Vietinbank appointed as service bank for Ho Chi Minh City-Long Thanh-Dau Giay expressway project

Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) issued, on March 27, Decision No.668/QD-NHNN to appoint the Vietnam Bank for Industry and Trade (Vietinbank) as the service bank for the 51-kilometer Ho Chi Minh City-Long Thanh-Dau Giay expressway project.

The Vietinbank General Director is responsible for providing banking services to the project in line with regulations set in Decree No. 131/2006/ND-CP of the Prime Minister and the guidelines of SBV, the Ministry of Finance, and the Asian Development Bank (ADB).

The whole project costs USD932.4 million, including USD 410.2 million financed by ADB, USD 516.5 million from the Japan International Cooperation Agency (JICA) and USD 5.7 million as the counterpart fund of the Vietnamese Government.

The project aims at building a 51-kilometer expressway from the junction of the Second Ring Road in District 9 in the center of Ho Chi Minh City to the junction with Highway No.1 at Dau Giay in Dong Nai Province. The project which includes the construction of a 1,700-meter long bridge over the Dong Nai River will be completed in 2014.

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