|The blueprint of the Vân Đồn-Móng Cái expressway, Quảng Ninh Province. — Photo Quảng Ninh People’s Committee|Viet Nam News
QUẢNG NINH — Authorities in Quảng Ninh Province yesterday announced a domestic investor partnership to build a US$622million expressway, after rejecting a proposal to borrow money from China for the project.
The 90km expressway, which will run through five communes, starting from Vân Đồn and ending at Móng Cái, will be constructed through investor partnership between Cái Mép, Thái Sơn, VINACONEX E&C, BRJSC12, Khánh An and Cienco1 under the build-operate-transfer (BOT) model.
The construction of the expressway is expected to cost around VNĐ14 trillion ($622.2 million) and is to be completed in three years. It is estimated that toll will be collected for 25 years, investors said.
Quảng Ninh People’s Committee chairman Nguyễn Đức Long said the investors should avoid building in residential areas as much as possible. He has also asked them to come up with a “realistic” financial plan to make sure that the project’s estimated cost would not rise during the construction period.
The transport ministry had wanted to build the Vân Đồn-Móng Cái expressway with a part of the funds coming from an ODA (Official Development Assistance) loan of VNĐ7 trillion from China. Long had slammed the proposal and asked the ministry to hand over the project to the province.
Explaining his reluctance, Long said that taking a loan from China might have meant that there would be no choice but to use Chinese contractors. "Vietnamese contractors are capable of doing the job," he said. — VNS