Australia provides US$24 million to Vietnam's transport projects
Updated at Friday, 09 Feb 2018, 19:30
The Hanoitimes - The Ministry of Transport (MoT) and the Australian Government inked on February, 9 to launch Aus4Transport, a new US$24-million program to support transport projects in Vietnam.
Accordingly, Au4Transport would provide funding as well as expertise forew transport projects in Vietnam from the concept brainstorm to the start of construction. The initiative will also strengthen partnerships between Australian transport institutions and MoT to help share Australia’s world-leading experience in areas like transport planning, infrastructure finance, and road safety.
“Australia has a long history of supporting the development of the transport sector in Vietnam, starting with the original ‘Friendship Bridge’ at My Thuan in 2001, the country’s first cable-stayed bridge, and now with Cao Lanh Bridge which we expect will open in the coming months,” said Craig Chittick, Australian Ambassador to Vietnam.
The signing ceremony on February, 9
As expected, the initiative would run during 2018-2020, with US$24 million non-refundable aid from the Australia government. Five new major road projects are subjected to the funding, which aims to enhance economic growth and ease poverty via improving infrastructure facilitation.
Meanwhile, Head of the MoT Nguyen Van The highlighted the role of infrastructure investment for Vietnam's sustainable economy development. Aus4transport would support Vietnam with the flexible finance and necessary forces to ensure projects’ highest quality, added The.
Australia and Vietnam can consider extend the initiative’s duration for more than five year, basing on the initial results as well as Australian government’s annual budget approval.
The Australian Government, since 1997, has provided nearly $300 million in total for transport projects (mainly via non-refundable aid) such as My Thuan Bridge, component project 1A under phase 1 of the Southern Coastal Corridor project, the Mekong River Delta Transport Infrastructure Development project, and Cao Lanh Bridge.