Vietnam Looking For Funds For $15B Railway Systems

October 6, 2008 10:21 a.m. EST

Hanoi, Vietnam (AHN) - The government of Vietnam on Monday announced plans to build two new railway systems in the booming cities of Hanoi and Ho Chi Minh at a cost of $15 billion to de-congest traffic in the region.

Under the plan, the government will earmark at least $7.5 billion to finance the construction of tramways for sky trains and subway in Hanoi.

Another $7.5 billion will be spent for the building of an urban railways and metro in Ho Chi Minh, the government said.

Vietnamese Prime Minister Nguyen Tan Dung has already approved the two projects and has given instructions to officials to look for possible financing,

Vietnam hopes to complete the railways by 2020.