Lam Dong People’s Committee will spend VND4.5 trillion ($195.65 million) from the provincial budget developing Tan Phu-Bao Loc Expressway, which connects Lam Dong with the neighbouring province of Dong Nai, under the public-private partnership format.
|Lam Dong is looking to develop Tan Phu-Bao Loc Expressway |
Tran Van Hiep, Chairman of Lam Dong People’s Committee, will submit the investment planning of the expressway to the prime minister for approval. The project’s developer is the joint venture between Deo Ca Group and Hung Thinh Corporation.
The approval will pave the way for the locality to take the next steps such as preparing a feasibility study report, site clearance, and investor selection. The goal is to complete the project by the end of 2024.
The 67km Tan Phu-Bao Loc Expressway project is designed with four lanes, as a component of the 200km-long Dau Giay-Lien Khuong Expressway project.
The project has the total investment capital of VND16.22 trillion ($705.2 million), including VND10.17 trillion ($442.17 million) for construction and VND1.12 trillion ($48.7 million) for land clearance.
Lam Dong will contribute VND4.5 trillion ($195.65 million) of the total VND6.5 trillion ($282.6 million) from the total state budget. The remaining VND8.26 trillion ($359.13 million) will be financed by investors via equity and loans.
The completion of Tan Phu-Bao Loc Expressway will connect the entire Central Highlands with the southeast and Mekong Delta. This will reduce transit time from Ho Chi Minh City to Lam Dong from six to three hours, saving time and costs. The region will also see favourable conditions for the development of tourism, agriculture, and logistics.
The early implementation of the project will solve the biggest bottleneck of the National Highway No.20 at the narrow Bao Loc Pass that is often affected by the weather during the rainy season causing landslides, which has not been resolved for many years.