Vietnam’s Tra Vinh Province gets nod for $377mn coastal road project
Wednesday, February 21, 2024, 15:30 GMT+7
The Vietnamese government has approved a project to build a coastal corridor in Tra Vinh Province, located in the Mekong Delta region, at a cost of nearly US$377 million, most of which will be financed by the Asian Development Bank (ADB), local authorities said.
On Tuesday, the Tra Vinh administration announced that Prime Minister Pham Minh Chinh had issued a decision to approve the project for constructing a coastal corridor in the province.
The total estimated cost for the project is nearly VND9.2 trillion ($377 million).
About 90 percent of the cost will be covered by a loan from the ADB and the rest will be paid by the province’s budget.
With an expected length of 60.7km, the two-lane corridor will connect Tra Vinh with Ben Tre and Soc Trang Provinces.
The decision stipulates that as the project investor, the Tra Vinh authorities bear the responsibility for managing and utilizing the ADB loan.
The PM assigned the Ministry of Planning and Investment (MoIT) to inform the ADB of the project's approval and to submit any required proposals essential for its implementation.
The contractor has yet to be announced.
The Tra Vinh administration is required to join the ADB in preparing a pre-feasibility study report for the corridor to form a basis for the next steps of the project.
Upon completion and commencement of operations, the road is expected to enhance the socio-economic development of the localities along the corridor.
This, in turn, will contribute to the economic restructuring towards a green, sustainable economy, Tra Vinh Online reported.
Chairman of the Tra Vinh People’s Committee Le Van Han underlined the corridor's crucial role in fostering socio-economic development in Tra Vinh and the entire delta region, Vietnam Economic Times magazine reported.
This specific project is part of the larger $1.76 billion initiative approved by the prime minister in September 2021.
The comprehensive plan aims to establish a 740km coastal route connecting Ho Chi Minh City with seven provinces in the Mekong Delta region, namely Tien Giang, Ben Tre, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau, and Kien Giang, according to MoIT.
The additional six localities in the region include Can Tho City and the provinces of Long An, Vinh Long, Hau Giang, Dong Thap, and An Giang.
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