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Investor named in Trung Luong – My Thuan expressway project

Released at: 15:35, 03/03/2015

Investor named in Trung Luong – My Thuan expressway project

Partnership of six private contractors win $687.37 million project,

by Son Ho

The Cuu Long Corporation for Investment Development and Project Management of Infrastructure has announced the results of its investor selection process for the Trung Luong - My Thuan expressway project, which is being conducted in the build-operate-transfer (BOT form.

The selected investor is the Tuan Loc - Yen Khanh - BMT - Thang Loi - Hoang An - CII B&R partnership, with the Tuan Loc Construction Investment Corporation being the leading member of the partnership. Members of the partnership have all been involved in many transportation projects throughout the country.

The bid price of the project is VND14.678 trillion ($687.37 million), of which the cost of construction and equipment is VND6.752 billion ($316.2 million), compensation costs for site clearance and resettlement VND2.55 trillion ($119.42 million), cost of project management, consultancy and other costs VND675.181 billion ($31.62 million), provision expenses VND2.64 trillion ($123.63 million), and loan interest during the expected constructing time VND2.061 trillion ($96.52 million).

The project will begin this year and be completed in 2018. Once complete the trip from Trung Luong to My Thuan will take only one hour or so by car instead of two hours on the National Highway, according to calculations.

The BIDV Expressway Development Company (BEDC) was assigned as investor in November 2009 but it then withdrew due to lack of funds. CIPM was then put in charge of the project and was responsible for seeking extra-budgetary funds, leading to this decision on new investors.

The Trung Luong - My Thuan expressway is a part of the Ho Chi Minh City - Can Tho link, which consists of three components: Ho Chi Minh City - Trung Luong, Trung Luong - My Thuan, and My Thuan - Can Tho. The first 40 km stretch, from Ho Chi Minh City to Trung Luong, was put into operation in February 2010.

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