Vietnam asks for Japan’s support on express railway development
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.
- Read More
Construction trio keen on building $1.5 bln expanded expressway in southern Vietnam
Three construction majors in Vietnam are interested in building an expanded expressway connecting Ho Chi Minh City with the Mekong Delta provinces of Long An and Tien Giang for an estimated VND38.6 trillion ($1.52 billion).
Infrastructure - Tue, November 19, 2024 | 8:18 pm GMT+7
Singapore, Germany upgrade relations to strategic partnership
Singapore and Germany have decided to elevate their ties to a Strategic Partnership to promote closer cooperation in areas of mutual interest such as security, artificial intelligence (AI) and clean energy.
Southeast Asia - Tue, November 19, 2024 | 8:01 pm GMT+7
Thailand’s rice shipment up 20% in 10 months
Thailand exported 8.37 million tons of rice in January-October, a year-on-year increase of 20%, according to the Ministry of Commerce.
Southeast Asia - Tue, November 19, 2024 | 8:00 pm GMT+7
Vietnam’s inconsistent legal framework poses problems for FDI sector: Deep C exec
Vietnam’s legal framework lacks consistency and the foreign direct investment (FDI) sector will soon face challenges related to the Law on Environmental Protection, says Bruno Jaspaert, CEO of Deep C Industrial Zones.
Economy - Tue, November 19, 2024 | 6:30 pm GMT+7
Vietnam shares sink on extended foreign selloffs
Vietnamese equities fell for a fourth consecutive day on Tuesday as foreign traders extended their selling spree.
Finance - Tue, November 19, 2024 | 5:10 pm GMT+7
Germany’s household product firm QuickPack to invest $32 mln in Vietnam
Germany’s QuickPack, a specialist for household goods and hygiene products, will invest €30 million ($31.8 million) in Vietnam’s Mekong Delta province of Long An.
Industries - Tue, November 19, 2024 | 4:24 pm GMT+7
Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers
Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.
Real Estate - Tue, November 19, 2024 | 4:17 pm GMT+7
‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects
Limited consultations between state agencies and the parliament’s primary focus on wording are issues with Vietnam’s legal framework adversely affecting property and infrastructure projects, say experts and corporate leaders.
Economy - Tue, November 19, 2024 | 3:40 pm GMT+7
President Xi Jinping hastens construction of 3 Vietnam-China rail routes
Chinese President Xi Jinping has called for more substantial cooperation between China and Vietnam, including the pacier implementation of three railway routes linking the two nations.
Infrastructure - Tue, November 19, 2024 | 3:08 pm GMT+7
Vietnam developers offer deferred principal payments, interest support to boost year-end sales
Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.
Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7
Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory
Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.
Companies - Tue, November 19, 2024 | 11:00 am GMT+7
Techcom Securities becomes largest broker in Vietnam by capital base
Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.
Finance - Tue, November 19, 2024 | 9:11 am GMT+7
Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec
Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.
Companies - Tue, November 19, 2024 | 7:45 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Companies - Tue, November 19, 2024 | 7:00 am GMT+7
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7