Posco E&C, VEC Sign Deal for US$1.25 Bln Expressway
The Vietnam Expressway Corporation (VEC) and Posco Engineering and Construction (Posco E&C) Tuesday inked a contract for the first among eight packages of the US$1.25-billion Noi Bai-Lao Cai expressway project.
The tender package comprises of the construction of a 26.7-kilometer road connecting Hanoi’s outskirt Soc Son district with Tam Duong district of Vinh Phuc province.
The highway, 264 kilometers long and 25.5 meters wide, is invested by VEC and designed by Japanese Pacific Consultants International (PCI).
Of the total capital, US$153 million will be mobilized from bond insurance and the rest will be loans from the Asian Development Bank (ADB).
The project is part of a Vietnam-China cooperation program to develop two corridors and one economic belt.
Work on the expressway is slated to start next month and will finish within 40 months, the state-run Tien Phong newspaper said.
The Vietnam Railway Corporation (VRC) said it will begin upgrade the Hanoi-Lao Cai rail route in December this year. (People’s Army, Pioneer)
Vietnamese
