The Ministry of Construction has signed a contract with Spanish consultancy Ineco to provide a feasibility study on the North–South high-speed railway project.
Spain’s largest consulting firm will be responsible for making cost estimates and providing criteria to help the ministry select contractors for the project, Deputy Minister of Construction Nguyen Danh Huy said Friday.
A bullet train in Japan. Photo by Pixabay/aun4496 |
Ineco will also consult on technology and technical standards. Once the feasibility study report is completed, the ministry will determine the total investment and investment model.
The State policy is to mobilize social resources but it is not possible to transfer all risks to enterprises, Danh said.
For public services in which the private companies finds it difficult to participate, the State will retain a leading role, he added.
The high-speed rail is one of Vietnam’s biggest infrastructure projects in upcoming years with an estimated price tag of VND1.7 quadrillion (US$67 billion) and run 1,541 kilometers between Hanoi and HCMC.
Vingroup, the conglomerate owned by Vietnam’s richest billionaire Pham Nhat Vuong, last month withdrew its bid to build the rail.
The government has announced plans to break ground on the project in December 2026 and complete it by 2035.
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