National Highway 51 suddenly 'ownerless': Requesting the Ministry of Finance to establish public ownership

The Ministry of Transport has proposed that the Ministry of Finance soon establish public ownership of the National Highway 51 BOT project.

The entire Southeast region wants a comprehensive overhaul of National Highway 51 soon - Photo: A LOC

The Ministry of Transport has just sent a document to the Ministry of Finance to supplement the content of establishing public ownership of assets of the BOT project to expand National Highway 51 through Dong Nai and Ba Ria - Vung Tau provinces.

Regarding the remaining issues, according to the Ministry of Transport, Bien Hoa - Vung Tau Expressway Development Joint Stock Company (BVEC) proposed to keep the capital preservation fee at 8.7%/year during the investment and operation phase as stipulated in the project contract.

Based on the recommendation of the State Audit, the Vietnam Road Administration has removed the 8.7%/year preservation fee from the project's financial plan. This has led to a shortening of the BOT toll collection period for Highway 51.

Regarding the time for collecting tolls to generate profits, the investor also proposed to keep it at four years. However, the Vietnam Road Administration has calculated the expected profit generation plan and negotiated with the investor.

Since 2019, the two sides have gone through 19 negotiation sessions but have not reached an agreement. To ensure the harmony of interests of the State, investors and road service users, the National Highway 51 BOT project has temporarily stopped collecting tolls since January 2023.

According to the contract and related regulations, during the contract implementation period, the responsibility for construction maintenance belongs to the investor and project enterprise.

However, the investor has sent a document requesting to temporarily suspend maintenance and hand over assets to the Vietnam Road Administration with a length of 72.7km, including roads and bridges. Items such as the operator house, toll collection system and other assets serving the project have not yet been handed over.

To continue resolving the problems, the Ministry of Transport has established a team to review some existing issues of the BOT National Highway 51 project, and has directed the Vietnam Road Administration to continue working and negotiating with investors.

According to the Ministry of Transport, the management, maintenance and traffic safety on the main route of National Highway 51 is very urgent. Road infrastructure assets are special, serving public purposes, people's livelihood, economic development and ensuring national security and defense...

In any circumstances, state management agencies must organize management and exploitation to ensure smooth and safe operation.

Therefore, the Ministry of Transport requests the Ministry of Finance to promptly establish public ownership of the assets that have been handed over by the investor to the Vietnam Road Administration, in order to promptly organize and implement management, maintenance and exploitation.

Source: https://tuoitre.vn/quoc-lo-51-bong-nhien-vo-chu-de-nghi-bo-tai-chinh-xac-lap-quyen-so-huu-toan-dan-20241105160044047.htm