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Vietnam seeking $10.53bn to complete cross-country expressway

Friday, July 08, 2016, 14:44 GMT+7
Vietnam seeking $10.53bn to complete cross-country expressway
File photo of a section of the cross-country expressway running through Ha Nam Province

The cross-country expressway connecting Vietnam’s capital Hanoi with the Mekong Delta city of Can Tho will need an additional VND235.95 trillion (US$10.53 billion) to complete, Ministry of Transport said in a meeting on Thursday.

A meeting to evaluate and report on the investment plan for the development of a cross-country expressway by 2020 was chaired by Vietnamese Deputy Prime Minister Trinh Dinh Dung on Thursday and attended by representatives from the country’s Ministry of Transport.

Originally approved by former Prime Minister Nguyen Tan Dung in 2010, the cross-country expressway is slated to stretch 1,814 kilometers along the East Coast of Vietnam, starting at the Phap Van Intersection in Hanoi and snaking its way to Can Tho City in the Mekong Delta region.

The section connecting Hanoi and Ho Chi Minh City will be 1,624 kilometers long, according to the plan.

According to the Ministry of Transport, several completed sections of the expressway, totaling 171 kilometers, have already been finished and put to use, connecting Hanoi and Ho Chi Minh City with neighboring provinces.

At the moment, the Transport Ministry said, an additional 302 kilometers of expressway is under construction.

Lộ diện hình hài đường cao tốc Bắc - Nam

Traffic on Ho Chi Minh City – Long Thanh Expressway, a part of the cross-country expressway. Photo: Tuoi Tre

The Ministry said around VND235.95 trillion will be needed to finish the remaining sections of the expressway as scheduled for 2023, accounting for about 70 percent of the total capital needed for the project.  49 percent of that will be mobilized from the private sector

Fifty-one percent of the investment capital is to be funded by the government using government bonds and official development assistance (ODA).

The entire expressway is estimated to cost VND341.32 trillion ($15.24 billion).

Speaking at the meeting, Deputy Prime Minister Trinh Dinh Dung asserted that transport infrastructure plays a crucial role in Vietnam’s global integration, industrialization, and modernization.

The Deputy PM urged the basic completion of the expressway by the year 2020, which he regarded as a new foundation for the country’s development.

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Illustration of the planned cross-country expressway. Graphic: Tuoi Tre

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