Expressway developer urged to pay site clearance
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According to MoT, in spite of the province’s efforts to accelerate site clearance to hand over the land on time, compensation payment has been delayed.
As of now, the province has completed the site clearance for seven previous packaging tenders and issued a decision to relocate 623 households with a total compensation of VND321 billion ($14.1 million).
This is not the first time the investor is reminded to pay its dues. Earlier, in April, the transport authorities warned to revoke the investment certificate of Trung Luong-My Thuan expressway-phase 1 due to the long delays in construction as well as in submitting the investor consortium’s audited financial reports.
Trung Luong-My Thuan expressway is invested by Trung Luong-My Thuan BOT Company, consisting of Tuan Loc Investment Construction JSC, Yen Khanh Production and Trade Services Company Limited, BMT Construction Investment JSC, Thang Loi Group Limited, and Hoang An JSC.
The project involves the construction of a 51-kilometre expressway and 4.5-km approach road with the total investment capital of VND15 trillion ($670.3 million) to be implemented under the build-operate-transfer (BOT) format.
The project construction was initially kicked off by Expressway Investment Development Joint Stock Company under Bank for Investment and Development of Vietnam (BIDV) in November 2009 and was expected to be completed in late 2018. However the works were suspended due to the capital constraints. It was resumed in February 2015.
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