As of now, 15 foreign investors have already put their names down for the preliminary screening meeting. Some 100 foreign investors have shown keen interest in the scheme following a series of road shows launched in Asian nations at the end of July.

The transport ministry will pick one international investor alongside the local firm Bitexco Group, which has been earlier chosen as the primary developer.

The bidding round to select the second investor for the project will take place from this year’s fourth quarter to 2014’s fourth quarter.

Dau Giay-Phan Thiet expressway is the first one in Vietnam to be funded by private and State capital under PPP as a way to ensure its financial feasibility to attract private investors, with State-owned capital estimated at about US$257 million.

According to Deputy Minister of Transport Nguyen Ngoc Dong, the project will be a sample model for PPP mechanism in Vietnam as a prerequisite for other infrastructure projects under the PPP format in the future.

Bitexco Group, which has been picked up as the project’s first investor by the Government, will contribute up to 60% of total investment, and the second investor to be chosen via a public bidding in line with international practices will provide the balance.

With a total length of around 98 kilometers, Dau Giay-Phan Thiet expressway will connect the HCMC-Long Thanh-Dau Giay expressway with National Highway 1A section in the south-central coastal province of Binh Thuan. Its construction is projected to cost a total of roughly US$750 million.

The expressway when in place will help shorten the travel time from HCMC to the south-central region besides tackling the current chronic traffic congestion on National Highway 1A. In addition, it is expected to facilitate the establishment and development of industrial parks and tourist sites along the route.