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The National Assembly has approved plans for the Lao Cai-Hanoi-Hai Phong railway, which links to the border with China, at a cost of US$8.37 billion or $15.96 million per kilometer.
The cost per kilometer is similar to that of other projects in the region, such as the Vientiane-Boten railway in Laos, which cost $16.77 million.
According to the proposal approved on Wednesday morning, the line will run 391 km from the border crossing point in Lao Cai Province to the port city of Hai Phong. It will also include 27.9 km of branch lines.
It will run through nine localities, including Hanoi and the provinces of Yen Bai, Phu Tho, Vinh Phuc, Bac Ninh, Hung Yen, and Hai Duong.
The railway will be a single-track line with a 1,435 mm gauge used for both passenger and freight services.
It is designed for speeds of 160 km per hour from Lao Cai to southern Hai Phong, 120 kph through Hanoi, and 80 kph on other sections.
Funds for the project will come from the state budget and other legal sources.
Relevant agencies will prepare feasibility reports this year, with the project set for completion by 2030 at the latest.
The National Assembly has approved several special mechanisms for the project, such as allowing the Prime Minister to issue government bonds to cover shortfalls in the annual investment plan approved by the parliament without increasing the state budget deficit.
Several other special mechanisms regarding mineral extraction for construction materials, scientific and technological development, workforce training, industrial growth, and technology transfer are also applied to the project.
Contractors must prioritize domestically produced goods, services, and materials whenever possible.
The National Assembly Standing Committee said the project aims to meet transport demand, reduce logistics costs, and foster sustainable development.
