In Document No. 383/BC-UBND, the People's Committee of Hai Phong City informed that, due to difficulties and obstacles faced by the investor, the project to build the coastal road section through Hai Phong City and 9 km in Thai Binh province (the Hai Phong - Thai Binh coastal road project) could not be completed in 2023. Currently, the investor is reviewing and determining the exact completion time of the project.
Thus, more than six years since the commencement of the project, and despite numerous extensions granted by the Hai Phong City People's Committee, the investor of the Hai Phong - Thai Binh coastal road project, a joint venture between Construction Corporation No. 1 - JSC (CC1) and Bui Vu Investment and Construction Joint Stock Company, has repeatedly missed the completion deadline.
The coastal road project connecting Hai Phong and Thai Binh has repeatedly missed its deadline and is unlikely to be completed in 2023.
Initially, the coastal road project connecting Hai Phong and Thai Binh encountered some difficulties and obstacles related to land clearance. Faced with this situation, the authorities of Hai Phong City and Thai Binh Province focused on developing plans, paying compensation and support, and encouraging households to hand over the land as soon as possible.
As a result, Hai Phong City has essentially recovered 102 hectares of land affecting 1,523 households and handed it over to the construction unit. Thai Binh province has also handed over 37.58 hectares of land recovered from 710 households to the construction unit. The construction unit for the Hai Phong - Thai Binh coastal road project now has sufficient land to begin construction of all project components.
According to information from the People's Committee of Hai Phong City in Document No. 383/BC-UBND, the biggest difficulty in the implementation of the coastal road project connecting Hai Phong and Thai Binh is the obstacles and inadequacies related to the application of regulations on loan interest rates, leading to a large discrepancy between the interest rate that the project enterprise must account for with the lender and the interest rate settled according to the BOT contract. Specifically, the lenders are TPBank (Tien Phong Commercial Joint Stock Bank) and CC1 (Construction Corporation No. 1 - JSC).
The failure to adjust the loan interest rate poses a significant risk to the investor. Therefore, the investor of the Hai Phong - Thai Binh coastal road project has issued Document No. 150/HPRC-DA regarding the suspension of BOT Contract No. 68/HĐ.BOT until the parties negotiate and adjust the loan interest rate and the principles for determining the loan amount.
Based on proposals from the investor and relevant local departments and agencies, the People's Committee of Hai Phong City issued Document No. 2482/UBND-GT reporting and requesting the Prime Minister's approval in principle to adjust the interest rate on the BOT loan contract for the coastal road project connecting Hai Phong and Thai Binh, in accordance with Clause 2, Article 14 and Clause 3, Article 26 of Circular No. 88/2018/TT-BTC of the Ministry of Finance .
To date, the People's Committee of Hai Phong City is still awaiting the Prime Minister's approval for adjusting the interest rate on the BOT loan contract for the coastal road project connecting Hai Phong and Thai Binh. The project continues to be delayed and cannot be completed in 2023 as previously extended.
The construction unit used concrete slabs to block traffic from entering the coastal road project connecting Hai Phong and Thai Binh.
Regarding the coastal road project connecting Hai Phong and Thai Binh, the newspaper Nguoi Dua Tin previously published an article titled: "Hai Phong: People eagerly await the 3,800 billion VND transportation project," which stated that the coastal road project connecting Hai Phong and Thai Binh is one of many multi-billion VND projects invested in and constructed to serve the socio-economic development goals of Hai Phong City, as well as to promote intra-regional and inter-regional trade.
The project has a total length of nearly 30 km, of which the section passing through Hai Phong City is nearly 21 km long, and nearly 9 km passes through Thai Binh province. The initial total investment for the project is over 3,400 billion VND under the public-private partnership (BOT) model.
Of this amount, 720 billion VND is state capital contributed to the project, sourced from government bonds used for land clearance. The remainder is capital from the investor and loans. The project is expected to recover its investment through toll collection over 23 years.
The investor of the coastal road project connecting Hai Phong and Thai Binh is a joint venture between Construction Corporation No. 1 - JSC (CC1) and Bui Vu Investment and Construction Joint Stock Company. The company directly assigned by the investor to manage and implement the project is Hai Phong Coastal Road Investment Company Limited.
The project commenced on May 13, 2017, and was expected to be completed in 2019. However, due to numerous difficulties related to landfill materials, the impact of the COVID-19 pandemic, and the investor's funding, the project could not be completed on schedule. By the end of October 2023, the project remained unfinished, with many components stalled or progressing at a slow pace.
To date, the construction value of the coastal road project connecting Hai Phong and Thai Binh is estimated at 1,746/2,465 billion VND, equivalent to nearly 71% of the construction cost .
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