|
Expressway faces funds crunch
The HCM City - Trung Luong Expressway project faces a capital shortage which could delay its construction, according to the project investor.
Duong Tuan Minh, general director of the investor - the My Thuan Project Management Board, said the Government had approved the cost of VND9.8 trillion (US$581 million), with the State paying in advance about VND6.5 trillion.
The project now faces a shortage of VND3.3 trillion.
"We have reported the capital shortage issue to the ministries of Transport and Planning and Investment," Minh said.
"If we do not receive money this month, contractors will not have money to continue building the expressway."
The expressway, which is nearly 62km long and has eight lanes, has been under construction since 2005.
It links HCM City with Tien Giang Province and other Cuu Long (Mekong) Delta provinces.
From the beginning of the project, the Government agreed to pay for construction in advance from the State budget. To recoup the investment, the Government will sell the rights to collect tolls on the expressway, Minh said.
In July 2007, the Bank for Investment and Development of Viet Nam (BIDV) proposed a plan to buy the toll-collection rights. However, the plan is still under consideration, according to the Ministry of Transport.
Under the plan, BIDV would raise money from various sources, including from local and foreign loans and the Government, to pay for the rights.
Minh said the Government office is now consulting government officials, including the ministries of finance and planning and investment, about BIDV's plan.
VietNamNet, Viet Nam News
|
