HCM CITY — After prolonged delays, construction of Ring Road No. 3, passing through HCM City and the provinces of Đồng Nai, Bình Dương and Long An, could restart next year.
The first phase of the project, expected to start in the third quarter of next year, will cost VNĐ75.4 trillion (US$3.3 billion).
According to a pre-feasibility study report of the project submitted to the Prime Minister by the HCM City People’s Committee for approval, around VNĐ41.5 trillion ($1.8 billion) of this amount will be used for land clearance.
About VNĐ38.7 trillion ($1.7 billion), about 50 per cent of the total amount, will be sourced from the central Government and the remaining from local budgets of the four localities that the road will run through.
The four-lane ring road, running nearly 92km, will be built in four phases.
Although the original project was approved by the Government more than 10 years ago, its construction has been delayed repeatedly.
As of now, just 16.7km of the Tân Vạn-Bình Chuẩn section in Bình Dương Province has been completed and opened to traffic.
Construction of other sections of the road has been delayed due to a lack of funds and difficulties in site clearance.
Authorities in the concerned localities have proposed to the Central Government that a number of specific mechanisms are used to ensure completion of Ring Road 3 by 2025 so that it can open to traffic in 2026.
The new road is expected to play an important role in reducing congestion at HCM City’s gateways, boosting the urban transport development, and strengthening links between the city and neighbouring provinces and cities.
The project has been identified as one of the city’s key and urgent traffic projects in the 2021-25 five-year period in order to expedite its construction.
Land acquisition and clearance for the Ring Road No 3 section that runs through HCM City is estimated to cost more than VNĐ26.4 trillion ($1.2 billion). The amount will be sourced rom public funds, according to the city’s Department of Transport.
The department wants to prioritise work on the third section between HCM City and the Mộc Bài Expressway and the fourth section between the national highway No 22 in HCM City and Bến Lức District in Long An Province.
It is also seeking approval from the municipal administration to auction land along road to raise funds. — VNS