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Hanoi approves more than 1 billion USD for Ring Road No. 4 project

The Hanoi People's Council for the term 2021 - 2026 on May 20 agreed to spend 23.5 trillion VND (over 1 billion USD) from the city budget for the Ring Road No. 4 project.
Hanoi approves more than 1 billion USD for Ring Road No. 4 project ảnh 1Nguyen Ngoc Tuan, chairman of the Hanoi People's Council, speaks at the meeting. (Photo: VNA)
Hanoi (VNS/VNA) - The Hanoi People's Council for the term 2021 - 2026on May 20 agreed to spend 23.5 trillion VND (over 1 billion USD) from the citybudget for the Ring Road No. 4 project.

The council also discussed the allocation and adjustment of the project's fund,which would be submitted to the National Assembly for consideration, said thechairman of Hanoi People's Council Nguyen Ngoc Tuan.

Duong Duc Tuan, vice chairman of Hanoi's People's Committee, said that the RingRoad No. 4 was a key national project, combining the public investment modeland the public-private partnership (PPP) with a Build - Operate - Transfer(BOT) contract.

The road will measure 112.8 kilometres in total, running through Hanoi City andHung Yen, Bac Ninh provinces, with a connecting route 9.7-kilometres long.

It will begin at the start of the Noi Bai – Lao Cai Expressway in Hanoi, andend on the Noi Bai – Ha Long Expressway in Bac Ninh province.

The project is divided into three smaller groups of sub-projects, focusing onsite clearance, building parallel roads, and constructing the expressway.

The capital city's Ring Road No. 4 will have a total of 85.8 trillion VND (3.7billion USD) in investment and is expected to be completed in 2027.

Of this amount, 23.5 trillion VND (more than 1 billion USD) comes from thecity's budget, with 19.5 trillion VND (841.6 million USD) for 2021 - 2025 and 4trillion VND (172.6 million USD) for 2026 - 2030.

The Hanoi People's Committee will decide on the annual funding allocation planaccording to the current procedures and progress of the project, with theapproval of authorities.

Ho Van Nga, head of the Finance and Budget Committee of the municipal People'sCouncil, emphasised the need to accelerate the preparation process forinvestment and the annual funding allocation according to the project'sprogress and contingency plan.

The committee also said that if the project's investment needs to be increased,adjustments will be made in the medium-term public investment plan after the2026 - 2030 period and shall not exceed the city's budget.

The Hanoi People's Council also required that the People's Committee balancethe city's budget to ensure funding for the Ring Road No. 4 project, followingthe schedule approved by the National Assembly and the laws on publicinvestment, State budget, public debt management, as well as other regulations.

If it is necessary to mobilise funding from sources other than the city'sbudget, a specific plan will be created and submitted to the People's Council.

In September last year, the Ring Road No. 4 project was approved for Hanoi'smedium-term public investment plan for 2021-2025. It was subsequently made aproject of focus in December.

The project's investment plan will be submitted to the National Assembly forapproval in its next session, which opens on May 23./.
VNA
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