Vietnam’s Tracodi, China Railway Group cooperate in industrial parks, transport infrastructure
Tracodi, a subsidiary of Vietnamese conglomerate Bamboo Capital Group, and China’s state-owned China Railway Group Limited (CREC) will cooperate to develop industrial parks, social housing, and transport infrastructure in Vietnam.
The two sides recently signed a memorandum of understanding for the move that will improve the collaboration between the two sides as well as the transport and industrial infrastructure in Vietnam, Bamboo Capital said in a release.
Tracodi and CREC will discuss details for jointly developing railway infrastructure, expressways, seaports, and sewage systems, the former said.
Representatives of Tracodi and CREC sign a memorandum of understanding in Hanoi on June 12, 2024. Photo courtesy of Bamboo Capital Group.
The Vietnamese partner will focus on developing and implementing projects, in line with its vast experiences in the domestic market; while CREC will provide technology and financial support for project implementation. CREC also has an option to invest capital in Tracodi to process projects.
The cooperation can help the partners utilize each other's strengths and thrive in the recovering market, as 2024 is a key year for public investment in traffic projects during the period 2021-2025 and for the real estate market to rebound, Tracodi noted.
Tracodi, listed on the Ho Chi Minh Stock Exchange (HoSE) as TCD, is a major construction-infrastructure arm of Bamboo Capital (HoSE: BCG). Its major business lines are construction, quarrying, farm produce, and industrial products trade.
CREC is among the biggest 500 firms in the world according to Forbes rankings. In Vietnam, the firm participated in the construction of Cat Linh-Ha Dong urban railway in Hanoi, the first metro in Vietnam, the $18.1 million Dak Nong wind power plant in the Central Highlands province of Dak Nong, and a $5 million tire factory in the Mekong Delta province of Tien Giang.
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