HCM City still has many lots of available land that could otherwise serve the city’s development. — VNA/VNS Photo Tiến Lực

HCM CITY — HCM City People's Committee chairman Phan Văn Mãi has established a working group to develop the city’s plan to effectively exploit land along both sides of the Ring Road No. 3 project.

Vice chairman of the municipal People's Committee Bùi Xuân Cường is assigned as the team leader, and leaders of departments and districts where Ring Road No. 3 will pass through will be team members.

According to the city’s Department of Transport, there are more than 2,413 hectares of land in the vicinity of the Ring Road No. 3 project in HCM City, of which, about 514ha of agricultural land under State management can be auctioned.

It needs to recover the remaining nearly 1,900ha being used by residents.

The Ring Road 3 project is identified as one of the city’s key traffic projects in the 2021-25 period.

The project’s total investment is estimated at VNĐ75.4 trillion (US$3.2 billion). It is expected that the entire project will be completed in 2026.

The capital source for implementing Ring Road 3 is the State budget. Accordingly, the central budget will allocate 50 per cent, and the localities of HCM City, Đồng Nai, Long An and Bình Dương are responsible for the other half.

It will have a total length of about 76.34km, including 47.51km in HCM City’s Thủ Đức City and the districts of Củ Chi, Hóc Môn and Bình Chánh, 11.26km in Đồng Nai Province’s Nhơn Trạch District, 10.76km in Bình Dương Province’s Dĩ An, Thủ Dầu Một and Thuận An cities, and 6.81km in Long An Province’s Bến Lức District.

The road will have six lanes designed for speeds of 80-100km per hour for commuting and two lanes for emergency stops.

HCM City and the southern key economic regions have seen transportation bottlenecks. The shortage of land and overcrowding of urban space has hurt the city's development.

Ring Road No. 3 will create a strategic traffic axis, removing bottlenecks and opening up new directions for urban, industrial, commercial, and service development.

The exploitation of land along both sides of the route will create a large source of revenue for the budget, serving reinvestment and development.

After prolonged delays, construction of the project is scheduled to restart on June 18 and be completed within three years. — VNS