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PMC gets greenlight for Phu My beltway project
HCM City People's Committee has approved Phu My Construction Investment Corporation (PMC), the builder and operator of Phu My Bridge, to construct a belt-road to link with the Ha Noi Highway.
The committee granted the approval for the connection from the bridge to Street 25B after the company complained that not enough vehicles were using the bridge because there wasn't a belt road.
"Only 6,000 vehicles use the bridge per day, much fewer than the 30,000-35,000 we expected. This has meant big losses for our company," General Director Nguyen Thanh Thai told Viet Nam News.
The 2km long, VND3 trillion (US$158 million) bridge that was completed last September connects District 7 and District 2.
Traffic from Mekong Delta provinces can bypass the city centre and save around 10km, but there are too many toll gates to attract large numbers of trucks.
Thai pointed out that the city had promised to complete the beltway coinciding with the bridge opening.
No beltway and two toll ways, one in District 7's Nguyen Van Linh Street and the other on the Ha Noi Highway, had spelt trouble for the bridge, he said.
The company has asked the municipal authorities to advance them VND350 billion ($18.4 million) to pay back part of the loan and interest. The loan for Phu My Bridge is guaranteed by the Government with 70 per cent of it coming from France.
They said they might have to double the toll fee for automobiles and could start charging motorbikes by 2012.
Thai rejected a rumour that the company wanted to sell the bridge. It is under a Build-Operate-Transfer model for 26 years.
The delayed belt road construction has been caused by slow ground clearance and compensation payments.
Land compensation for Phu My Bridge has yet to be finished.
"If the municipal authorities could have sped up ground clearance and allowed us to build the belt road earlier, we could have avoided this bad situation," he said.
Despite the approval for the 3-km belt road, Thai still didn't know when it would be finished because the contract hasn't been signed yet.
"Some departments are still arguing with us about procedures and total investment of VND1 trillion ($52.6 million) for the road. We just have to wait with no deadline," he complained.
If the preparation work was complete, the company would still need more than two years for construction, including one new bridge.
It plans to build the Sai Gon 2 Bridge in September between Binh Thanh District and District 2, Tramway No1, Rach Chiec and Nhon Trach bridges.
The company will issue bonds to increase its charter capital from VND745 billion ($39.4 million) to VND1 trillion ($52.6 million).
Phu My is the first private company to launch an international bond issue to raise $700 million for infrastructure projects.
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