The Hanoitimes - Hanoi has proposed the Prime Minister to invest in three priority urban railway with a total investment of VND 125,614 billion.
Specifically, the Hanoi People's Committee has requested the Prime Minister to report to the Standing Committee of the National Assembly allowing the city to reallocate all surplus amounts and revenues from equitization to invest in three urban railway projects.
Hanoi proposes a special mechanism to build three urban railways
The City People's Committee proposes the Prime Minister to keep the budget structure as 2017, stabilize the urban budget rate (the Hanoi portion is 35% in the 2021-2025 period) and allow regulation for savings from regular expenditures to invest only in the construction of urban railways.
Chairman of Hanoi People's Committee Nguyen Duc Chung wants to save over 100% of the city's financial reserves to develop the urban railway system.
Leader of the People's Committee Hanoi has also asked the Prime Minister to allow auction of public assets, including state-owned special purpose houses after centralized arrangement in two administrative areas (Vo Chi Cong, Van Ho); auctioning land use rights to accrue capital for urban railway projects.
Hanoi has proposed to combine the PPP investment model with a portion of budget capital, not ODA to build urban railways.
Hanoi Urban Railway is a public railway system that exists in the inner city area of Hanoi. This network consists of 8 lines with a total length of about 318 km. Under this project, Hanoi will have 8 urban railway lines and one branch.