HCM CITY (VNS) — The Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (Cuu Long CIPM) yesterday signed a contract for toll collection rights to the HCM City-Trung Luong Expressway with Yen Khanh Service Trading and Production Co Ltd.
The HCM City-based company won the auction with a bid of VND2 trillion (US$95.2 million) for permission to collect tolls at four existing stations, Cho Dem, Tan An, Ben Luc and Than Cuu Nghia, for five years starting from January 1.
The payment will be made in three phases over six months.
The Ministry of Transport had assigned Cuu Long CIPM to oversee the contract with Yen Khanh Company, said Duong Tuan Minh, director general of Cuu Long CIPM.
"It is the first infrastructure project in the country in which toll collection rights have been transferred via public auction," he said.
The successful auction would lay the foundations for cooperation between the State agencies and private economic sector to develop transport infrastructure, Minh said at the signing ceremony.
Deputy Minister of Transport Nguyen Van The has asked Cuu Long CIPM and Yen Khanh Company to work closely to implement the contract to address any problems arising during the contractual period.
The 40-kilometre expressway connecting HCM City to Tien Giang Province in Cuu Long (Mekong) Delta was put into operation in February 2010. It started collecting fees in February 2012.
It was built at a cost of nearly VND10 trillion ($476 million) funded by the State-budget. — VNS