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Thursday, December 2, 2021

Toll revenues of four expy projects used for Ben Luc-Long Thanh expy project

The Saigon Times

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HCMC – VND492 billion in toll revenues from four expressway projects whose investor is the Vietnam Expressway Corporation (VEC), will be used to make payments to the Japanese contractor of the Ben Luc-Long Thanh expressway project.

The Commission for the Management of State Capital at Enterprises (CMSC) has approved VEC’s proposal to use toll revenues from Cau Gie – Ninh Binh, Noi Bai – Lao Cai, Danang – Quang Ngai and HCMC – Long Thanh – Dau Giay expressways for the Ben Luc-Long Thanh expressway project, saying the solution was necessary and reasonable.

Specifically, the solution will help prevent a lawsuit against VEC, a hike in the project investment and losses for VEC and the State, Phap Luat newspaper reported.

CMSC asked VEC to balance its financial capacity, take responsibility for using toll revenue to pay the Japanese contractor and refund the amount in line with the law.

The commission also asked the relevant agencies to supervise and assess VEC’s ability to pay debts.

Since mid-2020, the Japanese contractor asked VEC to make payments for the completed workload of the Ben Luc-Long Thanh expressway project and arising costs. As of April 2021, VEC must pay some US$33 million.

Three construction packages of the project used loans provided by the Japan International Cooperation Agency. Of this, the J3 package with the Phuoc Khanh bridge, the main item, has faced obstacles.

Work on the package began in February 2016. In September 2019, the contractor suspended work on the package and planned to file a lawsuit against VEC as the corporation did not make payments.

 

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