billion; and the 5.2-kilometer Metro 4b linking the Gia Dinh park and Lang Cha Ca roundabout, worth VND24,200 billion.
A train for Metro No. 1 in Ho Chi Minh City arrived in the southern city in 2020. Photo courtesy of Laborer newspaper.
Given that ODA is increasingly limited as Vietnam has become a lower-middle income country and problems related to management and use of this source of capital, the municipal Department of Transport suggested transit-oriented development (TOD) format for attracting capital.
This method can help develop urban areas within 500 meters of depots, hence help financing the projects, said the department. It urged municipal authorities to task the Department of Planning and Architecture to update the city’s planning for 2040, with vision to 2060, to make use of land funds surrounding future metro stations.
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