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Vietnamese transport ministry receives extra $1.3bn for 5 expressway projects

Vietnamese transport ministry receives extra $1.3bn for 5 expressway projects

Tuesday, February 07, 2023, 17:03 GMT+7
Vietnamese transport ministry receives extra $1.3bn for 5 expressway projects
The Ben Luc-Long Thanh expressway project connecting Ben Luc District in Long An Province and Long Thanh District in Dong Nai Province is under construction. It is one of the five expressway projects which will receive additional capital. Photo: Tu Trung / Tuoi Tre

The Vietnamese government has rovided the Ministry of Transport with an additional VND31.4 trillion (US$1.3 billion) to develop five expressway projects.

The capital was sourced from foreign loans guaranteed by the government.

The five projects include the Hanoi-Hai Phong expressway project whose investor is the Vietnam Infrastructure Development and Finance Investment JSC, and four others developed by the Vietnam Expressway Corporation (VEC)—Noi Bai-Lao Cai, Da Nang-Quang Ngai, Ho Chi Minh City-Long Thanh-Dau Giay, and Ben Luc-Long Thanh.

The Ministry of Transport was assigned to allocate the capital for the five projects.

Meanwhile, the Ministries of Finance, Planning and Investment, and Transport will be held accountable to the prime minister, inspection and audit agencies, and other relevant bodies for the accuracy of data on the additional capital.

Moreover, the additional capital must be managed and used in an efficient, economical, and public manner in line with the law.

The Ministry of Transport was assigned record capital of some VND94.2 trillion ($4 billion) in 2023, 1.7 times higher than the figure in 2022.

The ministry has drawn up a plan to allocate over VND94.1 trillion, or 99.97 percent, to traffic infrastructure projects.

Of the total funds assigned to the Ministry of Transport, 100 percent of foreign capital totaling nearly VND5 trillion ($213.2 million) and 99.97 percent of the local capital, or some VND89.2 trillion ($3.8 billion), has been disbursed for the projects.

In particular, the first and second phases of the North-South expressway project were funded with around VND17.9 trillion ($763.2 million) and VND45.3 trillion ($1.9 billion), accounting for 19 and 48 percent, respectively, of the total allocated capital.

In addition, official development assistance projects were offered VND7.8 trillion ($332.2 million), making up 8.3 percent. 

Key and urgent projects and the remaining traffic projects received roughly VND2.3 trillion ($98 million) and some VND21 trillion ($894.9 million), or 2.4 and 22.3 percent, respectively, of the total capital allocated to the Ministry of Transport. 

The Ministry of Transport has disbursed VND1.7 trillion ($72.6 million) this year, reaching 1.81 percent, which is higher than the figures in the same period last year at VND761 billion ($32.5 million) and 1.38 percent.

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Thanh Ha - Ngoc An / Tuoi Tre News


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