The implementation time of the Ben Luc - Long Thanh expressway project is proposed to be delayed by 1 year, from September 2025 to September 2026.
More time needed to build the largest bridge in the project
The Ministry of Transport has just sent a report to the Government on approving the adjustment of the investment policy for the Ben Luc - Long Thanh expressway construction project.
A section of Ben Luc - Long Thanh expressway has completed the main route.
Two important proposed contents are to extend the project implementation period to September 30, 2026 and adjust the total investment down by more than VND 486 billion.
The Ministry of Transport said that according to the plan approved by the Prime Minister, the implementation time of the Ben Luc - Long Thanh project is until September 30, 2025.
Thus, the project implementation time is only more than 9 months, while to complete the J3-1 package, it is necessary to carry out the following procedures: adjusting the project investment policy, adjusting the investment project to use VEC's self-arranged capital for the J3-1 package; organizing the selection of contractors, signing contracts; mobilizing the construction site and implementing construction.
The expressway project has a total length of nearly 58 km, passing through 3 provinces and cities: Long An (2.7 km), Ho Chi Minh City (more than 26 km) and Dong Nai (nearly 29 km).
The expressway is invested with a scale of 4 lanes for motor vehicles, 2 emergency lanes, speed of 100 km/h, according to the standards of class A expressway.
To shorten the implementation progress of Package J3-1 with the goal of soon completing and putting the Ben Luc - Long Thanh Expressway into operation, VEC has proposed to organize the selection of contractors in parallel with the implementation of procedures to adjust the project investment policy to soon start construction.
VEC issued the invitation to bid (E-HSMT) for package J3-1 on July 18, 2024 in the form of domestic open bidding via the National Bidding Network System, with a implementation period of 13 months; the closing date for bidding is August 6, 2024.
Up to now, VEC has completed the bid evaluation work, but the announcement of results and negotiation and signing of contracts cannot be carried out due to waiting for approval of policy adjustments and investment project adjustments to use VEC's capital.
With the current progress, it is expected that by January 2025, the procedures for adjusting the investment policy will be completed. By February 2025, the procedures for adjusting the investment project will be completed.
VEC will negotiate and sign a contract with the contractor for Package J3-1 to start construction from March 2025. With a construction period of 13 months, the contractor will complete Package J3-1 by April 2026.
"Contract package J3 to complete the construction of Phuoc Khanh Bridge is a large cable-stayed bridge with the highest clearance in Vietnam (55m), so the construction of the Vietnamese contractor may encounter difficulties. Therefore, VEC proposes to adjust the project implementation time to September 30, 2026, 5 months more than the expected plan to accommodate unforeseen difficulties.
Adjusting the project implementation time to September 30, 2026 will also facilitate the completion of Package XL-NG51, which is the interchange connecting with National Highway 51 and Bien Hoa - Vung Tau Expressway (expected in April 2026).
In Appraisal Report No. 10166/BC-BKHĐT dated December 9, 2024, the Ministry of Planning and Investment also assessed: "The proposal to adjust the project implementation time to September 30, 2026 of the Ministry of Transport is well-founded to ensure the project completion time", the Ministry of Transport informed.
Additional capital of more than 1,855 billion VND arranged by VEC
Regarding the capital source for project implementation, according to the Ministry of Transport, on the basis of Decision No. 791/QD-TTg dated July 3, 2023 of the Prime Minister approving the adjustment of the investment policy for the Ben Luc - Long Thanh expressway construction project, with a total investment of VND 30,073 billion.
After reviewing the detailed project adjustment contents, the Ministry of Transport issued Decision No. 961/ dated August 4, 2023 approving the adjustment of the investment project, in which the total investment is calculated to be nearly VND 29,587 billion, a decrease of more than VND 486 billion compared to Decision No. 791.
"The total investment updated to date remains unchanged compared to Decision No. 961 of the Ministry of Transport with the proposed adjusted capital structure, including: ADB loan capital of more than VND 7,085 billion (a decrease of more than VND 980 billion); JICA loan capital of more than VND 9,226 billion (a decrease of more than VND 875 billion); Counterpart capital of more than VND 3,872 billion (unchanged); VEC's self-arranged capital of more than VND 9,400 billion (an increase of more than VND 1,855 billion).
"The additional capital arranged by VEC has increased by about 750 billion VND to implement the investment in package J3-1 because it does not use ODA loans from JICA; Increase by about more than 684 billion VND to complete the remaining items of the packages in the Eastern section (A5, A6-1, A6-2, A6-3, A6-4, A6-5 and A7), instead of ADB capital because the disbursement value up to the closing date (December 31, 2023) is lower than the previously approved value.
The capital VEC self-arranged increased by about 740 billion VND in interest expenses during the construction period due to the update of the current high actual interest rate on ADB loans and due to the adjustment of the project completion time.
The value of construction, other consulting, site clearance and some items expected to use VEC's own capital decreased by more than VND319 billion after being updated," the report stated.
Assessing VEC's balancing ability, the Ministry of Transport said that the cumulative after-tax cash flow of the 5 projects in each year is always positive, in 2026 the lowest positive cumulative cash flow is about 226 billion VND.
After balancing the repayment of loans according to the committed deadline (including national debt repayment obligations and project debt repayment obligations), VEC ensures sufficient resources to implement the remaining items of the project using VEC's legal capital.
The Ministry of Transport has also reviewed and evaluated the financial plan to combine cash flows of 5 VEC projects as appropriate at the present time.
Source: https://www.baogiaothong.vn/de-xuat-lui-thoi-gian-hoan-thanh-cao-toc-ben-luc-long-thanh-den-thang-9-2026-192241220184240822.htm
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