Wednesday, December 19 2018

VietNamNews

Government reclaims bonds used for Đèo Cả tunnel project

Update: April, 05/2018 - 09:00
The southern exit of the Đèo Cà tunnel on National Highway 1A linking the two central provinces of Phú Yên and Khánh Hòa — VNA/VNS Photo Thế Lập
Viet Nam News

HÀ NỘI – Government bonds used for the construction of the Đèo Cả tunnel project are to be reclaimed under a decision by Prime Minister Nguyễn Xuân Phúc.

Under the decision, VNĐ1.180 trillion (US$51.7 million) of the total VNĐ4.958 trillion ($217.2 million) in Government bonds allocated during the period of 2014-2016 by the Transport Ministry for the Đèo Cả Tunnel Project, including those used to build the Cổ Mã Tunnel, will be collected by the Ministry of Finance.

The money claimed included VNĐ716.4 billion ($31.3 million) allocated for 2016 only.

The reclaimed capital will be reserved for mid-term investment for the period of 2016-2020 under the authority of a resolution passed by the National Assembly Standing Committee.

The Ministry of Transport had to refund the money allocated in 2016 including the money which was not yet disbursed, as well as the amount paid for ground clearance and the resettlement of residents.

The Transport Ministry was asked to review toll collection stations for the new tunnel, as well as toll fees. They are also required to produce a report to the Prime Minister calculating the effectiveness of money invested in the Đèo Cả Project.

The Đèo Cả Tunnel Project runs through the Cả Pass on National Highway 1A linking the two central provinces of Phú Yên and Khánh Hòa. Construction began in 2012.

The 4.1-kilometre long Đèo Cả Tunnel is part of a 13.4-kilometre road project, which also includes another tunnel, Cổ Mã, which is 500m long and opened to traffic in 2015.

The tunnel, built with an investment of VNĐ15.6 trillion (US$748 million), allows vehicles to travel at a maximum speed of 80km per hour from Phú Yên Province’s Hào Sơn Commune to Khánh Hòa Province’s Cổ Mã Commune.

Each side of the road inside the tunnel has two 3.5m lanes, helping reduce the distance between Phú Yên and Khánh Hòa provinces by 9km, and cutting off around 50 minutes of travel time. The new tunnel has put an end to commuter’s reliance on the Cả Pass, which is dangerous during the rainy and typhoon seasons.

Toll fees for using the tunnel have been collected since September 2017, and range from VNĐ60,000 (US$2.64) to VNĐ288,000 (US$12.67), depending on the type of vehicle used.

The Đèo Cả Tunnel, which was put into operation in August last year, is the second longest mountain road tunnel in the country, after the Hải Vân Tunnel, which is 6.28 kilometres long and runs between Thừa Thiên in Huế Province and Đà Nẵng City.– VNS

 

Send Us Your Comments:

See also: