Central expressway section to open in August

All findings by the Vietnam Expressway Corporation will be submitted to Korean authorities when requested, Deputy Transport Minister Nguyen Hong Truong told the press on April 3. He said his ministry learned about the POSCO scandal through media reports, promising to provide more detailed information once there are reports from the Republic of Korea's authorities. “As Vietnam is fighting corruption in every sector, the news is attracting a great deal of public attention,” he said. Korean media last month reported that POSCO E&C, a subsidiary of giant steelmaker POSCO, allegedly operated a slush fund of 10 billion won by adjusting the costs of its projects between 2009 and 2012 in Vietnam. According to Truong, the deputy minister, during the period in question, the company was in charge of three packages in the construction of the Noi Bai-Lao Cai Highway connecting Hanoi and the northern province of Lao Cai. The US$1.2 billion-project is funded by the Asian Development Bank and was completed at the end of last year. The Korean company was also contracted for two packages in the Long Thanh-Dau Giay Highway project linking Ho Chi Minh City and the southern province of Dong Nai. All the projects have been checked by their foreign sponsors and state auditors’ initial inspections have found no problems with them, Truong said, adding that procedures related to management and investment were too in line with the laws. In fact, POSCO E&C won the packages with offered prices lower than investors’ estimates, by 15-30%, he…... [read more]

The accident happened in Vinh Phuc Province's Lap Thach District on the 265km highway, which connect Hanoi to the northern province of Lao Cai. The collision killed a couple from Hanoi sitting at the front of the second coach. Both vehicles were seriously damaged. Most of the injured were taken to Vinh Phuc General Hospital, while some were transported to Phu Ninh Hospital in the neighbouring Phu Tho Province. In response to the accident, Deputy Prime Minister Nguyen Xuan Phuc, who is also the Chairman of the National Committee for Traffic Safety, asked all relevant agencies to investigate the accident immediately. In his urgent official message to traffic safety committees in Vinh Phuc, Lao Cai and Hanoi, as well as related agencies under the Ministry of Public Security and Ministry of Transport, Phuc instructed police to start their investigation into the accident and identify the victims. The traffic safety committee in Vinh Phuc Province has been assigned to supply health workers, medicine and medical equipment to minimise human losses. The Vietnam Expressway Corporation was asked to check problems on the expressway. Also on December 21, two separate accidents killed two and injured three others. A truck killed a student and severely injured three others yesterday in Bau Lam Commune, Xuyen Moc District in Ba Ria-Vung Tau Province. The truck reportedly moved into the opposite lane and hit a group of four students from the local Hoa Binh High School. The truck's driver and another man who was in the truck…... [read more]

Revenue bonds are issued by a municipality to finance either a project or an enterprise in which the issuer pledged to the bondholders revenues generated by the operation of the project.These latest 15-year revenue bonds are the first to be guaranteed by the Government. The bond issuance is part of a capital-mobilizing plan the corporation raised for the construction of the Noi Bai-Lao Cai Highway.As planned, the Noi Bai-Lao Cai highway has a total investment of VND20.11 trillion. The 245-km long project will help link trade between remote and urban areas.The toll charged by the highway, once in operation, will help pay back bondholders’ principal and interest.According to the Hanoi Securities Trading Centre, the issuance of the Government-guaranteed bonds has created a new instrument of capital mobilization for infrastructure development on the local stock exchange.As dictated by the Government, the bond will provide advantages for both the issuer and investors, the center added.The Vietnam expressway Corporation will receive Government support during the bond issuance, in investment capital and payment guaranteed for bondholders as governed by the Finance Ministry.Furthermore, the State will also help the corporation open a fund for bond payment. The fund will come from part of the money generated by the project, sent to the commercial bank as an account to ensure bondholders’ payment on time.A flexible mechanism for bond interest will also be set up with the aim of ensuring the process of capital mobilization through bond auction.“Government support will help increase investor’s attraction to this bond…... [read more]

The 51-kilometre expressway will start from the centre of Ho Chi Minh City and finish at the junction with National Highway 1 at Dau Giay in Dong Nai province. The project also includes the construction of a 1,700-metre bridge over the Dong Nai River in Long Thanh district. The Manila-based bank said the Ho Chi Minh City-Long Thanh-Dau Giay Expressway will contribute to ease traffic congestion and have a significant positive impact on economic activities in Vietnam’s largest city and its surrounding provinces as well as in the Mekong Sub-region. The entire expressway project is scheduled to be completed in 2014, with a total capitalization of US$932 million, sourced from the Japan Bank for International Cooperation (JBIC) and the Vietnam Expressway Corporation.... [read more]

The US$932-million project will receive other funding from the Japan International Cooperation Agency (JICA) and the Vietnam Expressway Corporation. The four-lane expressway runs from the centre of Ho Chi Minh City through a 1,700m bridge over the Dong Nai River to Dau Giay in Dong Nai Province. “The new expressway will have a significant social and economic impact on Ho Chi Minh City, its surrounding provinces, and the Greater Mekong Subregion,” said Ayumi Konishi, chief ADB representative in Vietnam. It will help regulate traffic flows and reduce transport costs and time, as well as accidents and pollution, he added. The project is scheduled for completion in 2014.... [read more]

