HCMC to use prime land assets worth $889 mln to pay Masterise for two major bridge projects

Ho Chi Minh City will use prime land assets worth more than VND23.4 trillion ($889.4 million) and public funds to compensate Masterise for two major bridge projects under build-transfer (BT) contracts, according to a new decision by the city People's Council.

The council approved adjustments to the investment policies for the Can Gio bridge and Phu My 2 bridge projects, both of which are being developed by the local developer under public-private partnership (PPP) arrangements.

For the Can Gio bridge project, authorities revised the payment structure after changes to the land bank earmarked for investor compensation. The city will now allocate two downtown land plots with a combined estimated value of more than VND7.5 trillion ($285.06 million) and use budget funds to cover the remainder of the payment obligation.

The sites include a property at 8-12 Le Duan boulevard, valued at VND3.42 trillion ($130 million), and another at 2-4-6 Hai Ba Trung street, valued at around VND4.11 trillion ($156.21 million).

The land assets account for roughly 69.7% of the BT contract value for the bridge construction, estimated at VND10.82 trillion ($411.25 million). The remaining VND3.74 trillion ($142.15 million) will be paid from the local budget after the land transfer is completed.

The Can Gio bridge project has a revised total investment of about VND13.35 trillion ($507.41 million), including interest expenses during construction, up by VND148 billion ($5.63 million) from the previously approved plan.

The bridge will span across the Soai Rap river, linking Can Gio with Nha Be communes and replacing the Binh Khanh ferry crossing. The project includes a bridge section of about three kilometers and connecting roads, bringing the total length to roughly seven kilometers.

Separately, the city approved adjustments to the Phu My 2 bridge project, for which land assets valued at approximately VND15.91 trillion ($604.72 million) are expected to be used as payment to the investor.

The bridge will connect Nguyen Huu Tho road in HCMC with Lien Cang road in the neighboring industrial city of Dong Nai. The route will stretch about 6.64 km, including 4.6 km within HCMC and 2.04 km in Dong Nai.

Designed with eight traffic lanes and supporting infrastructure, the project carries a total investment of about VND21.83 trillion ($829.73 million), including financing costs during construction. Completion is targeted for 2029.

Authorities view Phu My 2 as a strategic transport link that will strengthen connections between southern HCMC, Dong Nai's Nhon Trach commune, and Long Thanh International Airport.

Once completed, the bridge is expected to ease congestion on the existing Phu My bridge, National Highways 1 and 51, and the Ho Chi Minh City-Long Thanh expressway, while improving logistics efficiency and supporting economic activity across the southern key economic region.