An overview of Sầm Sơn City in the central province of Thanh Hóa which the new road will go through. — Photo 24h.com.vn

HÀ NỘI — A new coastal road will be built between Hoằng Hóa-Sầm Sơn and Quảng Xương-Tĩnh Gia in the central province of Thanh Hóa under a public-private partnership.

The project, approved by Deputy Prime Minister Trịnh Đình Dũng, will cost VNĐ3.4 trillion (US$145.9 million), of which VNĐ1.4 trillion ($60.1 million) will come from the State budget. 

The Thanh Hóa Province will contribute VNĐ980 billion ($42.1 million) and the remaining funds of more than VNĐ1 trillion ($43.8 million) will come from investors. 

The project will be conducted under a build-operate-transfer (BOT) contract and will be 29.5km long.

The first part between Hoằng Hóa-Sầm Sơn is 12.3km in length. It starts in Hoằng Ngọc Commune, Hoằng Hóa District and ends in the Nghi Sơn Economic Zone in Quảng Châu Ward, Sầm Sơn City.

The second part from Quảng Xương-Tĩnh Gia is 17.2km. It starts at the Nghi Sơn Economic Zone and ends in Ninh Hải Commune, Tĩnh Gia District.

Investors will set up tollbooths to pay back the capital based on present laws.

The estimated time for collecting road use fees to recover capital is 24 years and two months – from 2023 to 2047. Official time will be defined via bidding to select investors following present laws. — VNS