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Quang Ninh approves $351.6 million airport project

Released at: 16:01, 17/03/2015

Quang Ninh approves $351.6 million airport project

Airport expected to boost local economy and attract investment.

by Hoai An

Deputy Chairman of the Quang Ninh Provincial People’s Committee, Mr. Nguyen Van Thanh, has approved a feasibility report for the Quang Ninh Airport project, which will be built on a build-operate-transfer (BOT) basis.

The airport is to be built at the Van Don Economic Zone on an area of 2,883 ha, with estimated investment capital of VND7.49 trillion ($351.6 million). Of this, construction and equipment costs are about VND5.25 trillion ($246.5 million) and site clearance costs VND730 billion ($34.3 million). Total investment excludes interest expenses during the two years construction.

The Level 4E airport has a runway, an aircraft apron for at least four Boeing 777 or Airbus 321 aircraft, and a terminal that can cater to 2 million passengers and 10,000 tons of cargo per year.

While site clearance costs will come from the State budget, the remainder will be mobilized from investor capital or loans. Joinus Vietnam, Posco E&C and Korea Airports Corporation (KAC) are the investors.

The project is expected to be completed within two years of commencement and the payback period is 45 years. Local authorities hope that the project will be a key work at the Van Don Economic Zone that drives development and attracts investment. The project is also expected to enhance access to Ha Long Bay and further develop the UNESCO World Heritage Site.

Meanwhile, the Prime Minister has decided to add the Van Don Economic Zone to the group of coastal economic zones that will receive investment capital from the State budget in the 2013-2015 period.

In addition to being given investment preferences under current regulations, the Economic Zone will also benefit from special policies such as being given priority for mobilizing official development assistance (ODA) funds for important infrastructure projects and receiving a maximum of 50 per cent of reciprocal capital for government ODA projects.

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