Vietnam, Russia Continue Investment Talks On Ho Chi Minh Subway Project - Russian Official

Vietnam, Russia Continue Investment Talks on Ho Chi Minh Subway Project - Russian Official

Vietnam has so far failed to find investors for the Russian-Vietnamese project to build a fourth subway line in the city of Ho Chi Minh, and the two sides continue to explore further financing options, a spokesman for Russian Deputy Prime Minister Maxim Akimov, who heads the intergovernmental commission with Vietnam, told reporters on Thursday

MOSCOW (UrduPoint News / Sputnik - 14th November, 2019) Vietnam has so far failed to find investors for the Russian-Vietnamese project to build a fourth subway line in the city of Ho Chi Minh, and the two sides continue to explore further financing options, a spokesman for Russian Deputy Prime Minister Maxim Akimov, who heads the intergovernmental commission with Vietnam, told reporters on Thursday.

In September 2018, Russia and Vietnam agreed to build a light rail metro line as part of a memorandum of understanding signed in 2017 between Russian Railways and Vietnamese Lung Lo Construction Corporation that outlined joint development for Vietnam's railway infrastructure.

"We are discussing the project development," the spokesman said, adding that the sides had already unsuccessfully attempted to attract private investment for a feasibility study.

He noted that Russia had suggested new financing approaches, including the Russian-Vietnamese Investment Fund that the two countries expect to establish.

The spokesman also reminded everyone that the project was expected to be implemented by Russian construction giant Mosmetrostroy and Lung Lo.

The idea for the Ho Chi Minh City Metro was first proposed in 2001. It was initially expected to consist of six lines, the first of which has been under construction since 2013. Construction for the remaining lines is still being planned.

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