VietNamNet Bridge – Authorities in Quang Ninh Province on Monday (Nov 21) announced a domestic investor partnership to build a US$622million expressway, after rejecting a proposal to borrow money from China for the project.
The 90km expressway, which will run through five communes, starting from Van Don and ending at Mong Cai, will be constructed through investor partnership between Cai Mep, Thai Son, VINACONEX E&C, BRJSC12, Khanh An and Cienco1 under the build-operate-transfer (BOT) model.
The construction of the expressway is expected to cost around VND14 trillion ($622.2 million) and is to be completed in three years. It is estimated that toll will be collected for 25 years, investors said.
Quang Ninh People’s Committee chairman Nguyen Duc Long said the investors should avoid building in residential areas as much as possible. He has also asked them to come up with a “realistic” financial plan to make sure that the project’s estimated cost would not rise during the construction period.
The transport ministry had wanted to build the Van Don-Mong Cai expressway with a part of the funds coming from an ODA (Official Development Assistance) loan of VND7 trillion from China. Long had slammed the proposal and asked the ministry to hand over the project to the province.
Explaining his reluctance, Long said that taking a loan from China might have meant that there would be no choice but to use Chinese contractors. „Vietnamese contractors are capable of doing the job,“ he said.