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Ho Chi Minh City needs additional $124m from State budget for expy project

Ho Chi Minh City needs additional $124m from State budget for expy project

Friday, April 07, 2023, 10:12 GMT+7
Ho Chi Minh City needs additional $124m from State budget for expy project
When in place, the Ho Chi Minh City - Moc Bai expressway will ease the traffic burden on National Highway 22. A photo shows vehicles running on a road. Photo: T.T.D. / Tuoi Tre

The Ho Chi Minh City People’s Committee has written to the prime minister proposing the government add some VND2.9 trillion (US$124.2 million) sourced from the State budget for the Ho Chi Minh City - Moc Bai Expressway project.

Ho Chi Minh City vice chairman Bui Xuan Cuong signed an urgent dispatch to report the progress of expressway projects, including the Ho Chi Minh City – Moc Bai Expressway, implemented under the public-private partnership format, to the prime minister.

The proposed funding will be spent on land clearance and compensation for the 50-kilometer expressway project, which will connect Ho Chi Minh City and its neighbor Tay Ninh Province.

In addition, the city also proposed adjusting some components of the expressway to perfect a prefeasibility study report and submit it for consideration and appraisal. The adjustment will not affect the military land in the two localities.

The expressway will stretch 23.7 kilometers of land in Ho Chi Minh City, while a 26.3-kilometer section of the road will run across Tay Ninh Province.

The first phase of the project will be developed under the build-operate-transfer format, featuring four lanes and allow a maximum speed of 120 kilometers per hour, with a total capital of over VND16.7 trillion ($715.7 million), inclusive of interest during the construction period.

Of the total, over VND7.4 trillion ($316.4 million) is sourced from the State budget earmarked for site clearance, while the rest will be mobilized by the investor. The investor of the project will recoup capital in 18 years and one month.

Ho Chi Minh City is appointed as authorized agency to deploy the expressway project.

In the next phase of the Ho Chi Minh City - Moc Bai expressway project, the section spanning Ho Chi Minh City will be widened to eight lanes, while the other section will be expanded to six lanes.

The expressway project is expected to get off the ground in the third quarter of 2024.

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Tieu Bac - Duc Phu / Tuoi Tre News


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