| HCM City flyover projects on hold for lack of investors | |
The Prime Minister had approved four flyover projects in 2007 for Ho Chi Minh City, to help ease traffic congestion, but until now the City has not been able to find any investors to fund even a single one of these projects. The first flyover will stretch the length of 8.44 kilometers through Districts 1, 3, Tan Binh, Phu Nhuan and Binh Thanh. The second will pass through Districts 3, 6, 10, 11, Tan Binh and Binh Tan for 10.2 kilometers. The four flyovers were meant to link areas with the heaviest traffic flow in the City, with Nhieu Loc-Thi Nghe being the central point for all flyovers to converge onto. The estimated cost for the four flyovers will be VND56 trillion (US$2.67 billion). The third flyover will extend over 8.1 kilometers through Districts 1, 3, 4, 5, 7, 8, 10 and Binh Chanh. The fourth will run along 7.72 kilometers through Districts 12, Binh Thanh and Go Vap. Bui Xuan Cuong, deputy director of the HCMC Department of Transport, said that they have been unable to find investors to build any of the four flyovers. The city is now looking at preferential benefits and policies to lure investors. Ten years ago the South Korean GS E&C Company offered to construct the Nhieu Loc-Thi Nghe flyover but then backed out because of capital shortage.
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