Politics

NA considers capital boost for Vietnam Expressway Corporation

The Government is seeking the legislature’s approval for the allocation of 36.689 trillion VND (1.46 billion USD) from public investment funds already earmarked for the Ministry of Transport to the Vietnam Expressway Corporation (VEC) for the 2024-2026 period.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

Hanoi (VNA) – The 15th National Assembly (NA) deliberated on a plan to supplement charter capital for the Vietnam Expressway Corporation (VEC) for the 2024-2026 period at its 9th extraordinary session in Hanoi on February 17.

Minister of Finance Nguyen Van Thang presented the Government's proposal, seeking the NA’s approval for the allocation of 36.689 trillion VND (1.46 billion USD) from public investment funds already earmarked for the Ministry of Transport. This funding package includes 10.062 trillion VND from the State budget as counterpart funding; 24.127 trillion VND from official development assistance (ODA), converted from re-lent loans into direct state budget allocations; and 2.5 trillion VND in direct State budget allocations for Noi Bai – Lao Cai and Cau Gie – Ninh Binh expressway projects.

Delivering a verification report on the proposal, member of the NA Standing Committee Le Quang Manh said that seeking NA adoption following in-principle approval from competent authorities was an appropriate step.

The NA’s Finance and Budget Committee concurred, recommending the proposal for legislative approval.

In closing, NA Vice Chairman Nguyen Duc Hai said the approval would empower VEC to achieve sustainable development and reinforce its key role in investing, managing, operating, and maintaining expressways. It aligns with the Party and State’s socio-economic development strategies, particularly the policy to accelerate infrastructure development, with a focus on transportation, and to foster the growth of large, efficient state-owned enterprises./.

VNA
#charter capital #Vietnam Expressway Corporation Vietnam
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