|A section of the Belt Road 3 from Nhơn Trạch District in Đồng Nai Province to the intersection of HCM City’s Long Thành Dầu Giây Highway. — Photo baodautu.vn|Viet Nam News
HCM CITY — The Ministry of Transport plans to seek approval for funding from the South Korean government for a portion of Belt Road 3 from Tân Vạn District to Nhơn Trạch District in Đồng Nai Province, according to the Ministry of Transport.
The ministry is seeking approval of the South Korean investment from Prime Minister Nguyễn Xuân Phúc.
Around 8.7km of a 17.8-km section of the Belt Road 3 project would be funded by loans from the Republic of Korea and the rest from investments under a BOT (build-operate-transfer) model, according to Trần Văn Thi, CEO of the transport ministry’s Cửu Long Corporation for Investment, Development and Project Management of Infrastructure.
The PM has approved detailed planning for Belt Road 3, which will have a total length of 89.3km and pass through HCM City and the provinces of Đồng Nai, Bình Dương and Long An.
The Asian Development Bank (ADB) has funded a total of 47km for the Belt Road 3 project from Bình Dương Province’s Thuận An District to National Road 22 in HCM City’s Hóc Môn District, as well as from National Road 22 to Long An Province’s Bến Lức District.
The first phase of the road project will include construction of four lanes, while the second phase will add four more lanes, Thi said.
Six lanes of the road will be used for commuting and two lanes for emergency stops. The road, which will connect highways and national roads, is expected to reduce congestion in the inner city and boost inter-provincial transport services.
The project has total investment of VNĐ55.805 trillion (US$2.46 billion) sourced from the State budget, Official Development Assistance and the private sector. — VNS