Prime Minister Pham Minh Chinh has for the second time asked the Japanese government to help Vietnam develop its north-south express railway.
During a meeting with Japanese Minister of State for Financial Services Suzuki Shunichi in Hanoi on Friday, the Vietnamese PM asked Shunichi to urge the Japanese government to help Vietnam develop its railroad network, in restructuring capital contributions at Nghi Son - the country’s largest refinery, and particularly in managing digital transformation in customs, as well as the corporate bond and securities markets.
The first time the Vietnamese PM asked Japan to assist Vietnam in the express railway development was in mid-2022 when he met with Maeda Tadashi, the governor of the Japan Bank for International Cooperation (JBIC).
Vietnam does not have such a high-speed railway system, and the operational North-South railway has been in use for decades.
On Friday, Chinh told Shunichi that Vietnam always considers Japan a strategic and long-term partner of top importance.
Vietnam will continue creating favorable conditions for Japanese companies to do business effectively in the country, and obstacles facing Japanese projects in Vietnam are being removed to ensure their progress.
Shunichi, for his part, said he hoped there would be more effective Japanese works and projects this year, marking the 50th anniversary of the countries' diplomatic ties.
Regarding the Vietnamese PM’s proposals, the Japanese minister said his country is working closely with Vietnamese agencies to find the most effective solutions.
Informing the host of the outcomes of his working session with Vietnamese Finance Minister Ho Duc Phoc, he said both sides reached a consensus on various contents, particularly promoting joint work in infrastructure development.
Vietnam’s proposed national high-speed railway project, shelved a few years ago due to hefty cost estimates, may be implemented over the next 10 years to bolster its ailing rail network.
Ministries of Planning and Transport have reached concensus on a design speed of 250 kilometers per hour for North-South Railway trains carrying both passengers and cargo to ensure investment efficiency for the gigantic project.
In a document sent to the Ministry of Transport in early November last year, the Ministry of Planning and Investment said it agreed on the former’s new proposal which was also what the project consultancy had proposed.
According to the transport ministry's proposal introduced in February 2019, a 320 kph North-South Railway project was expected to cost $58.71 billion, with $1.98 billion for site clearance, $31.58 billion for construction, $15 billion for equipment, and $5.82 billion for project management and consultancy. Stand-by expenses would mount to $4.07 billion.
The 1,545-kilometer railway project would pass through 20 provinces and cities including Hanoi, Ha Nam, Nam Dinh, Ninh Binh (in the north), Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien Hue, Danang, Quang Nam, Quang Ngai, Binh Dinh, Phu Yen, Khanh Hoa, Ninh Thuan, Binh Thuan (central region), Dong Nai, and Ho Chi Minh City (the south). The starting point of the project is Ngoc Hoi Station in Hanoi, and the final is Thu Thiem Station in HCMC.