|Vietcombank and Indovina Bank sign an agreement with Văn Phú Bắc Ái JSC to fund construction of a section of HCM City’s Ring Road No 2. — Photo chinhphu.vn|Viet Nam News
HCM CITY — Vietcombank and Indovina Bank have signed an agreement with Văn Phú Bắc Ái JSC to provide VNĐ1.46 trillion (US$64.32 million) to finance construction of a section of HCM City’s Ring Road No 2.
The section, from Phạm Văn Đồng Street to Gò Dưa intersection on National Highway 1 in Thủ Đức District, will cost VNĐ2.77 trillion ($122 million) and be built under a BT (build-transfer) contract.
Ring Road No 2 will serve as a fulcrum around which more urban infrastructure will be built.
The Thủ Thiêm branch of Vietcombank – or the Joint Stock Commercial Bank for Foreign Trade of Việt Nam, as it is formally known – will provide VNĐ1.16 trillion ($51.1 million) and Indovina Bank, VNĐ300 billion ($13.2 million).
The five-year loan will be used to acquire land.
The road, whose construction began last December, runs from Gò Dưa intersection through Bình Phước intersection, An Sương intersection, An Lạc Road, Hà Nội Highway, HCM City-Long Thành-Dầu Giây Expressway, Phú Mỹ Bridge, and Nguyễn Văn Linh Road.
Vietcombank’s Thủ Thiêm branch opened just over a year ago, and this is its biggest infrastructure project so far. — VNS