Gov’t yet to plan investment for express railway

News - The Government has neither developed an investment plan nor taken any action to implement the Hanoi-Ho Chi Minh City express railway project, said Minister of Transport Ho Nghia Dung.

At the Government’s regular press briefing on August 31, he said the Government plans to continue studying the project to determine its size, technology to be used, sources of investment, as well as environmental and social impacts which have not been included in the project feasibility study presented to the National Assembly recently.

Dung said relevant agencies are studying the project before making an investment plan using ODA funding, not State money.

Spokesman for the Government, Minister and Director of the Government Office Nguyen Xuan Phuc reported that the Prime Minister agreed in principle to the reception of technical assistance in the form of non-refundable ODA from the Japanese Government for making investment plans for the construction of the Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections of the Hanoi-Ho Chi Minh City express railway project and a project to upgrade the Hanoi-Noi Bai railway route.

Regarding the restructuring of the country’s debt-hit shipbuilder, Vinashin, Deputy Finance Minister Nguyen Cong Nghiep and a representative of the State Bank of Vietnam said the Finance Ministry is working on a plan to reschedule debts for Vinashin and define the group’s chartered capital.

The State Bank of Vietnam is screening the group’s debts with each credit institutions as its debts totalled 86 trillion VND while its total assets are valued at 104 trillion VND.

The restructuring project of Vinashin will give priority to paying salaries and insurance for its workers, Minister Phuc said, adding that Vinashin will get new projects once it gains access to capital.