Fast Market Research recommends "Vietnam Infrastructure Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/06/2013 -- Vietnam's construction sector is in an upward cyclical phase, as evidenced by a real growth rate of 5.3% y-o-y in the first nine months of 2013. We believe this could continue in 2014 and are maintaining our growth forecasts of 5.6% for 2014. This is because we expect monetary conditions to remain conducive for construction and have seen greater investment in the construction sector, particularly from foreign sources. Most importantly, the government has taken an aggressive stance in restructuring its state-owned enterprises, which could unlock additional investment for infrastructure development over the coming years.
The major developments in Vietnam's infrastructure sector are:
- In July 2013, the government of Ho Chi Minh City entered into an agreement with Japan's Sumitomo and Vietnam's Civil Engineering Construction Corporation No.6 to start construction works on the city's first metro railway line in late 2013. The project is expected to cost US$2.1bn. The metro line is likely to cater to nearly 620,000 passengers on a daily basis by 2020, and the number is projected to increase to 1.02mn by 2040. The metro line will provide connection between Ben Thanh Market in District 1 and Suoi Tien Theme Park in District 9. The line is planned to be extended to Bien Hoa City in the southern province of Dong Nai.
- In August 2013, Vietnam's transport ministry announced that it will not issue any licences for the construction of new container ports in Ba Ria-Vung Tau, Ho Chi Minh City and Dong Nai until 2015. This comes as ports in Cai Mep-Thi Vai have been carrying out operations at far below capacity. This forms part of measures by the government to enhance operation efficiency of the port system in the three localities. Meanwhile, the government has also decided not to expand existing ports in Ho Chi Minh City to move goods to Cai Mep-Thi Vai. The ministry will consider granting permission for new ports only after 2015, depending on market demand.
- In August 2013, the Asian Development Bank announced that it will provide a US$410mn loan for the Vietnamese government to develop a new arterial road. The loan would help in the construction of Second Southern Highway, which would connect Ho Chi Minh City in Southern Vietnam to the Mekong Delta and southern coastal regions. The project involves the construction of access and interconnecting roads totalling 26km, as well as two cable-stayed bridges with a combined length of 5km. The US $860mn project would also receive a loan of US$260mn from the Export-Import Bank of Korea, while the Vietnamese government would contribute US$56mn. Additionally, the Australian Agency for International Development would grant AUD160mn (US$143mn) for the project.
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