To raise over US$40 billion for 10 city metro projects, Hanoi asked permission from the Government for allocating ODA, auctioning special-use land funds and, notably, planning another land area of 6,000ha as counterpart funds for the investors.
An image in the plan of Line No.3 (Nhon - Hanoi Station), one of the prioritized projects (Photo: systra)
Recently, Hanoi People’s Committee has proposed the investment plan and detailed implementation process for ten city metro projects to Prime Minister.
According to the approved plan to 2030, vision to 2050 of Hanoi Department of Transport, Hanoi will build 10 elevated railway and subway routes with the total length of 417.8 kilometres.
The total investment capital is expected to reach US$40.1 billion and be divided into different stages: US$7.6 billion from 2017 to 2020; US$7.6 billion from 2021 to 2025; US$3.6 billion from 2026 to 2030; US$21.3 billion after 2031.
Public – private partnership (PPP) plan is preferred among the suggested plans. If it is approved, the selected enterprises will have to fund for the pre-feasibility and feasibility study stage; hire the consultants for project planning; carry out land clearance; dig and construct the tunnel, stations, depots and railway. On the other hand, Hanoi People’s Committee will be responsible for engines, railcars, the control system,…
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The investors need the meet the requirements for financial strength, project management skills, have prior experience of underground building construction. Besides, they must fund for land clearance in advance with no or low interest and start to invest in the projects right after the Committee has pledged counterpart land funds.
Hanoi asked permission from Prime Minister for selecting the investors for three projects first. The preferred capital attracting method is appealing for official development assistance (ODA).
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