Real estate developer receives $44.5 million advance payment from capital to widen road and ease traffic congestion.
The Hanoi People’s Committee has recently provided real estate developer Vingroup with an interest-free advance payment of VND1 trillion ($44.5 million) to widen the road from Vinh Tuy Bridge to Mai Dong Bridge in the south of the capital. The advance payment will be deducted from its financial obligations to the city’s budget.
The road has a total length of 1.4 km with site clearance to begin in October and is expected to ease traffic congestion in the area and link with transport infrastructure in the city.
The road is part of Ring Road No. 2, which was planned by the city’s Department of Transport in 2012 and includes a 5-km flyover connecting Vinh Tuy-Mo Market and the Vong Intersection, with an estimated cost of VND5 trillion ($222.5 million).
In March this year Vingroup also kick off the widening of sections of Lang and Nguyen Trai Streets and the Nga Tu So Intersection in the city’s western area to ease traffic congestion around its Royal City urban area.