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INVESTMENTOPPORTUNITIES

Vietnamese PM allows Hanoi to seek investors for flyover

Updated at Monday, 25 Sep 2017, 08:42
The Hanoitimes - Vietnamese Prime Minister Nguyen Xuan Phuc has allowed the Hanoi People’s Committee to choose the investors for a pedestrian flyover along the city’s ringroad No 2.
The decision is somewhat unusual in that even major cities that enjoy a measure of autonomy usually have to defer to the Government in chosing investors for major projects. Exceptions are made when a project is highly localised and distinct.
Ring Road No 2.
Ring Road No 2.
PM Nguyen Xuan Phuc warned Hanoi to ensure that its instructions for the tender are clear, adding that the capital city will be responsible for implementing the Ministry of Planning and Investment’s requests. He also said Hanoi must closely supervise the project’s cost based on the BT (Build-Transfer) model to ensure it conforms with market prices.
PM Nguyen Xuan Phuc asked the Hanoi People’s Committee to seek guidance from the Ministry of Finance and the Ministry of Natural Resources and Environment. The Hanoi People’s Committee approved the project last year at a total investment of more than VND4.7 trillion (US$210 million). Construction of the 5km flyover is scheduled to last four years. The ringroad runs from the Vinh Tuy Bridge, which connects Hai Ba Trung and Long Bien districts, to Nga Tu So intersection in Dong Da District. Once it is put into operation, the Ring Road No. 2 section linking Nhat Tan Bridge and Cau Giay Street will join the Nhat Tan Bridge project to connect the inner city with Noi Bai International Airport and reduce traffic flow on the current Bac Thang Long-Noi Bai route.
Lien Ha
VNA
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