Australia provides $24 million to support transport project development

09:58 | 12/02/2018
The Australian assistance will provide funding and expertise to develop new transport projects from the concept stage up to the start of construction.
australia provides 24 million to helsupport transport project development
Minister of Transport Nguyen Van The and Australian Ambassador Craig Chittick signing the subsidiary arrangement

On February 9, 2018, the Ministry of Transport and the Australian Government signed an agreement to launch Aus4Transport, a new $24-million programme to support the development of transport projects in Vietnam.

“Australia has a long history of supporting the development of the transport sector in Vietnam, starting with the original “Friendship Bridge” at My Thuan in 2001, the first cable-stayed bridge in Vietnam, and now with the Cao Lanh Bridge, which we expect will open in the coming months,” said Craig Chittick, Australian Ambassador to Vietnam.

“Aus4Transport marks a new era in our assistance. We want to work with Vietnam to ensure its bankable projects attract international finance and make it to implementation more quickly. By supporting the right reforms, we are aiming to help Vietnam deliver better value for money in its own projects. This is a great example of Australia’s economic partnership with Vietnam in action,” added the ambassador.

Aus4Transport will provide funding and expertise to develop new transport projects from the concept stage up to the start of construction. It will also strengthen partnerships between Australian transport institutions and the Ministry of Transport to help share Australia’s world-leading experience in areas like transport planning, infrastructure finance, and road safety.

“New investments in transport infrastructure are critical to sustaining economic growth in Vietnam,” said Nguyen Van The, Minister of Transport, at the launch. “Aus4Transport will support us with flexible finance and the expertise necessary to ensure projects are developed to the highest quality.”

Aus4Transport will run from 2018 until 2022 and expects to develop five new major road projects. However, its impact will extend far beyond these projects by demonstrating new models and policies that can improve value for money across all of Vietnam’s transport investments.

Since 1997, the Australian Government has been co-funding (mainly non-refundable aids) with the total nearly $300 million for transport projects such as My Thuan Bridge, component project 1A under phase 1 of the Southern Coastal Corridor project, the Mekong River Delta Transport Infrastructure Development project, Cao Lanh Bridge, as well as the technical support project for transport PPP co-operation.

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By Nguyen Huong

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