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Sunday, July 14, 2024

Vietnam seeks stronger Chinese investment in infrastructure

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has called on Chinese companies to invest in infrastructure in Vietnam, particularly in the railway sector.

Chinh made the request during a meeting with leaders of Chinese firms on the sidelines of the World Economic Forum (WEF) in Dalian, Liaoning, China. He emphasized the need for technology transfer and human resource development to bolster Vietnam’s railway industry.

Chinh met with Sun Yongcai, chairman and executive director of Dalian Locomotive and Rolling Stock Company (CRRC). As a state-owned enterprise established in 1899, CRRC specializes in manufacturing locomotives, urban rail cars, express trains, and new-energy locomotives. The firm booked total revenue of US$2.2 billion last year and has exported products to 32 countries, including Vietnam.

CRRC expressed interest in continuing to supply railway products to Vietnam and collaborating on regional and urban railway projects, particularly in Hanoi and HCMC.

Chinh highlighted Vietnam’s railway development plan, noting the country has over 2,000 kilometers of rail and more than 300 railway stations. He stressed the need to revitalize the railway network, including the North-South route and various inter-regional lines connecting key economic areas.

Chinh called for Chinese assistance in developing Vietnam’s railway industry through technology transfer, human resource training, and financial support. He suggested CRRC work with Vietnam Railways to manufacture and transfer technology for locomotives and train cars, potentially laying the groundwork for future high-speed rail projects.

In December 2023, Vietnam and China issued a joint statement emphasizing the continued deepening of the comprehensive strategic cooperative partnership between the two nations and the building of a strategic community with a shared future. This includes plans to connect standard gauge railways across the border to boost economic and trade cooperation.

Chinh also met with Wang Xiaojun, deputy general manager of the Power Construction Corporation of China (PowerChina). He encouraged PowerChina to continue its investment in Vietnam’s energy sector and expand into renewable energy and infrastructure development.

PowerChina has been active in Vietnam since 2000, with involvement in projects like the Lai Chau and Son La hydropower plants, the Vinh Tan thermal power center, and numerous solar and wind energy projects. The company’s total contract value in Vietnam exceeds US$9 billion.

PowerChina expressed interest in investing in pumped-storage hydropower projects, northern region wind energy projects, and integrated LNG projects in Vietnam. They also showed interest in participating in transportation infrastructure development, including highways and high-speed railways.

Chinh praised the cooperation between PowerChina and Vietnamese partners and urged the company to explore new investment ideas, transfer modern management and technological solutions, and attract investment funds and multinational corporations to Vietnam.

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