NA approves investment policy for $8.4-billion Lào Cai-Hà Nội-Hải Phòng railway project

National Assembly deputies vote on the investment policy for the Lào Cai-Hà Nội-Hải Phòng railway project on Wednesday. — VNA/VNS Photo Văn Điệp

HÀ NỘI — The National Assembly adopted a resolution on the investment policy of the Lào Cai-Hà Nội-Hải Phòng railway project, with 455 out of 459 participating deputies voting in favour, at the 9th extraordinary session on Wednesday.

According to the resolution, the construction of a modern and harmonious railway aims to meet the transport demand between Việt Nam and China. The initiative is expected to serve as a catalyst for rapid and sustainable economic development along the Lào Cai-Hà Nội-Hải Phòng economic corridor while strengthening national defence and security and promoting the industrialisation and modernisation.

The project is also expected to help deliver on the targets and missions set at the documents of the 13th National Party Congress and the Party’s resolutions.

The new railway line will span approximately 390.9km for the main route and include 27.9km of branch lines. The project will traverse nine localities of Lào Cai, Yên Bái, Phú Thọ, Vĩnh Phúc, Hà Nội, Bắc Ninh, Hưng Yên, Hải Dương and Hải Phòng. Starting at the border crossing point in Lào Cai Province, the line will end at Lạch Huyện Station in Hải Phòng City.

The project involves constructing a new electrified single-track railway line with a 1,435mm gauge, accommodating both passenger and freight services. The main line from the new Lào Cai Station to Nam Hải Phòng Station will be designed for speeds up to 160km/h, while sections through Hà Nội will operate at 120km/h and the remaining will run at 80km/h.

In terms of special mechanisms and policies for the project, the Prime Minister is authorised to issue government bonds to cover any shortfalls in the annual investment plan as approved by the parliament without increasing the state budget deficit. The project can also access Official Development Assistance (ODA) and preferential foreign loans without requiring standard ODA project proposals.

The costs of the project is estimated to be VNĐ203.2 trillion (about US$8.369 billion), or about $15.69 million for each km of the project.

Notably, the project is exempt from capital balance assessment requirements typically mandated by the Law on Public Investment.

The provincial People’s Committees are allowed to adjust zoning plans as well as criteria on architecture and technical and social infrastructure in station-adjacent areas, potentially diverging from national technical standards while ensuring adequate infrastructure.

Meanwhile, the provincial People's Councils are authorised to use local budgets for independent public investment projects to handle compensation and resettlement in railway station-adjacent areas, creating land funds for urban development in accordance with the law.

Provinces will retain 50 per cent of the revenue generated from land development around stations, with the remainder going to the state budget to support project funding. — VNA/VNS

最新评论