Vingroup, Techcombank to join hands in expressway project
A section of North-South Expressway. Photo courtesy of VOV.
Vietnam’s largest listed conglomerate Vingroup and leading private lender Techcombank have proposed an expressway connecting the Central Highlands to the southeastern region.
In a document sent to the Ministry of Transport and concerned provincial authorities, the duo proposed to develop the Gia Nghia (Dak Nong province)-Chon Thanh (Binh Phuoc province) expressway in the public-private partnership (PPP) form.
Vingroup and Techcombank said they are willing to spend their own money on providing pre-feasibiliity and feasibility reports to submit for approval. Should approval fail, both commit to bear all costs associated with project investment preparation.
This is the first time the cash-rich partnership of Vingroup and Techcombank proposed to invest in an expressway project.
Previously, the State Capital Investment Corporation (SCIC) sought to invest in the project in the PPP form.
As planned, the expressway will be 212 kilometers long when completed, with 110 kilometers cutting through Dak Nong and 102 kilometers through Binh Phuoc.
The two companies propose that the section through Dak Nong province be four lanes wide, with a roadbed of 24.75 meters, a road surface of 15 meters, a median strip of 2.25 meters, and a curb of 7.5 meters.
The expressway will reduce the time it takes to travel from Dak Nong to Ho Chi Minh City through Binh Phuoc once complete. It is expected to spur socioeconomic growth, attract investment, and boost local and regional tourism.
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