HCMC has proposed the Metro line No. 5 project with investment of VND 41,607 billion for approval

HANOI, JANUARY 1 (Engineering Daily) -- HCMC People’s Committee has proposed the Prime Minister to review the report and submit to Standing Committee of National Assembly for investment policy decision of Metro line No. 5 project, Phase 1 (Bay Hien intersection – Saigon Bridge).

The Metro line No. 5, Phase 1 is with total investment of VND 41,607 billion, equivalent to € 1,563 million, including the Spanish Government loan of € 275 million, the Asian Development Bank (ADB) fund of € 475 million, the German Development Bank (KfW) fund of € 200 million, the European Investment Bank (EIB) fund of € 150 million and counterpart fund of € 462.71 million.

According to Mr. Le Van Khoa, Deputy Chairman of HCMC People’ Committee, the city has asked the Prime Minister to submit the feasibility study report to National Assembly for review and investment about the policy decision.

The city also requested the Prime Minister for review and approval of domestic financial mechanism application for foreign preferential loans, similar to the Metro line No. 1 and No. 2 that have been in process.

The city has committed that they will mobilize enough and on time the counterpart funds from the city budget to ensure the project progress.

The project of Metro line No. 5, Phase 1 is constructed along 8.9 km including 7.458 km underground and 1.433 km aboveground.

In the first stage the line will connect with Metro line No. 1 at Saigon Bridge and Metro line No. 2 at the Bay Hien intersection. The following stage will connect with Metro line No. 3b at the Hang Xanh intersection and Metro line No. 4 at the Phu Nhuan crossroads.

Metro line No. 5 will transport passengers from suburban areas to the city center and bring significant economic, financial, social and urban benefits.