The Bank for Investment and Development of Vietnam signed February 16 a credit contract with the Bien Hoa-Vung Tau Expressway Development Joint Stock Company and disbursed VND400 billion (US$23 million) for a road expansion project.
The amount will be used to acquire land beside National Highway No.51 for the expansion.
This work will start in the second quarter and is expected to cost VND2.07 trillion (US$119 million).
After completion, the highway will be 32.9 meters wide and have six lanes.
The company was incorporated last December with the Vietnam Urban and Industrial Zone Development Investment Corporation (49 percent), Song Da Construction Corporation (30 percent) and the Bank for Investment and Development of Vietnam (10 percent) holding most of the stakes.
It has a chartered capital of VND1.75 trillion.
