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Friday, June 14, 2024

Japan pledges new loan for HCMC’s metro line

The Saigon Times

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HCMC – Japan has just signed the fourth agreement with Vietnam to provide an additional VND7 trillion in official development assistance (ODA) for HCMC’s first metro line that connects Ben Thanh Market and Suoi Tien Theme Park.

Deputy Minister of Finance Le Tan Can and Japanese Ambassador to Vietnam Yamada Takio witnessed the exchange of cooperation documents to this effect between the two countries in Tokyo on December 16.

The loan is Japan’s further financial support following three previous loans for the project in 2007, 2012, and 2016.

The loan this time is intended to supplement the capital needed for the completion of the metro line.

It was also one of the important documents signed on the occassion of Prime Minister Pham Minh Chinh’s working trip to Japan, right after the two countries elevated their relationship to a comprehensive strategic partnership.

The Ben Thanh-Suoi Tien urban rail line in HCMC is one of the eight metro lines approved by the Prime Minister to develop a mass rapid transit system in the country’s largest city.  The project consists of four main packages funded by ODA loans from the Japanese government.

The metro line is nearly 20 kilometers long, running from Ben Thanh Market in District 1 to Long Binh Depot in Thu Duc City. Work on this project began in 2012 and is expected to be completed in 2024.

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