Spain to help fund metro in Vietnam

MADRID – Spain will contribute to the financing of a subway system in Ho Chi Minh City, Vietnam, the Spanish Industry Ministry said Tuesday.

The agreement was signed in Madrid by Industry Minister Miguel Sebastian and Vietnam’s deputy prime minister, Pham Gia Khiem.

Spain will assign a series of funds to finance some of the metro lines under development in Ho Chi Minh City – formerly Saigon – when feasibility studies are complete and reliable budget estimates are available.

Ho Chi Minh City, with a population of close to 8 million, is the nation’s economic capital.

Spain and Vietnam will establish a joint work group, with the participation of authorities involved in the project, which will meet at least twice a year.

Should the budget of the Vietnamese authorities plus Spanish financing prove insufficient to finish the job, both parties have committed to providing new sources of funding.

Sebastian and the visiting Vietnamese official also signed a second document for the development of three projects related to water treatment and management, which Spain will help fund with 65 million euros ($94.9 million).

The two countries also agreed to extend their cooperation to other fields and have listed a series of projects eligible for aid.

These include the construction of a bridge, investment in equipment for radio and television stations, and building a wind-power complex.