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Thursday, July 18, 2024

Auction of land along Ring Road No. 3 proposed

The Saigon Times

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HCMC – The HCMC Department of Transport has proposed putting up land lots along the Ring Road No. 3 project for auction to raise funds for the project.

In a report on the execution of the project that the department sent to the HCMC government and the HCMC delegation of National Assembly deputies, the department stated that the first phase of the Ring Road No. 3 project would require an estimated VND83.29 trillion, including over VND46.97 trillion for site clearance. The road is designed to have four lanes, together with two parallel roads.

The road will pass through four localities — HCMC, Dong Nai, Binh Duong and Long An, all of which have agreed that the project should be developed in the 2021-2025 period. These localities will review and complete the prefeasibility study for the project and submit it to the prime minister next month, Tuoi Tre reported.

Earlier, HCMC, on behalf of the four localities, had proposed using public funding for the project.

If the Government cannot allocate enough capital for the project, the city proposed the Government provide the most significant amount it can allocate, and the localities would be responsible for the rest.

If localities are asked to arrange part of the capital, they should be given special policy to mobilize capital for the project.

Specifically, Government bonds should be issued for them. The Government bond value will not be included in the localities’ overspending.

Besides the money collected from the auction of land lots along the road, other legal capital resources, including the money from the toll collection right, should be permitted to be mobilized.

Localities proposed using their budgets for the compensation, resettlement and development of items for the project. The capital for these items will not be included in the capital for projects from 2021-2025.

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