VietNamNet Bridge – Transport Minister Dinh La Thang has sought an additional VND65 trillion (USD3.1 billion) for the Ho Chi Minh road project, but the National Assembly Standing Committee raised concerns over the capacity to mobilise the capital.

Transport Minister Dinh La Thang.

According to the minister, this is the estimated total investment for the project from now to 2020, including VND24 trillion (USD1.14 billion) planned for the upgrade and expansion of the second phase running through the Central Highlands, to be completed by 2015.

The project has been being carried out in line with the National Assembly’s resolution issued in 2004 to connect key urban areas, residential areas, industrial parks and economic zones.

Since the project’s first phase was completed, the road has helped to ease traffic jams on National Highway No. 1, particularly in the flood season.

He added that from now to 2015, the section stretching from Pac Bo in northern Cao Bang Province to Dat Mui Commune in the southernmost province of Ca Mau will be built. Meanwhile, the rest of the road and some large bridge sections will be completed by 2020. The third phase of the project will be conducted based on more realistic assessments of project implementation and available capital, he said.

However, the National Assembly Committee for Science, Technology and Environment said that the resolution does not have a clear plan for capital mobilistion.

Members of the National Assembly Standing Committee asked for a clear definition of "feasible mobilisation of capital sources". Chairman of the National Assembly's Financial and Budget Committee, Phung Quoc Hien, worried whether the project could be completed by 2020 in the context of the economic difficulties.

According to Hien, it is necessary to change the direction of the road because based on the national map, there are many roads running along the axis of the Ho Chi Minh Road project. Some sections of Ho Chi Minh Road concur with those of National Highway 14.

The additional capital for the project should be considered by the National Assembly for decision, not only the National Assembly Standing Committee as it is the National Assembly that approved the project.

The vice chairwoman of the National Assembly, Tong Thi Phong ,said it is necessary to clearly define the sources of capital and the capacity for the loan repayment as well as cooperation forms before investing further.

The Ho Chi Minh Road would be a life-line route in Vietnam with a length of 3,167 km is also the second road in the country connecting the north and the south along with National Highway 1A.

Source: DTriNews