Vietnam plans $67b railway on its own

HANOI:

Vietnam plans to fund a $67 billion high-speed railway entirely on its own in a demonstration of the Communist-run country's reluctance to accept foreign loans, though some experts said the goal may be unrealistic.

The railway from capital Hanoi to southern business hub Ho Chi Minh City would be Vietnam's largest ever infrastructure project, with annual average costs for the state budget estimated at about $5.6 billion for 12 years, according to the transport ministry.

"With the spirit of independence and self-reliance, the Politburo has decided not to depend on foreign countries" to fund the planned 1,541-km railway, Deputy Transport Minister Nguyen Danh Huy said, according to state media.

The railway, with trains travelling at 350 km per hour, would be expected to be completed by 2035. Funding would come from state revenues, and if necessary from the issuance of government bonds