Japan wants to build underground trade center in Saigon subway station

The proposed shopping mall should be built along with the development of the subway station at Ben Thanh Market in District 1, Katsuro Nagai, head of the embassy’s Economic Board, told chairman Le Hoang Quan during a reception at City Hall, according to the municipal website.

Implementing both projects simultaneously will yield the best economic effectiveness and will not affect the environment, the Japanese diplomat said, adding Japan hopes to receive support from the city.

The Ben Thanh-Suoi Tien metro system, the first of its kind in Ho Chi Minh City, requires a total investment of US$2.49 billion, with $2.2 billion from Japanese assistance loans whereas the city’s administration will cover the remaining $290 million.

The subway line, which has a total length of 19.7km, including 2.6km underground, will run through 14 stations, with three underground ones, and connect Ben Thanh Market and Suoi Tien Amusement Park in District 9.

Construction of the Ben Thanh-Suoi Tien metro line began in August 2012.

The megaproject is scheduled for commission in 2020, according to the envoy.

Nagai said the participation of Japanese investors in the trade center project will help Vietnam with Japan’s experience in building underground constructions.

The Japanese diplomat also revealed that a Japanese group, the Tokyu, is looking to cooperate with Vietnam’s SAMCO to conduct research for the development of satellite projects surrounding the Suoi Tien Terminal.

Chairman Quan said the city is putting all of its effort into completing the subway project soon.

As for the proposal to set up an underground trade center and other projects in the metro terminals, Quan said the city will prioritize Japanese investors to join them.

According to the subway project’s master plan, an 18,000-square meter area underneath Le Loi Street is zoned for the construction of commercial facilities.

The metro train will have a maximum speed of 80kph underground, and 110kph aboveground, allowing passengers to travel from Suoi Tien to the downtown area in around 29 minutes.