Vingroup proposes investing in Hanoi's 7th bridge over Red River

Vingroup, Vietnam’s largest private conglomerate, has proposed that the Hanoi People's Committee allow it to invest in the construction of Tu Lien bridge, the seventh to link the city's downtown with its outlying districts.

The VND20 trillion ($802.37 million) project, including the 2.9-kilometer cable-stayed Tu Lien bridge and a 11.5-kilometer road connecting it to the Hanoi-Thai Nguyen expressway, will be invested under a BT (build-transfer) format, according to Vingroup's proposal.

Tu Lien bridge, crossing the Red River, is one of the key transportation works in Hanoi, included in the national transport master plan until 2030, with a vision to 2050 approved by the prime minister.

Once completed, the project will connect the western bank of the Red River along Au Co - Nghi Tam road in Tay Ho district with the eastern bank in Dong Anh district. It will also directly connect to Hanoi’s Ring Road 3.

It will ease traffic pressure on Nhat Tan, Long Bien, and Chuong Duong bridges, reducing congestion on major roads.

Tu Lien is the seventh bridge to connect Hanoi's inner city with its outlying districts, after Thang Long, Nhat Tan, Long Bien, Chuong Duong, Vinh Tuy, and Thanh Tri. It is also among 18 bridges planned for construction over the Red River, with nine already in service and nine under planning.

Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, boasts experience in investing in transportation infrastructure projects, such as the elevated section of Hanoi’s Ring Road 2, from Vinh Tuy bridge to Nga Tu So intersection. The group is committed to completing Tu Lien bridge on schedule with high quality, making it a new iconic construction of the capital.

Previously, Vingroup also planned to complete the National Exhibition Center project in Dong Anh district’s Dong Hoi and Xuan Canh communes by July 2025 to celebrate the 80th anniversary of National Day (September 2, 1945 - 2025).

The new exhibition center, located close to Noi Bai International Airport and several minutes of drive from the inner city, is expected to be a venue for global trade events and exhibitions. It will replace the previous national exhibition center on Giang Vo street, Ba Dinh district.

Besides indoor premises, the center will feature outdoor spaces of up to 20.6 hectares. An ecosystem of ancillary facilities will include service areas, high-rise office buildings, a five-star hotel to be managed by Marriott, and parking areas.

Tu Lien bridge is expected to facilitate the travel of a large number of domestic and international visitors attending fairs and exhibitions, promoting trade in the northern region of the Red River and surrounding areas of the capital city.

Vingroup reported a total asset value of VND722.26 trillion ($28.5 billion) as of June 30, 2024, up 8.2% year-on-year and VND55 trillion ($2.17 billion) more than December 31, 2023.

In the first six months of 2024, the group recorded consolidated revenues of VND65 trillion ($2.57 billion), with positive changes in residential real estate, tourism and entertainment businesses. Its consolidated after-tax profit reached VND2.02 trillion ($79.75 million).

VIC shares closed Friday at VND41,800 ($1.66) each.