HCMC – VinSpeed, a subsidiary of the private conglomerate Vingroup, has proposed a financing plan for a high-speed urban railway linking the area in former District 7 and the coastal area of Can Gio, reported the local media.
The People’s Committee of HCMC has tasked the Finance Department with overseeing an investment proposal.
Bui Xuan Cuong, deputy chairman of the People’s Committee of HCMC, directed the department to ensure VinSpeed High-Speed Railway Investment and Development JSC completes the project proposal in line with regulations.
The Finance Department would work with the Construction Department and other agencies to review the railway law, propose procedures for privately funded urban railway projects, and report to the People’s Committee of HCMC in July. The department has requested VinSpeed to submit a completed project proposal for appraisal.
On June 2, the Finance Department met with the Construction Department, the Agriculture and Environment Department, Vingroup, and VinSpeed to discuss the project. VinSpeed proposed financing the railway entirely with private capital, in line with the investment law.
The railway, Line 12, will cover 48.7 km from Nguyen Van Linh Boulevard to a 39-hectare site near the Can Gio coastal tourism project. VinSpeed is conducting surveys and preparing the proposal as directed.
