A credit agreement for the Hanoi-Hai Phong Highway project wassigned on Feb. 22 in Tokyo between the Vietnam Development Bank(VDB) and Sumitomo Mitsui Bank Corporation (SMBC) and Citibank of Japan.
Under the agreement, SMBC and Citibank willprovide VDB with loans of 270 million USD to carry out phases No.3 andNo.8 of the project within 15 years, with a grace period of 4.5 yearsunder the credit insurance of Nippon Export and Investment Insurance(NEXI) of Japan .
Representatives of the sidesagreed that the project plays an important role in promoting economicdevelopment in the Red River Delta. It is also a significant project formore than 200 Japanese enterprises which have business and productionunits along the route.
Speaking at the ceremony,Vietnamese Ambassador to Japan Doan Xuan Hung highlighted the finedevelopment of the Vietnam-Japan relationship. He said Vietnam is anattractive destination for Japanese investors, expressing his hope thatJapanese businesses will further strengthen investment in other projectsin Vietnam .
According to VDB, the Hanoi-HaiPhong highway project is the first intercity traffic route in Vietnamthat will meet international standards.
With atotal length of 105.5 km, the project will begin in Hanoi ’s Gia Lamdistrict and end in Dinh Vu dam in Hai Phong city.
The project’s final phase is scheduled to begin this year.-VNA
Under the agreement, SMBC and Citibank willprovide VDB with loans of 270 million USD to carry out phases No.3 andNo.8 of the project within 15 years, with a grace period of 4.5 yearsunder the credit insurance of Nippon Export and Investment Insurance(NEXI) of Japan .
Representatives of the sidesagreed that the project plays an important role in promoting economicdevelopment in the Red River Delta. It is also a significant project formore than 200 Japanese enterprises which have business and productionunits along the route.
Speaking at the ceremony,Vietnamese Ambassador to Japan Doan Xuan Hung highlighted the finedevelopment of the Vietnam-Japan relationship. He said Vietnam is anattractive destination for Japanese investors, expressing his hope thatJapanese businesses will further strengthen investment in other projectsin Vietnam .
According to VDB, the Hanoi-HaiPhong highway project is the first intercity traffic route in Vietnamthat will meet international standards.
With atotal length of 105.5 km, the project will begin in Hanoi ’s Gia Lamdistrict and end in Dinh Vu dam in Hai Phong city.
The project’s final phase is scheduled to begin this year.-VNA
