VND5.9 trillion for Hai Van tunnel expansion project
VietinBank will provide VND4.18 trillion for Deo Ca Investment Joint Stock Company to carry out the second phase of the project.
The company said local lender VietinBank has clinched an agreement to finance the Hai Van Pass tunnel expansion as part of phase two of the tunnel project. The company was picked to implement the Hai Van Pass tunnel project under the BOT (build-operate-transfer) form with a total investment of VND7.3 trillion (US$326.8 million), including VND1.4 trillion for phase one and VND5.9 trillion for phase two.
Work on phase two of the tunnel project is scheduled to begin in May this year and be completed in the first quarter of 2020.
Deo Ca Investment Joint Stock Company is also the investor of Ca Pass and Cu Mong tunnels. As scheduled, Ca Pass tunnel will be opened to traffic in 2017 while Cu Mong tunnel will be up and running in 2018.
After completing Ca Pass tunnel, Cu Mong tunnel, and expansion of Hai Van Pass tunnel projects, the investor will collect tolls at seven stations on National Highway 1A.
By Le Anh
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