Costs for HCM City’s first metro line reduced by 147 million USD
Investment for Ho Chi Minh City’s first metro line between Ben Thanh Market in district 1 and Suoi Tien Theme Park in district 9 will be reduced by 3.4 trillion VND (147 million USD).
An elevated section of HCM City’s Ben Thanh – Suoi Tien metro line runs along Hanoi Highway (Photo: VNA)HCM City (VNA) – Investment
for Ho Chi Minh City’s first metro line between Ben Thanh Market in district 1
and Suoi Tien Theme Park in district 9 will be reduced by 3.4 trillion VND (147
million USD).
The decision was recently made by the municipal People’s Committee after a review of all of the project’s related costs.
It will be submitted to the municipal People’s Council before its issuance of a resolution on allocating reciprocal capital from the city budget at the year-end meeting.
HCM City previously proposed an adjusted total investment of 47.3 trillion VND (2.05 billion USD) and nearly 48 trillion VND (2.07 billion USD) for metro lines No 1 and No 2, respectively.
Vice Chairman of the municipal People’s Committee Vo Van Hoan said although the total investment of the first metro line has been cut significantly, it will not affect the project’s quality. Seventy-five per cent of the total workload has been completed, he added.
Usually, after the municipal People’s Committee signs a decision to adjust the capital of the two metro line projects, the central government will disburse the money. But the procedures for money transfer and payment take time, so the city is expected to receive the money in March or April next year, Hoan said.
The city has advanced a 1.7 trillion VND payment to investors, construction units and labourers so that work on the project can continue.
Metro line No 1 was approved by the city in April 2007 with an investment of 17.4 trillion VND (766.4 million USD). After investment costs were re-calculated by consulting agencies, costs increased to more than 47.3 trillion USD in 2010.
Meanwhile, metro line No 2 connecting Ben Thanh and Tham Luong in district 12 is now scheduled to open in 2026, a two-year delay from its 2024 goal./.
The decision was recently made by the municipal People’s Committee after a review of all of the project’s related costs.
It will be submitted to the municipal People’s Council before its issuance of a resolution on allocating reciprocal capital from the city budget at the year-end meeting.
HCM City previously proposed an adjusted total investment of 47.3 trillion VND (2.05 billion USD) and nearly 48 trillion VND (2.07 billion USD) for metro lines No 1 and No 2, respectively.
Vice Chairman of the municipal People’s Committee Vo Van Hoan said although the total investment of the first metro line has been cut significantly, it will not affect the project’s quality. Seventy-five per cent of the total workload has been completed, he added.
Usually, after the municipal People’s Committee signs a decision to adjust the capital of the two metro line projects, the central government will disburse the money. But the procedures for money transfer and payment take time, so the city is expected to receive the money in March or April next year, Hoan said.
The city has advanced a 1.7 trillion VND payment to investors, construction units and labourers so that work on the project can continue.
Metro line No 1 was approved by the city in April 2007 with an investment of 17.4 trillion VND (766.4 million USD). After investment costs were re-calculated by consulting agencies, costs increased to more than 47.3 trillion USD in 2010.
Meanwhile, metro line No 2 connecting Ben Thanh and Tham Luong in district 12 is now scheduled to open in 2026, a two-year delay from its 2024 goal./.
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Noi Bai, Da Nang named in world’s top 100 airports
Hanoi capital’s Noi Bai International Airport and the Da Nang International Airport in the central city of the same name have been listed among the world’s top 100 airports in 2024 by the UK–based aviation consultancy Skytrax.
Business
Localities get ready for fourth FDI boom
As the year 2024 is expected to witness the start of the fourth wave of foreign direct investment (FDI) to Vietnam, localities nationwide are getting ready to absorb foreign capital flows.
