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Sunday, July 21, 2024

Transport Ministry moots shortening toll collection period for Highway 51

By N. Tan

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HCMC – After 15 rounds of negotiations, the Department for Roads of Vietnam under the Ministry of Transport and the investor have yet to agree on when to stop toll collection on National Highway 51.

Under the project agreement, the estimated toll collection period would last 20 years and six months, from July 2009 till January 2030.

The Department for Roads of Vietnam has previously negotiated many times with the investor, Bien Hoa – Vung Tau Expressway Investment and Development JSC, to reduce the toll collection time; however, no agreement on the issue has been reached until now.

This is due to the investor disagreeing with the project’s financial norms determined by the department.

The Transport Ministry directed the Department for Roads of Vietnam to continue negotiating with the investor to determine the toll collection termination date. Regardless of the negotiation’s result, the Transport Ministry will consider terminating the contract with the investor in compliance with the law.

The National Highway 51 BOT project (from Km0+900 to Km73+600) has a length of 72.7 kilometers, with an approved investment capital of VND3,970 billion. Till now, the related parties have finalized VND3,486 billion of the project, while the remainder is being reviewed in line with regulations.

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