Vietnamese Minister of Planning and Investment Nguyen Chi Dung suggested exploring the implementation of a special mechanism to provide approximately US$20 billion in loans for Ho Chi Minh City to facilitate the construction of more metro lines in the southern metropolis. 

Both Ho Chi Minh City and Hanoi aspire to finish eight to nine metro lines, but if they continue with the current approach, it may take another century to achieve their goal, Dung said at a conference chaired by Prime Minister Pham Minh Chinh on Tuesday morning.

Ho Chi Minh City has strategic plans for the construction of eight metro lines and three tram lines, or monorails, which will span approximately 220 kilometers in total length. 

The estimated investment capital required for these projects is nearly $25 billion. 

Currently, two metro routes, No. 1, known as Ben Thanh-Suoi Tien, and No. 2, named Ben Thanh-Tham Luong, totaling more than 30 kilometers, have been initiated with official development assistance (ODA) granted by the central budget. 

However, the funding for the remaining routes is yet to be secured.

VnExpress news site quoted Dung as saying that over the past 16 years, Ho Chi Minh City has been unable to finish 20 kilometers of metro line No. 1, and the progress on line No. 2 has been hindered by difficulties in site clearance. 

He considered this pace to be excessively sluggish and believed that the city urgently requires a solution to swiftly complete its urban railway network.

“It is crucial for the city to persist in exploring and suggesting a mechanism to secure a loan of approximately $20 billion in order to expedite the construction and completion of the remaining metro lines,” said Dung.

At the same time, the minister emphasized that Ho Chi Minh City should broaden its development horizon by extending the urban railway network to neighboring localities. 

This expansion aims to enhance competitiveness, attract investment, and significantly contribute to the growth of satellite cities. 

Utilizing underground space and adopting the Transit-Oriented Development (TOD) model will also be instrumental in integrating urban development with transportation systems.

Dung, who is also the permanent deputy president of the Southeast Region Council, evaluated that the southeast region holds a vital position in the socio-economic progress of Vietnam. 

However, the region is confronted with numerous challenges and constraints. 

Specifically, there is a deficiency in the intra-regional and inter-regional infrastructure network, which results in inconsistencies and development disparities among different localities in the region.

During the conference, Minister of Transport Nguyen Van Thang also pointed out the infrastructure requirements for the southeast region, according to VnExpress. 

He stated that to invest in transportation projects in line with the regional planning, approximately VND738.5 trillion ($31.2 million) is needed.

Vietnam’s southeast region comprises Ho Chi Minh City and five provinces, namely Tay Ninh, Binh Phuoc, Binh Duong, Dong Nai, and Ba Ria-Vung Tau. 

It covers nine percent of the country’s total area and houses 20 percent of the nation’s population.

It is recognized as the most vibrant economic zone in Vietnam, making a remarkable contribution to the national economy, accounting for over 30 percent of the gross domestic product (GDP) and about 45 percent of the total budget revenue, as per 2021 statistics.

Currently, the region is witnessing the execution of numerous significant infrastructure projects, including Long Thanh International Airport, Ho Chi Minh City’s Ring Road 3, and Bien Hoa-Vung Tau Expressway, among others. 

In the near future, the region is expected to be the top priority for investment, with plans to undertake a series of substantial inter-regional projects. 

These future ventures include Ring Road 4, Ho Chi Minh City-Moc Bai Expressway, Ho Chi Minh City-Chon Thanh Expressway, and Thu Thiem-Long Thanh Railway, aiming to further boost the region’s development and connectivity.

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