The Asian Development Bank (ADB) will grant a loan of more than 410 million USD for the construction of a 51km-long express road from HCM City to southern Dong Nai province.
An agreement to this effect was signed in Hanoi between ADB and the State Bank of Vietnam on March 20.
The project is capitalised at 932.4 million USD, with 516.5 million USD coming in the form of a loan from the Japanese government, and 5.7 million USD from Vietnam.
Once completed in 2013, the project will facilitate traffic to and from the Long Thanh international airport in Dong Nai province, which is touted as a replacement of Tan Son Nhat airport in HCM City.
The project is expected to reduce traffic jams and accidents, as well as boost economic growth in HCM City and surrounding provinces.
Addressing the signing ceremony, Governor of the State Bank of Vietnam Nguyen Van Giau said the Vietnamese government considers infrastructure a high priority, particularly traffic infrastructure, as a key factor in bolstering socio-economic development.
The government advocated building other large expressway to boost trade and exploit the potential of more provinces, especially localities with the potential to become modern urban areas.
Meanwhile, ADB Country Director Ayumi Konishi stressed that Vietnam is an open economy, and therefore it is finding it difficult to avoid the impacts of the global financial crisis. That is why ADB will continue assisting the country in solving problems in 2009, and this project reflects the ADB’s trust in Vietnam, he said.