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Vietnam’s US$8 billion railway to China gets the go ahead
It is one of two railway lines to China that Vietnam plans as part of its ‘Two Corridors, One Belt’ initiative.
The new rail line will run through some of Vietnam’s key manufacturing hubs, home to Samsung, Foxconn, Pegatron and other global giants, many of whom rely on a regular flow of components from China. The approval comes just over a year after the neighbours pledged to deepen ties during a visit to Vietnam by President Xi Jinping, as Beijing sought to counter growing US influence with Hanoi. The country is an increasingly favoured destination for foreign businesses looking for an alternative to China, but low-quality infrastructure is seen as holding back surging investment.
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