Japan funds two transport projects in Hanoi

Tuesday, 2013-12-24 21:55:29
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At the signing ceremony
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Nhan Dan/VNA – The Japanese government has agreed to provide US$447 million in loans for the implementation of two transport projects in the capital city of Hanoi.

 

Agreements to this effect were signed between the Finance Ministry and the Japan International Co-operation Agency (JICA) in Hanoi on December 24.

The loans, which belong to the first phase of the 2013 fiscal year, will be used to build a section of the city’s belt road No. 3 and terminal T2 of the Noi Bai International Airport.

Belt Road No. 3, to be built at a cost of US$197.5 million, is expected to ease traffic congestion in Hanoi and facilitate transportation between the city and its neighbouring localities of Hai Phong, Hai Duong and Bac Ninh.

Terminal T2 of the Noi Bai International Airport, with a total investment of US$250 million, aims to increase the airport’s capacity. The project will be conducted in the public-private partnership model.

2013 marks the 21st consecutive year the Japanese government grants official development assistance (ODA) to Vietnam, with total committed capital of up to US$21 billion.

Japanese-funded projects have made considerable contributions to Vietnam’s socio-economic development and its industrialisation process.