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Agree on reciprocal capital policy for Ben Luc - Long Thanh expressway project

TTDT - According to the Government's Resolution No. 41/NQ-CP recently issued on the arrangement of reciprocal capital for the Ben Luc - Long Thanh Expressway Construction Project, the Government has agreed on the policy that the Vietnam Expressway Development Investment Corporation (VEC) is responsible for self-balancing and allocating the remaining reciprocal capital to continue implementing and soon complete the Ben Luc - Long Thanh expressway construction project as proposed by the Ministry of Planning and Investment. 

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Secretary of the Provincial Party Committee Nguyen Hong Linh (2nd from the left) and Chairman of the Provincial People's Committee Cao Tien Dung (3rd from the left), Vice Chairwoman of the Provincial People's Committee Nguyen Thi Hoang (far the left) and Vice Chairman of the Provincial People's Committee Vo Van Phi (far the right) inspect the Ben Luc - Long Thanh expressway project at the section through the territory of Dong Nai​

In the Resolution, the Government requests the ministries: Planning and Investment, Transport, the Management Committee of State Capital at Enterprises and VEC based on their assigned functions and tasks to take full responsibility before the Prime Minister, the Government on the accuracy of information, report data and proposals.

VEC balances, arranges reciprocal capital and implements the project to ensure compliance with the provisions of the law, the interests of the state, and the legitimate rights and interests of stakeholders to avoid loss and waste of investment capital resources, ensuring progress, quality and efficiency, does not give rise to complicated disputes and lawsuits; taking responsibility for ensuring debt repayment obligations to the Government and other financial obligations as prescribed.​​

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Construction of Ben Luc - Long Thanh expressway project through Long Thanh district

It is known that the Ben Luc - Long Thanh expressway project with the length of 57,8 kms started building in 2014. The total investment of the project is 31,320 billion VND from the loan of the Japanese Government (11,975 billion VND), Asian Development Bank (13,654 billion VND) and counterpart capital of the Vietnamese Government (5,689 billion VND).

The project stopped construction for a long time, some contractors proposed to terminate the contract due to some problems in the mechanism for capital sources, in which the counterpart funds still had different opinions on the responsibility of the project, so the project has not been allocated counterpart funds since 2019.

Therefore, VEC proposes the authority to use the amount of 758 billion VND from tolls for highway projects managed by VEC, which are temporarily idle when VEC is not yet due to repay loans to build highways for the State to make counterpart capital for the project​​​

Author: Danh Nhan

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