Investor of the $500 million Van Don – Mong Cai Highway disclosed
The joint venture of Long Van Infrastructure Investment and Development Co., Ltd, Van Don Sun JSC and Cong Thanh Transportation Investment & Construction Corporation JSC has been announced as the official investor of the Van Don – Mong Cai Expressway project in the northern province of Quang Ninh.
The Quang Ninh People’s Committee has officially issued the decision for approving the investor for the Van Don – Mong Cai Expressway project. The joint venture has accelerated completion of the procedures for implementing the project.
Construction is expected to kick off this year under the build-operate-transfer (BOT) contract with the payback time estimated for 20 years and slated for completion within 22 months.
The project has the total investment capital of VND11.195 trillion ($495.35 million) with a length of 80.2 kilometres and four lanes, designed for average speeds of 100km per hour.
The expressway will be constructed through the districts of Van Don, Tien Yen, Dam Ha, Hai Ha and Mong Cai city. The route starts in Doan Ket commune, Van Don district and ends at Km150+339, Mong Cai city.
The expressway will also connect with two other key transport projects of Quang Ninh, Haiphong – Halong Expressway and Halong – Van Don Expressway, which are expected to be completed in 2018.
Regarding the profile of the three firms in the joint venture, Van Don Sun JSC is a subsidiary of Sun Group. Van Don Sun currently has a charter capital of VND3.85 trillion ($170.35 million).
Cong Thanh Transportation Investment & Construction Corporation JSC is the key investor of VND14 trillion ($619.46 million) for the Halong – Van Don expressway, with 99.98 per cent holding. Cong Thanh also joins the BOT Bach Dang bridge project which has total investment capital of VND8 trillion ($353.98 million).
Long Van Infrastructure Investment and Development Co., Ltd was established in 2017 with the charter capital of VND660 billion.