Vietnam News

Vietnam cancels ADB loan for HCMC metro

Vietnam has decided to cancel a $390-million loan from the Asian Development Bank meant to fund the second metro line in HCMC.

It reduces ADB funding for the Ben Thanh – Tham Luong metro route to $150 million.

The government has been reviewing, restructuring and canceling loans it think are not needed from foreign countries and multilateral organizations.

It has now tasked Ho Chi Minh City with mobilizing funding for the project.

The Ben Thanh – Tham Luong line will run 11 kilometers from Districts 1 to 12, 9.2 km underground, and have 10 stations.

Vietnam has signed agreements with three foreign banks to fund the project: German state-owned KfW ($313 million), the European Investment Bank ($195 million) and the ADB.

The cost has now increased to VND47.9 trillion ($2 billion) from the earlier VND26 trillion ($1.1 billion), with the construction planned between 2021 and 2026.

It is expected to serve 140,000 passengers a day on average.

By Nguyen Hoai – VnExpress.net – August 24, 2020

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