VietNamNet Bridge – The Ministry of Transport (MoT) and people’s committees of Mekong Delta provinces of Vinh Long and Tra Vinh agreed Monday to cancel the Build-Operate-Transfer (BOT) project on National Highway No.53.

Drivers express their disappointment over a BOT project. — Illustrative Photo: zing.vn

The investors said they were struggling with capital arrangement and project implementation.

The construction project of upgrading and renovating a 45.797km stretch of National Highway No.53, connecting Long Ho City, Vinh Long Province and Ba Si Bridge in Tra Vinh Province has an investment of more than VND1.2 trillion (US$52.8 million). The tentative toll collection is 21 years and eight months. The project was started in May 2015.

Deputy Minister of Transport Nguyen Nhat said after the National Assembly Standing Committee’s decree on BOT projects’ management, MoT decided to stop implementing the Long Ho -- Ba Si project in the form of BOT and turn it into a public-invested project instead.

He also asked the leaders of Vinh Long Province to give their opinion on the BOT project cancellation besides describing the obstacles they were facing. 

Tran Hoang Tuu, deputy head of Vinh Long Province People’s Committee, said the local authorities had agreed to stop the BOT project on the highway and switch to public investment.

“We request MoT to repair the road for smooth traffic as it is severely damaged,” he said.

The investors’ representative told e-newspaper zing.vn that they found it difficult to accelerate capital since banks had tightened credit grants to the project.

Nhat directed the Cuu Long Project Management Board to cooperate with the investors in checking and evaluating costs shouldered by them due to the project’s cancellation.

The Viet Nam Directorate for Roads is responsible for repairing National Highway No.53 in preparation for Tet (Lunar New Year) holiday. Previously, MoT had worked with Tra Vinh Province People’s Committee on the Long Ho -- Ba Si BOT project cancellation. 

Source: VNS