» » Saigon 2 Bridge project approved for BT

The HCMC government has permitted Phu My Investment and Construction Joint Stock Co., formerly known as Phu My Bridge BOT Joint Stock Co., to develop the Saigon 2 Bridge project under the BT (build-transfer) format instead of BOT (build-operate-transfer).

However, the two sides have yet to finalize the building contract after the investment format was chosen due to the cost surging higher than earlier estimated.

The suggested total invested capital now amounts to over VND2.4 trillion compared to the earlier estimate of over VND1.8 trillion under the BOT format. The city’s Department of Transport is still considering the figure.

Phu My deputy general director Mac Dang Nop said the enterprise had to hire foreign contractors to meet high quality and safety demands.

“That is why the capital is higher than earlier estimation,” he said.

The enterprise has also suggested assigning the entire project for foreign contractors to ensure quality.

Phu My Co. expects to kick off the project in September, after finishing all legal procedures. The bridge is designed to be over 1.5 kilometers long, 23.5 meters wide and six lanes.

The bridge will be next to the present Saigon Bridge and will help reduce traffic jams on the Saigon Bridge and the key road from the Hanoi Highway to the center of HCMC.

Source: The Saigon Times

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