Local authorities have granted an investment license to the joint venture between Cong Thanh Investment and Construction JSC and Phuong Thanh Investment and Construction JSC to build the Ha Long- Van Don expressway and upgrade the Ha Long – Mong Duong section of National Highway 18 under the build-operate-transfer (BOT) model with a total investment of nearly VND14 trillion (US$616 million).
Once completed by the end of 2017, the project will help reduce traffic on National Highway 18 and shorten the distance from Ha Noi to Ha Long City and the Van Don Special Economic Zone, and from Ha Long to the Mong Cai Border Economic Zone.
The chairman said the projects will help complete the infrastructure network in the province and attract more investment, promoting socio-economic development in Quang Ninh and the key northern economic region.
A series of projects have been implemented under the PPP model since late 2014.
The provincial People's Committee said that 25 PPP projects have been conducted on schedule so far.
Vu Van Khanh, Director of the provincial Department of Transport said the transport sector will co-ordinate with relevant sectors to complete the Ha Long-Hai Phong by late 2016.
Quang Ninh has also applied the PPP model to social and working infrastructure, medical and educational establishments and information technology. Local authorities have also asked for approval from the Government to build the Quang Ninh Airport and Van Don-Tien Yen-Mong Cai expressway under the model.
In 2015, the province attracted total investment of VND51 trillion ($2.24 billion), a year-on-year increase of 12.5 per cent.
During the year, it welcomed a number of major projects worth trillions of dong from both domestic and foreign businesses such as the Vincom Centre Ha Long and Vinpearl Ha Long invested by Vingroup, Ha Long Ocean Park invested by Sun Group, and Ha Long Star Tourism Urban and Entertainment Complex Casino invested by real estate developer Nakheel from the United Arab Emirates.
