Expressway development corporations merge hinh anh 1At the signing ceremony (Photo: VNA)
Hanoi (VNA) - A contract was inked on March 30 merging the Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (CIPM) into the Vietnam Expressway Corporation (VEC).

VEC and CIPM will promptly take the next steps to ensure that merger procedures are completed by June 30 this year, as ordered by the Commission for the Management of State Capital at Enterprises, VEC said.

VEC was established in 2004 and CIPM in 2011, with a view to becoming the transport sector’s core enterprises in the investment, construction, and operation of expressways.

Both of them have encountered capital-related difficulties, however, and failed to satisfy their business and investment demand.

Given this, the Ministry of Transport submitted a re-organisation plan for CIPM to the Prime Minister, who gave in principle approval to the merger in September 2018.

The head of the Commission for the Management of State Capital at Enterprises signed a decision on the merger on March 8./.