Authorities said that the cost of building the section that would run past Hanoi’s Hoan Kiem (Sword) Lake as part of the capital city’s second urban metro project will increase by more than VND16 trillion ($690 million) to VND35.67 trillion ($1.5 billion).

A report submitted to the National Assembly by the Ministry of Planning and Investment says the cost increase is warranted by changes in the project scale, the currency’s conversion rate, material price hikes, and higher management costs.

The cost adjustment would mean that each kilometer of the 11.5 meter section cost $143 million. The funds will be raised from the national budget and loans from the Japanese government.

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