Vietnam welcomes leading Chinese corporates’ engagement in big infra projects: Deputy PM

The Vietnamese government welcomes with open arms leading Chinese corporations to explore opportunities for investment and business cooperation in Vietnam through major infrastructure projects, says Deputy Prime Minister Tran Hong Ha.

Such projects should represent China's technological advances and align with Vietnam's demands, contributing to guidelines set by the two countries’ highest leaders and making the bilateral comprehensive strategic partnership more substantial and effective.

Ha made the statement while meeting with general director of China Pacific Construction Group Wo Jing in Hanoi on Friday.

Ha noted that the two governments are paying great attention to developing strategic transport infrastructure projects connecting the two neighboring countries, focusing on railway connectivity.

They are proceeding with the construction of standard-gauge cross-border railway routes such as the Lao Cai-Hanoi-Hai Phong, Dong Dang-Hanoi, and Mong Cai-Ha Long-Hai Phong routes.

Besides fostering both countries’ economic development, these projects will connect Vietnam and China with other countries in the region under the "Belt and Road" initiative, the deputy PM added.

Ha called on China Pacific Construction Group to select suitable Vietnamese partners to work on designing, constructing, technology transferring, and workforce training to implement its projects in the Southeast Asian country.

He also asked the Chinese group to share its experiences as well as mechanisms and policies for investing and managing public-private partnerships (PPP) investment projects in China.

China is Vietnam’s largest trade partner and Hanoi’s biggest import market as well as second most important source of tourists.

In response, Wo noted that her group has been directly involved in more than 1,000 projects, including investment, construction, and management of infrastructure and industrial zone projects.

In January, the group inked a memorandum of understanding with the Hanoi administration regarding investment and infrastructure development over the next five years. It also partnered with local builder Vinaconex in an agreement with the city’s Transportation Department to construct Tu Lien bridge, highway sections, and an urban railway line named Line 5.

According to their agreement, Tu Lien bridge and its connecting road will cost around VND20 trillion ($795 million), and 38.43-kilometer Line 5, to run from the city’s downtown to an outlying district, will cost VND65 trillion.

Meanwhile, Vingroup, Vietnam’s largest private conglomerate, has proposed that the Hanoi government let it build Tu Lien bridge under a BT (build-transfer) format.