ADB, JBIC Fund US$600Mln for Vietnam's Expressway
The Asian Development Bank (ADB) and Japanese Bank for International Cooperation (JBIC) have agreed to lend Vietnam US$600 million to help build the international-standardized expressway linking Ho Chi Minh City, Long Thanh and Dau Giay, Vietnam New Agency reported
Prime Minister Nguyen Tan Dung okayed to appoint the Vietnam Express Highway Corporation (VEC) as the project developer and assigned the transport ministry to approve the construction.
ADB, JBIC and VEC are now carrying out the technical design, mapping out the bidding procedures and construction methods and preparing for site clearance.
VEC is expected to kick off the construction of the project in the fourth quarter of this year at a total cost of VND18.88 trillion (US$1.18 billion) with total length of 54.9km and scheduled to complete the first phase in 2011 and operation in 2019.
Once operational, the expressway will cut the travel time from HCMC to adjacent Vung Tau City, giving a boost to the birth of International Airport of Long Thanh and deepwater seaports of Thi Vai, Cai Mep. (VNA, MPI)
Vietnamese
