|A record of discussion for the US$5-million project was signed yesterday by KOICA and the HCM City People's Committee. — Photo KOICA
HCM CITY (VNS) — The Korean Government will fund pre-feasibility and feasibility studies on Metro Line No.5 Stage 2's construction from Bay Hien Intersection to New Can Giuoc Bus Terminal in HCM City.
A record of discussion for the US$5-million project was signed yesterday by representatives of the agency responsible for Korea's ODA grant, KOICA, and the HCM City People's Committee.
The signing ceremony was also attended by HCM City People's Committee Chairman Le Hoang Quan, Vice-Chairman Nguyen Huu Tin and KOICA Viet Nam Country Director Chang Jae-yun.
The project aims to help reduce traffic jams, accidents and greenhouse gas emissions by decreasing the number of motorcycles in HCM City. It is also expected to contribute to industrial and economic development, just as the tourism and trade sectors.
HCM City urgently needed to make bikers switch to public transport to resolve urban problems such as declining competitive edge of the city due to heavy traffic, severe air pollution and rising number of car accidents as a result of the rise in the number of bikers, KOICA said. — VNS