Construction of expressway connecting Southeast region with Central Highlands to start by end-2024
The National Assembly has approved an investment policy for the Gia Nghia town (Dak Nong province)-Chon Thanh town (Binh Phuoc province) section of the North-South Expressway.
The project is expected to promote the socio-economic development of Binh Phuoc and Dak Nong, connect the Southeast region with the Central Highlands, and reduce the traffic load on National Highway 14 - the main artery connecting the two provinces.
Thanks to a special mechanism, the project is likely to be implemented within a year, rather than the two years it normally takes after the National assembly, the country's legislature, gave the policy the green light.
The Gia Nghia-Chon Thanh Expressway will run 128.8 km with four lanes and an expected speed of 100-120 km per hour. It will be started in 2024, completed in 2026, and put into operation in 2027.
The project is divided into five components, not including site clearance. Compensation, resettlement support, and the construction of feeder roads and overpasses passing through Dak Nong and Binh Phuoc provinces will be implemented in the form of public investment.
The preliminary investment for the project is more than VND25,500 billion ($1 billion). Of which, the central budget will contribute more than VND10,500 billion ($412 million), the local budget more than VND2,200 billion ($86 million), Binh Phuoc more than VND1,200 billion ($47 million), and Dak Nong VND1,000 billion ($39 million). The investor's capital contribution will reach more than VND12,700 billion ($500 million).
A number of large expressway projects implemented in recent times show that, with the specific mechanism for site clearance, many localities have achieved a rate of land delivery of 90–95% after only a year from the day the National Assembly has pressed the button, according to the Vietnam Highway Administration.
In the past, the procedure for preparing investment for expressway projects such as Gia Nghia-Chon Thanh usually took about two years from the date the National Assembly approved the policy, but thanks to a special mechanism, this time has been shortened by at least one year, which should significantly reduce any difficulties that arise during the projects.
Nguyen Nhan Ban, director of the Department of Transport of Dak Nong, said that after the parliament approved the policy, the department advised the provincial People's Committee to assign tasks to units so they could immediately start work.
The project has a total site clearance area through Dak Nong province of 261 hectares, including more than eight hectares of residential land, 1.58 hectares of rice cultivation land, and 25.1 hectares of land for growing other crops.
The total number of affected households is about 408, and about 250 households will be resettled at a cost of VND662 billion ($26 million).
- Read More
Construction trio keen on building $1.5 bln expanded expressway in southern Vietnam
Three construction majors in Vietnam are interested in building an expanded expressway connecting Ho Chi Minh City with the Mekong Delta provinces of Long An and Tien Giang for an estimated VND38.6 trillion ($1.52 billion).
Infrastructure - Tue, November 19, 2024 | 8:18 pm GMT+7
Singapore, Germany upgrade relations to strategic partnership
Singapore and Germany have decided to elevate their ties to a Strategic Partnership to promote closer cooperation in areas of mutual interest such as security, artificial intelligence (AI) and clean energy.
Southeast Asia - Tue, November 19, 2024 | 8:01 pm GMT+7
Thailand’s rice shipment up 20% in 10 months
Thailand exported 8.37 million tons of rice in January-October, a year-on-year increase of 20%, according to the Ministry of Commerce.
Southeast Asia - Tue, November 19, 2024 | 8:00 pm GMT+7
Vietnam’s inconsistent legal framework poses problems for FDI sector: Deep C exec
Vietnam’s legal framework lacks consistency and the foreign direct investment (FDI) sector will soon face challenges related to the Law on Environmental Protection, says Bruno Jaspaert, CEO of Deep C Industrial Zones.
Economy - Tue, November 19, 2024 | 6:30 pm GMT+7
Vietnam shares sink on extended foreign selloffs
Vietnamese equities fell for a fourth consecutive day on Tuesday as foreign traders extended their selling spree.
Finance - Tue, November 19, 2024 | 5:10 pm GMT+7
Germany’s household product firm QuickPack to invest $32 mln in Vietnam
Germany’s QuickPack, a specialist for household goods and hygiene products, will invest €30 million ($31.8 million) in Vietnam’s Mekong Delta province of Long An.
Industries - Tue, November 19, 2024 | 4:24 pm GMT+7
Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers
Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.
Real Estate - Tue, November 19, 2024 | 4:17 pm GMT+7
‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects
Limited consultations between state agencies and the parliament’s primary focus on wording are issues with Vietnam’s legal framework adversely affecting property and infrastructure projects, say experts and corporate leaders.
Economy - Tue, November 19, 2024 | 3:40 pm GMT+7
President Xi Jinping hastens construction of 3 Vietnam-China rail routes
Chinese President Xi Jinping has called for more substantial cooperation between China and Vietnam, including the pacier implementation of three railway routes linking the two nations.
Infrastructure - Tue, November 19, 2024 | 3:08 pm GMT+7
Vietnam developers offer deferred principal payments, interest support to boost year-end sales
Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.
Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7
Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory
Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.
Companies - Tue, November 19, 2024 | 11:00 am GMT+7
Techcom Securities becomes largest broker in Vietnam by capital base
Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.
Finance - Tue, November 19, 2024 | 9:11 am GMT+7
Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec
Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.
Companies - Tue, November 19, 2024 | 7:45 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Companies - Tue, November 19, 2024 | 7:00 am GMT+7
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7