Vietnam encourages Chinese investment in railway, energy projects

CRRC is the world’s largest supplier of rail transit equipment with the most complete product lines and leading technologies. Its main businesses cover the R&D, design, manufacture, repair, sale, lease and technical services for rolling stock, urban rail transit vehicles, engineering machinery, all types of electrical equipment, electronic equipment and parts, electric products and environmental protection equipment, as well as consulting services, industrial investment and management, asset management, and import and export.

The company has 8,737 employees and its 2023 revenue hit US$2.2 billion. It exports products to 32 countries, including Vietnam. In Vietnam, CRRC has provided diesel rolling stock and rolling stock for standard railway projects, urban railway vehicles, wind energy equipment, and photovoltaic equipment.

At the meeting, Chinh spoke highly of the company’s achievements and said Vietnam and China need to further promote cooperation and connection of the two economies, including the railway industry which is in dire need of modernisation in the current period.

According to the PM, Vietnam currently has more than 2,000km of railways in length with more than 300 stations, but the local railway industry has not been exploited effectively. In his opinions, rail transportation has many advantages compared to other types thanks to affordable transportation costs and suitability for a number of goods.

He recalled that last December Vietnam and China signed a joint statement on continuing to deepen and elevate the Comprehensive Strategic Cooperative Partnership and build a Vietnam - China community with a shared future that carries strategic significance.

In particular, the two sides agreed to connect standard gauge railways across the border by developing standard gauge railway routes of Lao Cai - Hanoi - Hai Phong; Dong Dang – Hanoi; and Mong Cai - Ha Long - Hai Phong, so as to create an important infrastructure system to promote bilateral economic and trade cooperation.

He said during his meeting with Chinese Premiere Li Qiang on this occasion, the two sides will examine the possibility of negotiating and signing an intergovernmental agreement on railway development. The two sides will bring into full play the role of State corporations and groups between the two countries, learn from previous projects, and deploy specific cooperation projects as effectively and quickly as possible, in the spirit of harmonious benefits and risk sharing.

The PM proposed that with its capacity and advantages, CRRC cooperate with the Vietnam Railway Corporation and Vietnamese enterprises in production, transfer of technology for manufacturing locomotives and carriages, human resources training, and capital support. He encouraged CRRC to engage in working out quality and effective railway projects, contributing to the development of the railway industry in Vietnam, while expanding cooperation into other fields such as new energy.

Sun for his part expressed his desire to concritise the agreements of the two countries’ senior leaders, under the direction of the two governments. He said CRRC is willing to participate in building railway lines connecting the two countries, as well as urban railway projects in Hanoi and Ho Chi Minh City.

Vietnamese Prime Minister Pham Minh Chinh is in Dalian to attend the 15th World Economic Forum (WEF) Annual Meeting of the New Champions and pay a working visit to China from June 25-27.