Vietnam expects to invest $35.75bil in expressway network
The Ministry of Transport plan to build 42 expressways from now to 2030 with investment capital funded by private businesses.
The Ministry of Transport (MoT) is working on a draft 10-year plan (2021-2030) to build 42 new expressways with investment of about VND825 trillion (US$35.75 billion), raising the total expressway length to 5,000 kilometers.
To realize the 5,000 kilometer-expressway targets by 2030, Vietnam will need huge investment capital, according to Minister of Transport Nguyen Van The at a weekend meeting held in Hanoi.
Among the 42 new expressways, the plan envisages building 31 new expressways with a total estimated investment of VND483,848 trillion (US$20.967 billion) from 2021 to 2025.
For the subsequent period 2026-2030, the total investment for expressway projects is estimated at about VND340,620 billion (US$14.760 billion).
Newly-built Ring Road No.3 in Hanoi was opened for traffic in late 2020. Photo: Pham Hung
The new expressways will be built in all regions of the country and connect with ten north-south expressway projects that have already been implemented, linking the Huu Nghi border gate in the northern province of Lang Son to the southernmost province of Ca Mau.
The stressed that planning should focus on sustainability and the goal of boosting national connectivity.
"With huge investment capital required to realize the target, the MoT is responsible for finalizing legal framework that focuses on attracting investment capital for transport infrastructure development," The said.
He said that with budget constraint, the MoT will call for the participation of private investors and help address concern of enterprises during the process.
During the 2011-20 period, Vietnam has built 1,074 kilometers of expressway, taking the total figure to 1,163 kilometers.
“However, the government’s target of having at least 2,000 kilometers of expressway by 2020 has not been fulfilled, and the deadline is postponed until early 2022, or one year behind the schedule,” The said.
He expected the 2021 to be a key milestone for the ministry as it is tasked with preparing investment plan for transport infrastructure development in the next five years.
In the past five years, Vietnam built an estimated over 600 kilometers of expressway; however, it took the country two years to complete the investment procedures and there were only three years left for construction.
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