On the very first morning of the new year 2024, the Dong Dang - Tra Linh expressway PPP project was officially launched by the Government. With a total investment of over 14,000 billion VND in phase 1, the Dong Dang - Tra Linh expressway is also the first PPP project to be launched as part of a pilot program where the state budget supports up to 70% of the funding, in accordance with a resolution of the National Assembly .
The Dong Dang - Tra Linh expressway project has finally commenced after years of setbacks.
According to the investor of the Dong Dang - Tra Linh expressway, the implementation will serve as proof of the successful resolution of the long-standing difficulties faced by PPP projects, paving the way for the continued implementation of challenging key projects in the future.
Previously, five component projects of the North-South Expressway in the 2017-2020 period, which were implemented under the PPP model, had to be converted to public investment, leaving only three projects that could be implemented under the PPP model.
However, 2024 will see the acceleration of the implementation of more "mega-projects" in the form of PPPs, such as the Gia Nghia - Chon Thanh expressway, the Ninh Binh - Thai Binh - Nam Dinh - Hai Phong expressway , etc.
According to the Ministry of Transport , there are 16 projects invested under the PPP method. In addition to the 4 projects completed and put into operation (including Bac Giang - Lang Son, Quang Ninh - Hai Phong, Ha Long - Van Don, and Van Don - Mong Cai), there are 5 projects with approved investment policies and 7 projects currently in the process of preparing investment policies.
Given the limited public resources, unlocking PPP resources for transportation infrastructure is expected to contribute to accelerating investment in expressway projects, achieving the target of 3,000 km of expressways by 2025 set by the National Assembly and the Government.
According to Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, the figures for the number of kilometers of expressways built in the past three years are astonishing and represent a breakthrough. With a massive investment strategy in transportation infrastructure, not only expressways, but also numerous bottlenecks in various fields from air transport to seaports are being addressed with a comprehensive vision.
In particular, not only major economic regions have benefited from improved connectivity infrastructure, but also the disadvantaged mountainous areas in the north and the provinces of the Mekong Delta have received significant investment, creating a great impetus for socio-economic development in these regions.
"2024 will still be a difficult year like 2023, with the global economy remaining unstable and the health of domestic businesses still limited. However, instead of focusing too much on short-term GDP growth, we need to prepare the conditions for longer-term growth, which the Government is currently doing very well in, such as investing in transportation infrastructure, preparing high-quality human resources, and reforming institutions… In other words, focusing on resolving bottlenecks, including infrastructure, will help the long-term growth of the economy," Dr. Thien observed.
Focus efforts on addressing infrastructure bottlenecks.
According to Minister of Transport Nguyen Van Thang, 2023 was a year of breakthroughs in investment and development of transport infrastructure. The year began with the simultaneous groundbreaking of 12 component projects under the 729 km North-South Expressway construction project (Eastern section, 2021-2025). This also marked the first time that projects were simultaneously launched nationwide.
My Thuan 2 Bridge was inaugurated at the end of 2023.
Overall, 26 major transportation projects were launched during the year. These included 12 component projects of the North-South Expressway (Eastern section, phase 2), East-West expressway projects, and urban ring roads in Hanoi and Ho Chi Minh City.
Last year alone, the transport sector put into operation 20 projects, including 9 expressway projects totaling over 475 km, bringing the total length of expressways in operation nationwide to 1,892 km.
From a planned investment capital of over 55,000 billion VND allocated in 2022, the Ministry of Transport was allocated 94,000 billion VND by the Government in 2023. Including the 19,900 billion VND for economic development, the transport sector must disburse a total of 114,000 billion VND in 2023. This presents a significant challenge given the generally slow disbursement rate of public investment capital.
To accelerate disbursement progress, the Ministry of Transport's leadership requested that projects with low disbursement rates be immediately reallocated to projects with high disbursement rates; for projects with prolonged disbursement delays, the head of the investor and the Project Management Board must be held responsible. As of the end of December 2023, the Ministry of Transport had basically disbursed 90% of the plan and projected to reach the target of 95% of the allocated plan by the end of the disbursement period (January 2024).
Notably, by the end of 2023, as many as 25 expressway projects had been decentralized to local authorities as the competent agencies. The thorough decentralization and delegation of authority to local governments for the management and operation of transportation infrastructure is being implemented in accordance with the Government's directive: "What localities can do, let them do."
Previously, at the 6th session of the 15th National Assembly, the Government approved the plan for a pilot resolution on some specific mechanisms and policies for investment in road transport construction projects. This is considered a breakthrough in the institutional framework, removing bottlenecks in transport projects and allowing the state budget's capital contribution to exceed 50% as stipulated in the PPP law.
In 2024, according to the plan, the Ministry of Transport will complete and put into operation two expressway projects, Dien Chau - Bai Vot and Cam Lam - Vinh Hao, bringing the total length of expressways in operation to 2,021 km. At the same time, localities will finalize the documentation to start construction on 11 expressway projects under their management.
The Ministry of Transport is also striving to approve the investment plan for the North-South high-speed railway project; and to accelerate the investment preparation process for important railway lines such as: Ho Chi Minh City - Can Tho, Bien Hoa - Vung Tau, Long Thanh - Thu Thiem, and Lao Cai - Hanoi - Hai Phong.
In 2023, transportation recovered and underwent a significant shift in market share structure, with growth in waterway and rail transport easing the pressure on road transport.
After years of losses, Vietnam Railways Corporation (VNR) achieved net revenue of nearly 2,050 billion VND in the first three quarters of 2023, with after-tax profit from transportation exceeding targets. The railway also established an international intermodal station at Kep station (Bac Giang province), and goods are exported from Song Than station in Binh Duong province to China.
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