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Vietnam: Hanoi proposes Vingroup constructing urban railways
The Hanoitimes – The Hanoi People`s Committee proposed the Prime Minister to allow two domestic investors, Vingroup and T&T Group, to construct three urban railway routes.
Specifically, according to the proposal to the Prime Minister, Hanoi People’s Committee suggest the two above groups shall bear all expense to prepare a pre-feasibility study report (proposed project) on three urban railway routes in the period up to 2025.
According to leaders of Hanoi, after publicizing the urban railway plan in Hanoi and calling for investors, many investors have paid attention to it.
However, up to now only Vingroup and T & T group have registered to apply for the project proposal. Both investors proposed to invest in the Build – Transfer method.
Specifically, Vingroup proposed two routes: Route 5 (Van Cao – Hoa Lac section) of 38.4 km long and Route 2 (Tran Hung Dao – Thuong Dinh section) of 5.9 km long while T & T group proposed route 4 (Me Linh – Sai Dong – Lien Ha) of 54 km long.
Both investors committed that after being assigned to study the project proposal, they will voluntarily raise capital to deploy and not request for reimbursement and ready to hand over all documents, pre-feasibility study reports and feasibility study reports to Hanoi People’s Committee and the selected unit to continue investing.
When being selected as an official investor, these investors are accounted for the project expense.
Hanoi also confirmed that after being approved, the city’s People’s Committee would urge investors to hire experienced and capable foreign consultants to implement the project and submit plan to the Prime Minister for consider in 2018 as well as report to the National Assembly for approval in 2018.
The Vincom Joint Stock Company (Vingroup) was established in 2002, originating from Technocom group founded in Ukraine in 1993. Group founder and chairman Pham Nhat Vuong was a rare Vietnamese entry in the Forbes list of the world’s billionaires in 2013, with total assets valued at US$1.5 billion. His net assets were estimated at US$2.4 billion on Forbes’ website as of July 28. The company has emerged as a player in real estate, retail, entertainment, agriculture, healthcare, education, car manufacture sectors. Its many famous projects include the Vincom Mega Mall Royal City in Hanoi, which is said to be Asia’s largest underground retail and entertainment complex.
According to Vietnam Report ranking released on Dec 5, 2017, Vingroup take the top among 500 biggest private enterprises in the country last year. By the end of Quarter III/2017, Vingroup’s total asset was over 204 trillion VND (~ US$ 9bn).
Meanwhile, T&T Group is another giant in Vietnam’s real estate market. It operates in real estate, finance, industry, sports, and import-export trading market segments. Its real estate projects include residential units, trade centers, office buildings, resorts, marine eco-tourism areas, and urban areas and industrial zones.
The company engages in the financial investment of consumer goods, handicrafts, agricultural products, forestry products, aquatic products, and real estate businesses; operates football and tennis clubs; and imports and exports seafood, rubber, and animal feed products. It serves customers in the United States, Europe, Southeast Asia, and Africa. The company was founded in 1993
However, up to now only Vingroup and T & T group have registered to apply for the project proposal. Both investors proposed to invest in the Build – Transfer method.
Specifically, Vingroup proposed two routes: Route 5 (Van Cao – Hoa Lac section) of 38.4 km long and Route 2 (Tran Hung Dao – Thuong Dinh section) of 5.9 km long while T & T group proposed route 4 (Me Linh – Sai Dong – Lien Ha) of 54 km long.
Both investors committed that after being assigned to study the project proposal, they will voluntarily raise capital to deploy and not request for reimbursement and ready to hand over all documents, pre-feasibility study reports and feasibility study reports to Hanoi People’s Committee and the selected unit to continue investing.
When being selected as an official investor, these investors are accounted for the project expense.
Hanoi also confirmed that after being approved, the city’s People’s Committee would urge investors to hire experienced and capable foreign consultants to implement the project and submit plan to the Prime Minister for consider in 2018 as well as report to the National Assembly for approval in 2018.
The Vincom Joint Stock Company (Vingroup) was established in 2002, originating from Technocom group founded in Ukraine in 1993. Group founder and chairman Pham Nhat Vuong was a rare Vietnamese entry in the Forbes list of the world’s billionaires in 2013, with total assets valued at US$1.5 billion. His net assets were estimated at US$2.4 billion on Forbes’ website as of July 28. The company has emerged as a player in real estate, retail, entertainment, agriculture, healthcare, education, car manufacture sectors. Its many famous projects include the Vincom Mega Mall Royal City in Hanoi, which is said to be Asia’s largest underground retail and entertainment complex.
According to Vietnam Report ranking released on Dec 5, 2017, Vingroup take the top among 500 biggest private enterprises in the country last year. By the end of Quarter III/2017, Vingroup’s total asset was over 204 trillion VND (~ US$ 9bn).
Meanwhile, T&T Group is another giant in Vietnam’s real estate market. It operates in real estate, finance, industry, sports, and import-export trading market segments. Its real estate projects include residential units, trade centers, office buildings, resorts, marine eco-tourism areas, and urban areas and industrial zones.
The company engages in the financial investment of consumer goods, handicrafts, agricultural products, forestry products, aquatic products, and real estate businesses; operates football and tennis clubs; and imports and exports seafood, rubber, and animal feed products. It serves customers in the United States, Europe, Southeast Asia, and Africa. The company was founded in 1993
Source: http://hanoitimes.com.vn/investment/news/2018/01/81E0BFC0/hanoi-proposes-vingroup-constructing-urban-railways/