Updated  
January, 18 2014 10:20:00

Highway 1 to receive $141m

The Bank for Investment and Development of Viet Nam (BIDV) will provide nearly VND3 trillion (US$141 million) in loans to expand a 70-km section of National Highway 1.— Photo nld

HA NOI (VNS)  — The Bank for Investment and Development of Viet Nam (BIDV) will provide nearly VND3 trillion (US$141 million) in loans to expand a 70-km section of National Highway 1.

The loan will help upgrade the 29-km section of National Highway 1 that runs through the central province of Binh Dinh and another 40-km section connecting Binh Dinh Province's Tuy Phuoc District to central Phu Yen Province's Song Cau District.

For the 29-km expansion, BIDV committed to supply nearly VND1.4 trillion ($65 million) to the Binh Dinh BOT Joint Stock Company. The project will start from the province's Hoai Nhon District in the 2014-16 period. The loan term will be 19 years and three months.

The 40-km project, worth VND2 trillion ($94 million), would be implemented from now until 2015 with a loan term of 14 years and six months.

This is part of a VND30 trillion ($1.4 billion) credit package the bank signed early last year with the Ministry of Transport to fund the Build-Operate-Transfer project to enlarge the highway.

National Highway 1A, which is of significant importance for the country's socio-economic development and national defence, has seriously deteriorated in recent years, leading to congestion and accidents. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Teacher's long fight for justice pays off Teacher's long fight for justice pays off

Nguyen Than spent years trying to prove the innocence of his former student, wrongfully convicted on a murder charge 18 years ago.

Passion motivates circus artists to take risks Passion motivates circus artists to take risks

The circus has always been about performers attempting precarious and daring acts in exchange for the intangible reward of the roar of the crowd.

New flowers grown for Tet New flowers grown for Tet

Farmers in the Cuu Long (Mekong) Delta will offer new varieties of flowers for the upcoming Tet (Lunar New Year) holiday, which falls on February 8 this year.

VN strives to reform customs ahead of FTAs VN strives to reform customs ahead of FTAs

The World Trade Organisation's Trade Facilitation Agreement (TFA) would boost customs reforms to facilitate trade across borders in line with international standards, an official has said.