The Vietnam National Assembly greenlit a plan to build an $8.3 billion 427-kilometer rail line connecting Lao Cai-Hekou, a border gate on the Vietnam-China border, and Ha Long City.
The line will run via the Vietnamese capital of Hanoi and the port of Haiphong, VOA News reported, citing local media.
To finance the line, officials will use a concessional loan from the Chinese government and the Export-Import Bank of China (China Eximbank), VOA News reported, citing the Vietnam News Agency. Vietnam and China did not disclose the loan’s amount.
The parliament gave a rubber-stamp approval, with 455 of the 459 members voting for the project.
The new rail line is one of two to China that Vietnam wants to build as part of its “Two Corridors, One Belt” initiative, connecting to Beijing’s Belt and Road international infrastructure program.
The first phase includes a single standard gauge track designed for speeds of 160 kph. The second phase will double-track the line and increase speeds to 200 kph.
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