Vingroup advances $51.6 million for HCMC infrastructure

November 11, 2014 | 19:00

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Vingroup plans to advance VND1.1 trillion ($51.6 million) to improve the transport infrastructure serving its Tan Cang urban complex project. The amount will include VND800 billion ($37.7 million) to expand Ung Van Khiem road and VND300 billion ($14.1 million) to upgrade Nguyen Huu Canh road.

The Ung Van Khiem road expansion is part of the BOT model Binh Trieu 2 road bridge construction project being carried out by Ho Chi Minh Infrastructure Investment Joint Stock Company (CII). By advancing the needed funds, Vingroup is hoping to accelerate the extremely slow pace of the project.

Both of the road projects lead into the VND30 trillion ($1.41 billion) Tan Cang urban complex project, invested in by Tan Lien Phat Construction Investment Corporation, a subsidiary of Vingroup.

Also nearby these roads, Vingroup is building the Vincom Mega Mall Thao Dien commercial centre, within the Masteri Thao Dien Luxury residential project in District 2.

The advance is planned to be paid back to the group within three years.

In an earlier development, Vingroup was permitted by the Hanoi People’s Committee to build an elevated road along the 2nd ring road under the BT model. This VND4.77 trillion ($224 million) project passes through Vingroup’s Times City urban area.

By By Kim Khanh

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