This morning (July 15th), Vice Chairman of Ho Chi Minh City (HCMC), Duong Ngoc Hai, presented to the People’s Council the proposal for developing the city’s urban railway system, following Conclusion 49 of the Politburo.
Vice Chairman Duong Ngoc Hai presents the proposal for the development of the metro system. Photo: Nguyen Hue |
The People’s Committee of HCMC considers this proposal crucial for the development of the city’s urban railway system. If approved at this session, the proposal is expected to be submitted to the National Assembly and the Government at the end of 2024 or early 2025.
According to the proposal, HCMC aims to complete two urban railway lines by 2030, with a total length of 31km, 24 stations, and two depots (with an investment of approximately VND 91,000 billion).
By 2035, the city plans to finish six more lines, totaling 183km in length, with 148 stations and an investment of over VND 871,200 billion (equivalent to more than USD 34 billion).
Looking further ahead, by 2045, the city aims to have constructed and completed a total of 351km of urban railways. And by 2060, the goal is to have a fully operational network of ten lines, spanning 510km.
Previously, in its report to the Central Government, HCMC proposed 28 specific and advanced mechanisms to complete the urban railway system as mentioned above.
“These mechanisms are proposed based on practical experience and challenges faced during the implementation of Metro Line 1 and 2,” the proposal states.
Regarding funding for this ambitious project, the People’s Committee of HCMC stated that they will mobilize resources from various sources, including the state budget and diversified investment methods. The state budget will play a dominant and decisive role in investing in the entire urban railway system up until 2035.
Additionally, investment sources will be mobilized from increased budget revenues, urban development following the TOD model, bond issuance, public investment, and targeted support from the central budget, among other sources.
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