The approval was given with over 83 per cent of the NA delegates voting in favour of the project.
Accordingly, the total investment capital of the 654-kilometre project will be over VND118 trillion ($5.36 billion), VND55 trillion ($2.5 billion) of which will come from the state. The total area is estimated at over 3,700 hectares, with over 1,000ha being paddy land.
In the 2017-2020 period, the project will be divided into 11 components, including the Cao Bo-Bai Vot, the Cam Lo-La Son, the Nha Trang-Dau Giay sections, and My Thuan 2 Bridge.
The NA asked the government to make careful preparations to kick off the project in 2017 and finish it in 2021.
The eastern section of the North-South Expressway project has been attracting many foreign investors from Japan, South Korea, and the US. South Korea-based Posco E&C has expressed interest in the project after joining many transport infrastructure projects in Vietnam, including the Hanoi-Lao Cai Expressway and the Long Thanh-Dau Giay Expressway.
However, a lack of guarantee mechanisms for investors’ revenue and exchange rate risks remains the biggest challenge for international groups to join the project.
In a move to remove the barriers, Vietnam will begin building a law on public-private partnership (PPP) investment next year.
By Bich Thuy