Monday,  Jul 23, 2018,20:06 (GMT+7) 0 0
US$660 million needed to finance ring road project in HCMC
Le Anh
Friday,  Sep 29, 2017,17:53 (GMT+7)

US$660 million needed to finance ring road project in HCMC

Le Anh

HCMC – The HCMC Department of Transport says around VND15 trillion (US$660 million) is needed to cover the three remaining sections of Ring Road No. 2 in HCMC.

The first section spans from An Lac Intersection on National Highway 1 to Nguyen Van Linh Parkway in Binh Chanh District while the second stretches from Phu Huu Bridge to Binh Thai Intersection both in District 9, and the last spreads from Binh Thai Intersection to Go Dua Intersection in Thu Duc District.

The department says the first section has yet to attract any investors. Meanwhile, an investor has expressed interest in developing the second section of 3.82 kilometers in length which requires more than VND5.7 trillion, with around VND4.1 trillion for site clearance. The investor is about to complete a feasibility study for the project.

Part of the third section from Pham Van Dong Street to Go Dua Intersection which stretches 2.7 kilometers long got off the ground in end-2015.

Besides, its remaining section from Pham Van Dong Street to Binh Thai Intersection had its investment plan approved in end-2016. This road, 1.9 kilometers long and 67 meters wide, needs about VND1.05 trillion, with VND842 billion of it going to site clearance. Its investor has sent an investment report to the department for approval.

According to the department, the remaining sections of the ring road are estimated to require VND15 trillion in total. They are among the projects designed to help reduce traffic congestion in the 2016-2020 period.

Therefore, HCMC has petitioned the central Government to give it the green light to offer no-bid contracts to investors to develop the three sections on schedule.

The department says in phase one, the ring road is just 10 meters wide instead of 67 meters in order to meet the demand for travel (in the short run).

The entire ring road is about 70 kilometers long from Nguyen Van Linh Parkway to Phu My Bridge, Binh Thai Intersection on Hanoi Highway, Go Dua Intersection, Tan Tao Intersection, Ho Hoc Lam and Ba To streets, and Nguyen Van Linh Parkway. But some sections of the road have not been built.

Once in place, the road will help ease chronic traffic congestion in the city center as trucks will no longer cut through the inner-city areas when transporting cargo to and from ports in HCMC and between the southeast and the Mekong Delta.

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