|The toll gate of New Dong Nai Bridge. The Ministry of Transport has shortened the tolling duration of 13 build-operate-transfer (BOT) road projects including New Dong Nai Bridge|
The toll collection time of the National Highway 1 bypass in Thanh Hoa City in northern Vietnam is reduced the most, by 20 years and one month, according to the ministry’s Public Private Partnership Investment Project Management Department.
The VND822 billion project was originally permitted to collect tolls for a period of 27 years and eight months in its BOT contract. But after the final settlement, the definitive evaluation totals only VND718 billion and the tolling time is cut to seven years and seven months.
Other projects whose tolling duration is significantly slashed are the National Highway 10 section between Tan De Bridge and La Uyen Bridge in Thai Binh Province (nine years and six months); New Dong Nai Bridge and its two access roads (eight years and seven months); and Co Chien Bridge on National Highway 60 linking Tra Vinh and Ben Tre (six years and one month).
The project with the smallest tolling time cut is the National Highway 1 bypass in Bien Hoa City, Dong Nai Province, with 12 years and nine months, down from the original 13 years and one month.
Meanwhile, the tolling duration of four projects has been extended by a total of 24 years and five months.
In particular, My Loi Bridge on the extended part of National Highway 50 has its toll collection time increased from 28 years and four months to 44 years and six months; Yen Lenh Bridge, National Highway 38 from 17 years and one month to 21 years and four months; the Uong Bi-Ha Long section of National Highway 18 from 16 years and four months to 19 years and four months; and the Ben Thuy-Ha Tinh City section of National Highway 1 from 20 years and five months to 21 years and five months.
The tolling time extensions of these four projects result from lower-than-expected vehicle traffic. In fact, their revenues are much lower than planned.
The original toll collection period stated in a BOT contract is just an estimate while it will be made official after the definitive evaluation and actual vehicle traffic are determined. Therefore, after the final settlement, many projects have had their tolling time cut.
Having examined 27 BOT projects, the State Audit of Vietnam found their tolling time was longer than it should be.
It requested the Ministry of Transport to shorten their tolling time by a total of nearly 100 years.