Vietnam should work out a better and more persuasive plan on building a $55.8 billion express railway which is estimated to cost $55.8 billion to attract official development assistance (ODA), said Japanese Ambassador Mitsuo Sakaba.
“With much experience in building express railways, Japan cannot provide such a huge capital for the project, thus, Vietnam needs to have a long-term and convincing plan for it”, the Tuoi Tre newspaper reported June 10, citing Sakaba. The country should not build the entire railway link at the same time, but instead of just some certain sections, the ambassador added.
He noted that “Japan is ready to finance the project’s feasibility study which is expected to finish within two years and after that it will make the final decision about the funding for the Vietnamese project”. The official, however, did not disclose the funding for the study.
He also emphasized his belief on the project’s economic efficiency in the long run if the Southeast Asian country has a strategy to mobilize funds with part of this expected to come from Japan.
Earlier, Chief Economist Martin Rama of the World Bank affirmed that the bank will not participate in the mammoth project, adding that Japan may be the donor for the route.
Meanwhile, Ambassador Sean Doyle, head of the European Commission Delegation, said in a recent interview with Tuoi Tre newspaper reporters that the EU is not concerned about the project.
