The Ministry of Transport (MoT) asked the investors of the Dien Chau-Bai Vot section of the Eastern Cluster of the North-South Expressway to sign the credit contract before February 13.
|The construction of the Dien Chau-Bai Vot section of the North-South Expressway running the central provinces of Nghe An and Ha Tinh started on May 22 |
The MoT has sent an ultimatum to the project management board – a joint venture between Hoa Hiep Co. Ltd, CIENCO4 Group JSC, Pink Mount Investment Co., Ltd, Truong Son Construction Corporation, VINA2 Investment and Construction JSC, and Phuc Thanh Hung JSC – to ensure the construction progress for the project.
The MoT asked the investor and relevant business to accelerate work with the bank to complete procedures for signing credit contracts, which is also meant to contribute to developing the project as committed.
In case the investor and relevant business do not complete the above mission, the MoT asks will urge the joint venture to cancel the construction contract.
The construction of the Dien Chau-Bai Vot section of the North-South Expressway running the central provinces of Nghe An and Ha Tinh started on May 22.
The 50-kilometre section is planned to have four lanes in its first phase and comprises a 1.1km-long tunnel and a 4-kilometre long bridge.
With the total cost of over VND11.15 trillion ($485 million), the section is the second among three sub-projects under the North-South expressway that would be financed through a public-private partnership, along with the Nha Trang-Cam Lam and the Cam Lam-Vinh Hao sections. It is also the biggest investment among the 11 sections of the North-South Expressway. Of the total, over VND6 trillion ($263.5 million) will come from the state capital, while the rest will be secured by investors.