Work begins on HCMC Ring Road 3 section
Construction began Saturday on an 8.7-kilometer section of Ho Chi Minh City's Ring Road 3 that is set for completion in three years.
The VND6,900 billion ($291 million) 1A sub-project is being carried out in HCMC’s neighboring province of Dong Nai.
The most important part of the project is the 2.6 km-long Nhon Trach Bridge over the Dong Nai River; and two approach roads with a total length of 5.6 km.
This road section is being built with South Korean official development assistance (ODA) loans and Vietnamese counterpart funds. The road section will have four lanes with a width of 20-26 meters that will allow a maximum speed of 80 km/h.
When the route is completed, the time taken from Dong Nai’s Nhon Trach district to Ho Chi Minh City and nearby Binh Duong province will be shortened significantly.
At Saturday’s ground-breaking ceremony, Deputy Minister of Transport Le Anh Tuan said the Ring Road 3 linking HCMC, Dong Nai, Binh Duong, and Long An with eight sub-projects will connect the southeastern and southwestern regions and give a fillip to socioeconomic development, especially by facilitating transportation from industrial parks to deep-water ports.
The 1A sub-project will also reduce the heavy traffic pressure on the Ho Chi Minh City-Long Thanh-Dau Giay Expressway, Tuan said.
Regional development will get an additional boost when the Long Thanh International Airport opens in Dong Nai, he added.
Tuan noted that the southeastern region accounted for 34% of the country’s GDP but its traffic infrastructure did not match real demand, slowing growth in the region.
"Therefore, priority has been given to developing the region's transport infrastructure like roads and bridges, and airports."
The HCMC Ring Road 3 project includes another 76 km that runs through HCMC, Dong Nai, Binh Duong and Long An. Work on this section, estimated to cost VN75,300 billion ($3.18 billion) is set to start by mid-2023 and scheduled for completion in three years.
- Read More
Vietnam one of the most dynamic, important pharma markets in Southeast Asia: Sandoz exec
Vietnam is one of the most dynamic and important pharma markets in Southeast Asia, and Sandoz, a Switzerland-headquatered global leader in generic and biosimilar medicines, has decided to invest massively in the country, said Charaf Eddine Kadri, general director of Sandoz Vietnam.
Executive Talk - Mon, December 23, 2024 | 8:36 am GMT+7
Noi Bai, Tan Son Nhat airport terminals to be completed in 2025: investor ACV
The T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City will be completed by April 30, 2025, two months ahead of schedule, while the expansion of the T2 passenger terminal at Noi Bai International Airport in Hanoi is slated for completion next year.
Infrastructure - Mon, December 23, 2024 | 8:23 am GMT+7
Vietnam’s benchmark VN-Index to reach 1,400-1,420 points in 2025: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may hit 1,400-1,420 points in 2025, driven by an 18% market-wide profit growth and a price-to-earnings (P/E) ratio of 12.5-13x, according to broker MBBank Securities (MBS).
Finance - Sun, December 22, 2024 | 7:52 pm GMT+7
HCMC's first metro line officially operational after nearly 2 decades
The first urban railway line in Ho Chi Minh City, named Ben Thanh-Suoi Tien, officially started commercial operations on Sunday after nearly two decades of waiting.
Infrastructure - Sun, December 22, 2024 | 2:17 pm GMT+7
Vietnam's 2025 GDP to grow 6.5% on robust infrastructure investment, consumer spending recovery: VinaCapital
Domestic factors, including a ramp-up in Government infrastructure spending, a revival of the real estate market, and a recovery of consumer spending, will help sustain Vietnam's GDP growth at a circa 6.5% pace next year, in-line with the National Assembly’s official target and with 2024 GDP growth, write Michael Kokalari, chief economist at VinaCapital.
Consulting - Sun, December 22, 2024 | 2:00 pm GMT+7
Vietnam shipping, seaport stock rally driven by rosy outlook in 2025
Many shipping and port stocks have risen sharply since November on an optimistic outlook for the industry driven by increasing throughput and a shift in container shipping alliances in 2025.
Companies - Sun, December 22, 2024 | 10:00 am GMT+7
Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.
Finance - Sun, December 22, 2024 | 9:29 am GMT+7
1.8 km road connecting Lach Huyen Port terminals to be built in northern Vietnam
The Hai Phong Economic Zone Management Board has taken a significant step forward in enhancing infrastructure around Lach Huyen Port by establishing a council to appraise the environmental impact assessment for the road connecting terminals No. 3 to No. 6.
Economy - Sun, December 22, 2024 | 8:00 am GMT+7
Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam
Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.
Society - Sat, December 21, 2024 | 10:57 pm GMT+7
Unlocking Phu Quoc’s potential to become the 'Hawaii of the East'
Leading global tourism companies have remarked that Phu Quoc has "yet to receive the recognition it deserves," despite its impressive and unexpected growth rate.
Travel - Sat, December 21, 2024 | 7:20 pm GMT+7
Thai central bank maintains policy interest rate at 2.25%
The Thai Chamber of Commerce (TCC) has said it backs the decision by the Bank of Thailand, the country's central bank, to maintain the policy interest rate at 2.25%, considering the move as suitable for a reviving economy.
Southeast Asia - Sat, December 21, 2024 | 5:43 pm GMT+7
Vietnam's military-run tech giant Viettel strikes big deals at international defence expo
Subsidiaries of Military Industry and Telecommunications Group (Viettel) signed a string of significant contracts with major global partners during the first two days of the Vietnam International Defence Expo 2024 in Hanoi.
Companies - Sat, December 21, 2024 | 5:36 pm GMT+7
Taiwan’s Wistron acquires 37ha land lot in northern Vietnam for expansion
Taiwan-headquartered Wistron, a top electronics provider and an Apple supplier, will further its investment in Vietnam’s northern province of Ha Nam by acquiring another 37.1-hectare land lot.
Companies - Sat, December 21, 2024 | 2:08 pm GMT+7
VAFIE seeks to promote sci-tech development, intellectual property policies
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) aims to enhance policies for the development of science, technology, and intellectual property, creating a more conducive investment environment.
Companies - Sat, December 21, 2024 | 1:59 pm GMT+7
Vietnamese dong likely to depreciate 3% in 2025: VinaCapital
The Vietnamese dong is likely to depreciate 3% in 2025 on anticipation that the US Dollar/DXY Index will finish 2025 nearly unchanged, says Michael Kokalari, chief economist at Vietnam's leading fund manager VinaCapital.
Economy - Sat, December 21, 2024 | 11:23 am GMT+7
First luxury railway journey across Vietnam features Indochine architecture
PYS Travel has launched the first luxury railway journey across Vietnam named Sjourney, marking a new milestone in the railway tourism sector.
Travel - Sat, December 21, 2024 | 10:09 am GMT+7