Phase 2 of Vietnam’s North-South Expressway project is set to benefit from US$ 360M in government funding. This brings the total investment value of the project to US$ 5bn.
US$ 1.97bn stems from the State budget for the medium-term public investment plan of the 2021-2025 period. Roughly US$ 3.04bn on the other hand stems from the State budget for infrastructure investment development.
The latter is under the National Assembly’s Resolution on monetary assistance for the socio-economic development and recovery Programme.
Vietnam’s North-South expressway project development
This far 95 percent of measurements in the field have been made and 87 percent of inventories of land assets surrendered. Resettlement areas are also being built and compensation plans and site clearance work are still ongoing.
It is expected that by November 20, 2022, 70 percent of the site area will be handed over for construction and installation bidding packages. All the remaining areas will reportedly be surrendered in the second quarter of 2023 at the request of the Government.
An overview of the expressway
Vietnam’s North-South expressway sits right in-between Vietnam’s north and south, and it passes through 32 provinces and cities. As a result, it plays an essential role in connecting the political center of Hanoi’s Capital with Ho Chi Minh City, the economic center.
The project serves as the most important transport corridor within the transport infrastructure system of Vietnam. In total, Vietnam’s North-South expressway connects 4 major and significant economic regions. These include the Mekong Delta and the South in addition to the North and Central regions.
The project aims to improve the transportation capacity as well as speed along the North-South transport corridor. Additionally, the project aims to serve as a connecting point to key industrial zones, urban areas, international seaports, and border gates.