Saigon's forthcoming metro system seems to be getting more expensive all the time. While Line 1 began construction last year to the tune of US$2.49 billion and Line 2's price tag recently jumped from US$1.3 billion to US$2.1 billion – and also announced a two-year delay – the latest metro route to request approval, Line 5, is showing them both up at nearly twice the cost. The new track has not only met the cost of Saigon Metro Line 4, which comes in at a staggering US$4.45 billion, but surpassed it.
City officials have submitted a proposal for Line 5 to the National Assembly for approval which puts the cost of the subway track around US$4.47 billion, the highest so far, reports Thanh Nien.
According to Saigon officials, foreign creditors are already on board with paying for the line's construction, though there are already hiccups related to the line's route through Phu Nhuan District. The city has secured funding for the first stage of Line 5, which is estimated at around US$1.86 billion, 30% of which will come from the state budget.
The South Korean government is also willing to provide technical support for a second-stage feasibility study, officials say, which will also consider proposal to build two-kilometer link that joins the metro to Tan Son Nhat.
Once complete, Line 5 will run 24 kilometers from Binh Chanh District's Can Giuoc bus terminal to the Saigon Bridge, which links Binh Thanh District with District 2, however it must first receive approval from the Vietnamese government. Current law requires any project with a price tag over VND10 trillion (US$457.87 million) to get the go-ahead from the country's National Assembly first.
[Photo (for illustrative purposes) via Wikicommons]
