A view of Hanoi-Hai Phong expressway (Photo: VNA)

Hanoi (VNA) – The Prime Minister has approved a plan to raise the charter capital of Vietnam Expressway Corporation (VEC) under the Ministry of Transport.

The company's charter capital will be adjusted from its current 1 trillion VND (44 million USD) to 72.6 trillion VND (3.2 billion USD) by 2019.

The PM assigned the ministry to work with the Ministry of Finance on the process.

VEC was established in December 2004 and has been growing ever since. Its major completed highway projects include Cau Gie – Ninh Binh, Noi Bai – Lao Cai and HCM City – Long Thanh – Dau Giay.

The company is now constructing the Da Nang – Quang Ngai highway and the Ben Luc – Long Thanh highway. It is also preparing for the construction of Hanoi – Lang Son highway.

VEC recently announced plans to transfer five highways as part of its equitisation plan.

VEC will establish a number of joint stock companies to transfer five highways of Cau Gie- Ninh Binh, Noi Bai - Lao Cai, HCM City - Long Thanh - Dau Giay, Da Nang - Quang Ngai, and Ben Luc - Long Thanh.

The five projects have total investment capital of 125.5 trillion VND (5.5 billion USD), of which VEC mobilised 54 trillion VND (2.4 billion USD) and received 71.5 trillion VND (3.2 billion USD) from the State budget.-VNA