Vietnam Expressway Corporation celebrates 20th anniversary
After 20 years of establishment, Vietnam Expressway Corporation - VEC has put into operation 490 km of expressways on 4 routes, accounting for 27% of the total length of expressways in operation nationwide.
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| VEC's Board of Directors received a souvenir flag and a certificate of merit from the Chairman of the State Capital Management Committee at enterprises. |
On the afternoon of October 4, VEC solemnly held a ceremony to celebrate its 20th anniversary (October 6, 2004 - October 6, 2024) with the theme "20 years of VEC - Journey of connection, steady steps forward".
Originating from the need to develop Vietnam's road traffic infrastructure, Vietnam Expressway Development Investment Company (the predecessor of VEC) was established under Decision No. 3033/QD-BGTVT dated October 6, 2004 of the Minister of Transport .
Accordingly, VEC is a pilot model of the Government and the transport sector, based on the application of similar operating models of the Korea Expressway Corporation (KEC) and the Japan Expressway Corporation (NEXCO) to attract domestic and foreign capital sources in various forms to invest and develop the expressway system in the form of self-construction, self-business and self-recovery.
Starting with an initial charter capital of about 1,000 billion VND, VEC has so far arranged domestic and foreign capital sources to invest in 5 expressway projects with a total length of 540 km, total investment of up to 108,000 billion VND, including the routes: Noi Bai - Lao Cai, Cau Gie - Ninh Binh, Da Nang - Quang Ngai, Ho Chi Minh City - Long Thanh - Dau Giay and Ben Luc - Long Thanh.
As of October 2024, VEC has put into operation 490 km of expressways belonging to 4/5 expressways assigned for investment, accounting for 27% of the total length of expressways in operation nationwide.
VEC has also safely and smoothly served over 430 million vehicles, with total toll revenue reaching over 30,000 billion VND.
In addition to the expressways invested by VEC, VEC member units have also participated in the management and operation of 300 km of expressways invested in under the form of public investment and PPP investment by other investors.
“VEC’s expressways stretching from North to South, smooth, safe, efficient, modern, have been and are making an important contribution to connecting regions across the country; promoting socio-economic development; solving employment problems for hundreds of thousands or even millions of workers; ensuring national defense and security of the country in general, the region and localities where VEC’s expressways pass through in particular,” emphasized Mr. Pham Hong Quang, General Director of VEC.
According to Mr. Pham Hong Quang, the Project on restructuring VEC has recently been approved by the Government.
On that basis, VEC has completed the construction and submitted to the State Capital Management Committee at Enterprises for consideration and approval of the Restructuring Project in the direction of continuing to maintain VEC as a 100% State-owned enterprise; assigned to manage the expressway infrastructure assets, calculating the State capital component at the enterprise and increasing the charter capital according to the roadmap, on the basis of the State capital invested in projects invested by VEC.
With the consent of the Government leaders, VEC has also reported to the State Capital Management Committee at Enterprises, submitting to competent authorities a plan to supplement the charter capital of the parent company - VEC. After completing the supplementary procedures, VEC's charter capital will be increased to VND 38,625 billion, creating conditions for VEC to improve its financial capacity, opening up many opportunities to expand its scale of operations, and participating in national expressway network development projects in the next phase.
Acknowledging VEC's achievements, Mr. Nguyen Hoang Anh - Chairman of the State Capital Management Committee at Enterprises emphasized that VEC has been affirming its model and promoting its core role in investment activities, management and operation of expressways.
This contributes to the successful implementation of one of the three strategic breakthroughs and the 10-year Socio-Economic Development Strategy for the 2021-2030 period identified in the Resolution of the 13th National Congress of the Party.
“With the existing tradition, capacity, and potential, the leadership team and all officers, employees, and workers of VEC will promote the achievements; promote strengths and resources to participate in investment, development, management, and operation of the national expressway system; contribute to the implementation of the goal by 2030, striving for the whole country to have about 5,000km of expressways,” Mr. Nguyen Hoang Anh believes.
According to Mr. Truong Viet Dong - Chairman of the Board of Directors of VEC, from the 20-year tradition, all officers, employees and workers of the Corporation will continue to unite and promote collective intelligence to overcome all difficulties, strive to achieve new goals, build a new image and a new position in the new period.
The Chairman of the Board of Directors of VEC affirmed that in the coming time, VEC will gradually overcome difficulties; determined to successfully implement the development strategy to 2030, vision to 2035 and the Production, Business and Investment Development Plan to 2025 approved by the State Capital Management Committee at Enterprises.
“This is the premise for VEC to go faster, further and more firmly; continue to affirm the mission of a leading enterprise in investment, construction, management, operation and maintenance of the national expressway system,” Mr. Truong Viet Dong committed.
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