New Year sees work begin on $589-mln expressway to China border gate
Construction of the first phase of an expressway linking with a China-linked border gate kicked off Monday, the first day of 2024, under the public private partnership (PPP) format.
The 93.35 km Dong Dang-Tra Linh Expressway will connect the Tan Thanh border gate in Van Lang district, Lang Son province with an intersection with National Highway 3 in Quang Hoa district, Cao Bang province.
Prime Minister Pham Minh Chinh (front row, fourth right) is told about new technologies that will be deployed in building tunnels as part of an expressway in northwestern Vietnam connecting with a China border gate. Photo courtesy of the government's news portal.
The project will be implemented by a consortium comprising the Deo Ca Group, ICV Vietnam Investment and Construction, Deo Ca Traffic Infrastructure Investment JSC, and 568 Construction JSC over a period of 36 months.
The VND14.31 trillion ($589 million) project will be implemented under the build-operate-transfer (BOT) format. The Deo Ca Group-led consortium, project investor, will contribute VND4.45 trillion ($183 million), or 31.24% of the total investment.
Once operational, the expressway will be a freight route connecting Lach Huyen port in Hai Phong and Trung Khanh district in Cao Bang province with China’s Urumqi, Kazakhstan’s Khorgos and other parts of Central Asia and Europe, boosting socioeconomic development in the northwestern region.
At the ground breaking ceremony, Prime Minister Pham Minh Chinh affirmed that the government will contribute nearly 70% of the needed capital, crossing the previous regulatory threshold of 50%, under a pilot scheme to stimulate private sector engagement.
The PM asked investors and local governments to cooperate and facilitate construction towards the expressway opening to traffic at the end of 2025 or early 2026. It will help Vietnam reach the target of having 3,000 km of expressways by 2025 and 5,000 km by 2030, he said.
- Related News
- Read More
Vietnam startup funding down 17% to $529 mln, 3rd in Southeast Asia
Vietnamese startups secured $529 million in total funding in 2023, a 17% decline from the previous year, according to the 2024 Vietnam innovation and tech investment report released Friday.
Investing - Sun, April 28, 2024 | 10:04 am GMT+7
Vietnam’s Eximbank elects third chairperson in three years
Ho Chi Minh City-based Eximbank has elected Nguyen Canh Anh as its chairman for the 2020-2025 term, the third one since early 2022, as the private lender manages to resettle its leadership.
Companies - Sun, April 28, 2024 | 9:38 am GMT+7
Central Vietnam province okays Swiss-invested $126 mln bamboo board factory
Vietnam’s central province of Thanh Hoa has given an in-principle nod for staBoo Thanh Hoa JSC to invest VND3,199 billion ($126 million) in a factory for manufacturing bamboo oriented strand board (bamboo OSB).
Industries - Sun, April 28, 2024 | 7:10 am GMT+7
Revisit A1 Hill: 'Mud, Blood, Flowers'
As the nation approaches the 70th anniversary of the Dien Bien Phu Victory, all eyes are turning towards the westernmost part of the Fatherland – Dien Bien, with profound gratitude.
Travel - Sun, April 28, 2024 | 12:04 am GMT+7
Vietnamese dong to slide further 1% by year-end: Bank of America
The Vietnamese dong, the local currency, is projected to weaken by an additional 1% by the year-end after sliding sharply against the U.S. dollar since the start of this year, according to Bank of America.
Banking - Sat, April 27, 2024 | 10:39 pm GMT+7
Industrial park developer Idico targets 22% profit hike, 40% cash dividend
Leading industrial park developer Idico Corporation has targeted revenues and pre-tax profit of VND8.46 trillion ($334 million) and VND2.5 trillion ($98.7 million) this year, up 13% and 22% year-on-year, respectively.
Companies - Sat, April 27, 2024 | 9:23 pm GMT+7
Indonesia’s coffee exports surpass imports
Indonesia’s coffee exports have surpassed imports for 47 consecutive months since May 2020, the Central Statistics Agency (BPS) reported.
Southeast Asia - Sat, April 27, 2024 | 8:53 pm GMT+7
Thai central bank intervenes to stabilise currency
The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.
Southeast Asia - Sat, April 27, 2024 | 8:52 pm GMT+7
Indonesia's first thermal power plant stops operating
Indonesia's Ministry of Maritime Affairs and Fisheries (MMAF) has held a press conference to inform about the country’s progress in the early decommissioning of the Cirebon-1 thermal power plant.
Southeast Asia - Sat, April 27, 2024 | 8:49 pm GMT+7
'Tunnel king' Deo Ca plans to invest over $3.7 bln in building roads
“Tunnel king” Deo Ca Group plans to build about 400 km of highways and ring roads with a total investment of more than VND94,000 billion ($3.7 billion) by 2030.
Companies - Sat, April 27, 2024 | 5:17 pm GMT+7
Real estate major DIC plans high-end medical centers for Vietnam expats
Real estate major DIC Corp has plans to build facilities offering advanced medical care for long-term expat residents in the central province of Thanh Hoa and the southern province of Ba Ria-Vung Tau.
Companies - Sat, April 27, 2024 | 4:40 pm GMT+7
Ponagar Temple Festival 2024 to open in Nha Trang
The Ponagar Temple Festival, a popular traditional cultural event of the ethnic Cham people, will take place on Sunday at the Ponagar Temple Relic Site in Nha Trang town, the central coastal province of Khanh Hoa.
Travel - Sat, April 27, 2024 | 3:05 pm GMT+7
Vietnam-based Boviet Solar to invest $294 mln in photovoltaics plant in US
Vietnam-based Boviet Solar Technology Co. Ltd. (Boviet Solar) will invest $294 million in a photovoltaics (PV) factory in Pitt County, North Carolina, the United States.
Energy - Sat, April 27, 2024 | 12:28 pm GMT+7
Central Vietnam islands host visitors with summer events
A series of summer vacation events are scheduled on the island district of Ly Son, 30 km off the coast of the central province of Quang Ngai, offering different options for sea and island summer trips for families and friends.
Travel - Sat, April 27, 2024 | 12:07 pm GMT+7
FPT Retail turns profitable after four consecutive quarterly losses
FPT Digital Retail JSC, known as FPT Retail, posted VND39 billion ($1.54 million) in consolidated net profit in the first quarter of 2024, marking a return to profitability after four consecutive quarters of losses.
Companies - Sat, April 27, 2024 | 10:20 am GMT+7
Agriculture major PAN Group to pay 5% cash dividend
Leaders of PAN Group JSC, listed on the HCMC Stock Exchange (HoSE) as PAN, proposed paying a cash dividend of 5% this year and beyond at the company's AGM on Friday.
Companies - Sat, April 27, 2024 | 9:53 am GMT+7
