Illustrative image. — Photo baochinhphu.vn

HÀ NỘI — The Ministry of Transport will submit to the Politburo for consideration an investment policy for the construction of a North-South express rail link, which would cost up to US$58.71 billion, this September.

The ministry has been conducting numerous studies on the scheme since 2005.

The ministry has consulted various ministries, central organisations, experts and scientists to develop and revise the pre-feasibility report for the project. It has asked for written agreement from 20 cities and provinces where the railway will pass through.

A State Appraisal Council was established by the Government in 2019 to assess the pre-feasibility report, given that it is an unprecedentedly large project.

The 1,435mm dual gauge railway will be around 1,545km in length, running through 20 cities and provinces, including Hà Nội, Đà Nẵng and HCM City. It will start at Hà Nội’s Ngọc Hồi Station and end at HCM City’s Thủ Thiêm Station.

The electric railway can allow speeds of up to 320km per hour.

Of the total investment, some $1.98 billion will be allocated for site clearance, $31.58 billion for construction and $15 billion for equipment.

The project is proposed to be carried out in two phases, with two sections, Hà Nội – Vinh and Nha Trang – HCM City, to be built in the first phase with a projected investment of $24.72 billion and completed in 2032.

In the second phase, the Vinh-Nha Trang section will be built at an investment of $33.99 billion and completed by 2050.

The Ministry of Planning and Investment said this is a large-scale project with huge investment capital and complicated technology, which will have great and long-term impacts on socio-economic development of the country, requiring the careful assessment of related issues. — VNS