Nguyen Ngoc Thuyen, deputy head of the Department for International Co-operation under the Ministry of Transport (MoT), told VIR that, “As toll collection is a very profitable business, which could help investors quickly recoup their investment, foreign investors from the US, India, Japan, and France have been working with the ministry on the possibility of buying toll rights on certain expressways.” He added that India’s GMR Group was negotiating with the investor of the My Thuan-Can Tho expressway project about the transfer of toll collection rights, while Vinci Group from France officially asked for concessions to collect tolls on three high-way projects. The trend of buying toll rights has been prevalent since an international consortium led by Indian infrastructure company IL&FS signed an agreement with Vietnam Infrastructure Development and Finance Investment Company (Vidifi) to buy the toll collection rights on the Hanoi-Haiphong expressway in October 2014, making it the first foreign investor to bag a deal of this kind. One of the most potentially lucrative routes, in terms of toll collection, is the recently-opened 105km Hanoi-Haiphong expressway. Under construction for five years, and with a price tag of over US$2 billion, this is the first route in Vietnam to have a 5cm polymer concrete surface. Transferring the rights to collect tolls on expressways is a new and unprecedented policy. The IL&FS contract would open up more opportunities for other foreign investors to secure similar deals on other expressway projects, according to Thuyen. Earlier, Vietnam Expressway Corporation (VEC) also wanted to…... [read more]

The national flag carrier, Vietnam Airlines (VNA) and the Airports Corporation of Vietnam (ACV) found their strategic shareholders, announced the Ministry of Transport at a meeting held in Hanoi on January 10. VNA have completed the negotiations and signed strategic shareholder deals with Japan's ANA Holdings Inc (ANA Group). Meanwhile, ACV is negotiating with Aéroports de Paris and is scheduled to sign purchase deals in March. The Ministry of Transport is also working to equitise four other corporations, namely: Vietnam Expressway Corporation; Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (Cuu Long CIPM); Vietnam National Shipping Lines; and Shipbuilding Industry Corporation. In 2016, the Transport Ministry completed the equitisation of Vietnam Expressway Operation and Maintenance Company under the Vietnam Expressway Corporation and completed the divestments from 22 joint stock companies. So far, 37 equitised companies have listed their shares with a total value of VND35 trillion (US$1.54 billion). Regarding the project on business restructuring in 2017, Deputy Minister of Transport Nguyen Hong Truong said the ministry will report to the Government the plan to equitise 17 companies in 2017. In addition, the ministry will carry out divestments from seven equitised corporations as approved by the Government. This year, the ministry will also direct VNA, Vietnam Railway, Cuu Long CIPM, Vietnam Expressway Corporation and others to continue to divest from the areas that the State does not have to hold a stake. Nhan Dan... [read more]

VNA have completed the negotiations and signed strategic shareholder deals with Japan's ANA Holdings Inc (ANA Group). Meanwhile, ACV is negotiating with Aéroports de Paris and is scheduled to sign purchase deals in March. The Ministry of Transport is also working to equitise four other corporations, namely: Vietnam Expressway Corporation; Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (Cuu Long CIPM); Vietnam National Shipping Lines; and Shipbuilding Industry Corporation. In 2016, the Transport Ministry completed the equitisation of Vietnam Expressway Operation and Maintenance Company under the Vietnam Expressway Corporation and completed the divestments from 22 joint stock companies. So far, 37 equitised companies have listed their shares with a total value of VND35 trillion (US$1.54 billion). Regarding the project on business restructuring in 2017, Deputy Minister of Transport Nguyen Hong Truong said the ministry will report to the Government the plan to equitise 17 companies in 2017. In addition, the ministry will carry out divestments from seven equitised corporations as approved by the Government. This year, the ministry will also direct VNA, Vietnam Railway, Cuu Long CIPM, Vietnam Expressway Corporation and others to continue to divest from the areas that the State does not have to hold a stake.... [read more]

Two passenger buses and a container truck were caught in a terrible mess that killed one and critically injured five. Two passenger buses and a container truck collided early Wednesday, blocking traffic on an expressway between Ho Chi Minh City and its neighboring Dong Nai Province. The crash left one person dead and 11 injured; of the injured, five have been in critical conditions. Investigators say a container truck lost control and jumped the center divider, blocking traffic on the Ho Chi Minh City – Long Thanh – Dau Giay Expressway at around 5AM. A passenger bus rear-ended the truck, flipping onto its side; another was jammed against the divider. Managers of the road said a dozen injured passengers were pulled from the overturned bus and rushed to hospital, where one died a couple hours later. The head of a bus is smashed. Photo courtesy of Vietnam Expressway Services Engineering JSC The two-lane expressway, which opened to traffic in early 2015, permits vehicles to travel at up to 120 kph (74.5 mph) -- the highest speed allowed in Vietnam, according to Vietnam Expressway Corporation, the investor of the $906-million project. The 55-kilometer road significantly cuts the distance between Ho Chi Minh City and the planned Long Thanh International Airport in Dong Nai. It also cuts travel time to the Dau Giay intersection (which leads to the Central Highlands resort town of Da Lat) from three hours to one. Every day, around 45,000 cars and buses use the expressway, which suffered…... [read more]

At a meeting last month, Minister of Transport Truong Quang Nghia asked the Vietnam Road Administration to remove the Dai Xuyen Toll Booth on the Cau Gie–Ninh Binh Expressway no later than January 1, 2017. According to the Vietnam Road Administration, two toll booths on the nearly 100km expressway were not necessary. The elimination of the Dai Xuyen Toll Booth will help vehicles travel faster. Mai Tuan Anh, General Director of the Vietnam Expressway Corporation (VEC)—the Dai Xuyen toll station collector, said in 2015 and the first half of 2016 alone there were 70 traffic jams. Congestion was seen on both sides of the booth, covering a distance of 0.3km and going for up to 3km. The toll station is now under the management of VEC and BOT Phap Van–Cau Gie Company. Profits from the station will be divided between the two companies.... [read more]




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