WB willing to finance Vietnam’s railway sector
The World Bank has surveyed and is willing to finance some railway projects in Vietnam, said Kathy Whimp, operations manager for the World Bank in Vietnam, at a Monday meeting with Deputy Minister of Transport Nguyen Danh Huy.
The presidents of the World Bank (WB) and the Asian Infrastructure Investment Bank (AIIB) are set to visit Hanoi next month where they are expected to announce the two banks’ commitments to developing the railway sector in Vietnam, including co-financing for some projects.
In particular, the WB is seeking cooperation with Vietnam’s Ministry of Transport regarding details, planning, and preparations for four railway projects. They include a ring line for the eastern part of Hanoi, Bien Hoa-Vung Tau (connecting the southern provinces of Dong Nai and Ba Ria-Vung Tau), Ho Chi Minh City-Can Tho (two cities in southern Vietnam), and railway safety.
A delegation of the World Bank (left) and the Ministry of Transport at a meeting in Hanoi on February 5, 2024. Photo courtesy of the Ministry of Transport.
The WB made proposals to simplify procedures for projects using official development assistance (ODA), such as higher capital ceilings for projects needing approval from the National Assembly, use of ODA for research activities, and fewer tasks for projects using domestic funds for pre-feasibility studies.
In reply, Deputy Minister Nguyen Danh Huy said the Vietnam Railway Authority is collecting feedback on the amended planning for the projects to submit to the Ministry of Transport in March for consideration so that the ministry can submit them to the Prime Minister for approval in September.
Besides, Huy agreed with the WB’s suggestions on improving the efficiency of ODA-funded projects. He also suggested the WB provide technical assistance packages for pre-feasibility studies of the four railway projects.
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