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Vidifi to win huge 'land for road' deal
Vietnam Infrastructure Development and Financial Investment (Vidifi), a joint venture between two State-owned bank and two other companies, will most likely win a deal to build an expressway linking Hanoi and Hai Phong under the mode of land in exchange for infrastructure.
Transport experts have forecasted that National Highway 5 would become overloaded in 2008.
Prime Minister Nguyen Tan Dung in a statement last week okayed a proposal by the Ministry of Transport to sign a deal with Vidifi to build the road, and asked the Ministry of Planning and Investment to issue a license to the builder.
In his statement, PM Dung allowed the transport ministry to sign a contract with Vidifi for building the 105-km expressway under build-operate-transfer (BOT) form, which is seen a more viable way at a time the State is tightening its purse string over inflation concern.
PM Dung also allowed relevant agencies to offer special incentives for the expressway project.
An official of the transport ministry explained to the Daily on Tuesday that the investor would be given the land use right over wide areas along the road so that Vidifi can recoup its investment. Vidifi will be named as developer of industrial zones, new townships, and new residential and service centers along the expressway, the official said.
"Vidifi will be allowed to develop some residential areas covering 400 hectares in Gia Lam and other areas in Hanoi, a new urban township covering 150 hectares in Haiphong and a township in Hai Duong," the source said.
The Hanoi-Haiphong road project, which is divided into Hanoi-Dinh Vu and Dinh Vu-Lach Huyen sections, will cost about VND25 trillion (US$1.5 billion), and the expressway once in place will be a modern one meeting international standards, allowing vehicles to travel at 100-120kph.
The expressway will be another road running between the two cities and going in parallel with National Highway 5 to the south, cutting through Hanoi, Haiphong, Hung Yen and Hai Duong provinces.
In the statement, the Government leader also asked the authorities of the four cities and provinces to speed up the site clearance progress.
According to the feasibility study, the expressway is designed to be 35 meters wide with four to six traffic lanes. Work is expected to start on the first phrase of the project this year.
Transport experts have forecasted that National Highway 5 would become overloaded in 2008. So, the project will help solve traffic congestion caused by increased traffic demand, and shorten the trip between Hanoi and the northeastern provinces as well as contribute to the development of the economic triangle of Hanoi, Quang Ninh and Haiphong.
Under the investor's plan, work on the project will start in the third quarter for completion in 2011.
Vidifi, with a chartered capital of VND5 trillion, is a joint venture between the Vietnam Development Bank, holding 51%, the Bank for Foreign Trade of Vietnam (Vietcombank), holding 29%, and two other local companies the balance.
This is the first time the Government allows banks to directly engage in an infrastructure project under BOT form.
The transport ministry first mapped out the project in 2004 with an estimated cost of VND5.8 trillion. After four years' delay, the investment capital has been raised up four times.
The expressway, as part of Hanoi-Kunming corridor, will help facilitate the transportation between cities and provinces in the northern region as well as contribute to the flow of export goods via seaports in Haiphong City.
VNN
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