Business

Work resumes on Bac Giang-Lang Son expressway

Vietinbank and Bac Giang-Lang Son BOT JSC have inked a credit contract worth 440.4 million USD to restart the Bac Giang-Lang Son expressway project, which was halted due to capital shortage.
Work resumes on Bac Giang-Lang Son expressway ảnh 1At the signing ceremony (Photo: baogiaothong.vn)

Hanoi (VNA) – The Vietnam Joint Stock Commercial Bank for Industry andTrade (Vietinbank) and Bac Giang-Lang Son BOT JSC have inked a credit contractworth over 10 trillion VND (440.4 million USD) to restart the Bac Giang-LangSon expressway project, which was halted due to capital shortage.

Speaking at the signing ceremony on May 31, Deputy Minister of Transport NguyenHong Truong underscored that the project, which is built under BOT (Build-Operate-Transfer)form at a total cost of 12 trillion VND (528.5 million USD), is significant to enhancetransportation capacity and contribute to socio-economic development oflocalities in the north.

Commercial bank’s tightening long-term loans together with poor financialcapacity of the former investor hampered the project implementation, Truongstated.

He asked Deo Ca Investment Joint Stock Company, the new investor of theproject, to join hands with local authorities to complete the compensation of siteclearance and resettlement. The road must open to traffic by the end of 2019,he stated.

He hoped that Bac Giang and Lang Son provinces will coordinate with BacGiang-Lang Son BOT JSC, consultancy companies and contractors to ensure the qualityof construction, traffic safety and environmental hygiene.

According to Le Quynh Mai, Vice Chairman of the Board of Directors of BacGiang-Lang Son BOT JSC, the BOT expressway project has two components: the constructionof a 63.8 kilometre section of the Bac Giang-Lang Son expressway and the reinforcementof 110 kilometres of National Highway 1’s surface.

About 60-70 percent of work load on the upgrade of National Highway 1 has beencompleted so far. Meanwhile, the expressway construction will be restarted nextmonth.

The 25 metre-wide Bac Giang-Lang Son Expressway is designed to have four laneswith a speed limit of 100 kilometres per hour. The National Highway 1 sectionhas a speed limit of 60-80 kilometres per hour.

Five toll stations are scheduled to be established along the expressway whiletwo others will be set up along National Highway Road 1.-VNA
VNA
#Vietinbank #Bac Giang-Lang Son BOT JSC #Bac Giang-Lang Son expressway project #restart #capital shortage #BOT #10 trillion VND Bac Giang Lang Son
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