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Transport infrastructure development carries significance in Vietnam-China cooperation

Transport infrastructure development carries significance in Vietnam-China cooperation

Monday, July 01, 2024, 08:07 GMT+7
Transport infrastructure development carries significance in Vietnam-China cooperation
Vietnam’s Prime Minister Pham Minh Chinh called on Chinese companies to invest in infrastructure projects in Vietnam during his recent working trip to China from June 24 to 27, 2024. Photo: Ngoc An / Tuoi Tre

Vietnam and China will prioritize the implementation of transport infrastructure projects right after Prime Minister Pham Minh Chinh’s recent trip to China, as strengthening cooperation in transport infrastructure is of significance to their bilateral ties.

PM Chinh spent most of his last working day in China attending investment promotion events and receiving leaders of major Chinese businesses in the transport infrastructure industry.

The Vietnamese government leader visited China from June 24 to 27 to attend the 15th World Economic Forum (WEF) Annual Meeting of the New Champions and working sessions with Chinese officials.

He delivered a speech at a conference held in Beijing on Thursday last week on Vietnam-China cooperation in transport infrastructure and the role of their businesses, calling on firms from both sides to enhance collaboration by forming joint ventures or public-private partnerships (PPPs).

The partnerships need to be established and carried out on a win-win basis, avoiding corruption and cost overruns, PM Chinh stressed.

The prime minister also added that he leads the state steering committee for national and key energy projects.

Speaking at the event, Wang Tongzhou, chairman at China Communications Construction Company Limited, elaborated that he had taken part in developing infrastructure projects in Vietnam and would like to invest in more projects in the field, such as the Hanoi - Lao Cai - Hai Phong railway and the big-ticket North - South Expressway.

His company also looks to join other projects related to green transport, green technology, and green finance in Vietnam.

Yan Jiehe, founder of China Pacific Construction Group, expressed his interest in the joint venture and PPP projects, suggesting that new mechanisms should be taken into account in order to implement such projects effectively.

Yan underscored his readiness for executing PPP projects in Vietnam.

According to Vietnamese Minister of Transport Nguyen Van Thang, Vietnam is in need of a substantial amount of capital to develop transport infrastructure projects, especially railways and roads.

The demand for huge capital represents significant challenges for the Vietnamese government and ministries, but it is an opportunity for businesses of the two nations, the transport minister said.

The transport ministry underlined its willingness to offer favorable conditions for Chinese enterprises to engage in transport infrastructure projects in Vietnam, Thang affirmed, calling on more Chinese companies to set up joint ventures with their Vietnamese partners to develop railways and roads.

PM Chinh affirmed that Hanoi would team up with Beijing to formulate adequate policies in priority sectors.

The Vietnamese cabinet leader also urged relevant agencies and businesses to commence work on three railway projects, including the Lao Cai - Hanoi - Hai Phong and two metro lines in Hanoi and Ho Chi Minh City under the PPP contract.

During his working trip to China, PM Chinh hosted a reception for Chinese Vice Premier Zhang Guoqing in Beijing on Thursday.

The top Vietnamese official suggested that both sides soon begin work on three railway lines connecting Vietnam with China, namely Lao Cai - Hanoi - Hai Phong, Lang Son - Hanoi, and Mong Cai - Ha Long - Hai Phong.

He remarked that Vietnam needs China’s assistance in preferential loans, technology transfer, and human resources training.

Zhang agreed that Beijing would accelerate the construction of the said three railways and suggested that both sides maintain close collaboration during the project implementation.

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Hong Ngan - Ngoc An / Tuoi Tre News


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