Authorities in Hanoi are planning to spend VND7.8 trillion (US$343.4 million) on the construction of a 2.2 kilometer long road, making it the most expensive street in Vietnam.
A construction management committee in the Vietnamese capital has submitted a plan to the municipal administration, proposing the construction of a new section of Vanh Dai 1 Street in O Cho Dua Ward, Dong Da District.
The proposed new road will be 2.2 kilometers long and 50 meters wide, with one end intersecting Cat Linh-La Thanh-Yen Lan Street and the other meeting Voi Phuc Intersection.
The project will encompass an area of nearly 160,000 square meters, of which over half currently belongs to local residents.
This means that to execute the plan, a total of 2,044 households will have to be displaced.
Capital investment required is estimated at VND7.779 trillion ($342.5 million), of which over VND6.4 trillion ($281.7 million) will be used for site clearance and the repatriation of affected residents.
Building costs will account for no more than VND1.8 trillion ($79.2 million).
The project is expected to be partially financed by the state budget and other legitimate channels.
The new section of road, estimated to cost VND3.5 billion ($154,105) per meter, will break the record of the most expensive path in Vietnam, previously set by the first section of Vanh Dai 1 Street.
The 700-meter O Cho Dua-Hoang Cau section required an investment of VND1.767 trillion ($77.8 million), while the 550-meter Kim Lien-O Cho Dua section cost VND642 billion ($28.2 million).