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Friday, May 20, 2022

Higher mid-term public investment proposed to fund Ring Road 3

The Saigon Times

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HCMC – HCMC and the localities where the Ring Road No. 3 project will pass through have proposed reviewing the public investment plan in the 2021-2025 period and raising the mid-term capital to allocate capital for the project.

The HCMC government has sent a document on the capital hike to the prime minister and the Ministry of Planning and Investment. At present, HCMC and Binh Duong, Dong Nai and Long An, where the Ring Road No. 3 project will pass through, have yet to include the capital for the project in the mid-term public investment plan in the 2021-2025 period, the local media reported.

The National Assembly had earlier approved the mid-term public investment plan for HCMC in the 2021-2025 period at over VND142 trillion. The city estimated that it could mobilize over VND119 trillion for key projects during the period.

According to the prefeasibility report for the Ring Road No. 3 project that the HCMC government sent to the Government early this year, the first phase of the project required an investment of nearly VND75.8 trillion.

The project will be executed under the public investment mode using the budgets of the State and the localities.

Nearly VND40 trillion will be sourced from the State budget to fund half of the investments in subprojects in HCMC, Binh Duong and Dong Nai and all the investments in subprojects in Long An.

Meanwhile, HCMC will spend VND24.38 trillion on the project, Dong Nai, over VND1.6 trillion, and Binh Duong, over VND97 trillion.

With a capital of over VND142 trillion in the mid-term public investment plan in the 2021-2025 period, HCMC can meet the capital demand of subprojects of the Ring Road No. 3 project in the city in 2022 and 2023. The increased mid-term public investment, if approved, will be used for the subprojects from 2024 to 2026.

The Ring Road No. 3 project will be nearly 92 kilometers long and divided into four sections—Nhon Trach-Tan Van, Tan Van-Binh Chuan, Binh Chuan-National Highway 22 and National Highway 22-Ben Luc. The road will have eight lanes and allow a maximum speed of 100 kilometers per hour.

The HCMC government also sought to complete the site clearance in the 2023-2024 period. The road is expected to be constructed in 2025 and opened to traffic in 2026.

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