Vingroup, one of Vietnam's largest property developers, plans to invest US$4.4 billion in urban railway projects in Hanoi.
Tuoi Tre reports that the company, well-known for its huge residential and commercial complexes, signed a Memorandum of Understanding (MoU) with Hanoi authorities at an investment conference on Sunday.
Accordingly, Vingroup will develop parts of five urban railway routes in the capital, including segments connecting Noi Bai International Airport to the Nam Thang Long and Phu Dien areas.
No further details were released, according to the news source, while the funding still needs final approval from city leaders.
Hanoi's first metro line, linking Dong Da District and Ha Dong District, is currently under construction. The city plans to begin the line's trial run this October.
Prime Minister Nguyen Xuan Phuc, who attended the Sunday meeting, said at the event, "Hanoi is on the right track for mobilizing up to 80% of the capital needed for development of the private sector."
Tuoi Tre shares that he added, "if the capital keeps on this path, Hanoi will soon become home to the best traffic infrastructure in Vietnam."
[Photo via Vietnam Art News]
