One trillion VND for railway sector

The Vietnam Railway Corporation (VRC) is to invest more than 1 trillion VND (59 million USD) in implementing the second phase of a project to modernise the communication and signaling system for the Hanoi-Vinh railway route.

Of the total investment for the second phase, almost 848 billion VND will be sourced from the French Treasury and Economic Policy General Directorate (DGTPE)’s ODA loans.

On December 5, the VRC inked an EPC bidding contract worth 900 billion VND with HASITEC-ALSTOM Vietnam, a joint venture between France’s ALSTOM Transport SA and a local partner.

Under the terms of the 40-month contract, HASITEC-ALSTOM Vietnam will conduct field work and draw up technical and executive plans, make budget estimates and provide materials. It will be responsible for construction work and human resources training.

According to Tran Van Luc, Director of the Railway Project Management Unit, the project is scheduled to commence in January 2009 and is expected to be completed in May 2012.

Source: VNA