Transport ministry asks for $286.6 million to settle foreign loans
The Ministry of Transport expects to draw out some VND7 trillion (US$286.6 million) to pay off defaulted loans from Korean and German financers in the construction of the Hanoi-Hai Phong Expressway.
The Ministry of Transport has requested the Ministry of Planning and Investment allocate more than VND7 trillion (US$286.6 million) to pay off defaulted loans in the construction of the Hanoi-Hai Phong Expressway.
A stretch of the Hanoi - Hai Phong Expressway. Photo: Pham Hung |
Of the figure, nearly VND4.7 trillion will be spent to pay off the principal from the Export-Import Bank of Korea, and the rest of more than VND2.33 trillion will be paid to the German Development Bank.
In a recent request, the Ministry of Transport asks the Ministry of Planning and Investment to submit its proposal to the Prime Minister and the National Assembly Standing Committee for feedback and approval.
The proposal aims to include the payoff amount in the medium-term public investment plan 2021-2025 according to the policy of allowing the transfer of on-lend and government loan guarantees into state budget allocation, as approved by the National Assembly in Resolution 63/2022/QH15 dated June 16, 2022.
Accordingly, the settlement of the loans for the South Korean and German banks will be recalculated based on the current foreign exchange rates.
The Hanoi-Hai Phong Expressway was finished and operational in 2015 with a total investment of nearly VND45.5 trillion. Running 105.5 kilometers, the expressway connects the capital city of Hanoi with the northern port city of Hai Phong.
The expressway is designed with six lanes, two emergency lanes, and a maximum speed of 120 kilometers per hour. A 164-kilometer-long network of frontage roads is constructed to allow better connection between the two cities and other provinces along the expressway.
Other News
- Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP
- PM urges Central bank to ensure positive growth in 2024
- Vietnamese Gov't to continue VAT cut for second half of 2024
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
Trending
-
Deputy PM orders gold market inspected this week
-
Vietnam news in brief - May 16
-
Russia fully supports Vietnam's entry into BRICS: Ambassador
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage
-
Hanoi's oldest book street preserving the city's reading culture