Hanoi People's Committee has recenty sent a report to the city People's Council on the addition of the urban railway project of Hanoi Station - Hoang Mai to the list of investment projects from local governments' loans (ODA loans and preferential loans from foreign donors).
The total investment cost of the project is estimated at more than $1.7 billion (equivalent to more than VND40 trillion). Of which, some $271 million (over VND6 trillion) will be the city budget’s reciprocal capital, while more than $1.4 billion (more than $32 trillion) will come from ODA loans, to be backed by the Asian Development Bank (ADB), the World Bank (WB), French Development Agency AFD and Germany's KfW Development Bank.
To date, US$450 million worth of ODA loans has been pledged by ADB, said officials in the city’s government.
At a meeting in late March to discuss ABD’s sponsoring programs for Vietnam during the 2020-2022 period, the bank asserted that it will add the project to its lending portfolio if the city decides to fund the metro rail project using ODA loans.
Regarding the city, its budget planned for the 2021-2025 period can cover the project’s reciprocal capital, which will be updated in a three-year financial plan and a five-year medium-term plan in the period to be sent to the People’s Council for approval.
The maturity period of the project will begin from 2026 after the project reaches completion, and its grace period has been due for five to 10 years. The payback will be made every six months in 20-30 years, depending on the lenders’ requirements.
Regarding the route structure, length of the main section is 8.7km, of which 8.113km is the underground section, 0.57km is the length of the open tunnel section leading to the depot area.
According to the proposed plan, the metro line includes: a route that goes underground entirely along the corridor of Tran Hung Dao - Tran Thanh Tong - Kim Nguu - Tam Trinh; dual tunnels that go underground through O Dong Mac, Mai Dong intersection and end behind Belt Road 3 with 7 underground stations (Hang Bai, Tran Thanh Tong, Kim Nguu, Mai Dong, Tan Mai, Tam Trinh, Yen So); and a 10-hectare depot area located near Yen So pumping station.
The railway section of Hanoi Station - Hoang Mai is a part of Hanoi Railway Project No. 3. Length of line 3 Nhon - Hanoi Station- Hoang Mai is 26km, including 26 underground stations, and the elevated Nhon - Cau Giay section. The section from Nhon -toHanoi Station is currently being implemented with funding from France’s ODA loans.
According to the municipal government, the rail line is expected to transport some 480,000 passengers daily by 2020.
As expected, the urban railway project of Hanoi - Hoang Mai will be implemented from 2021 to 2025.