The Bien Hoa-Vung Tau Expressway Development Company and Japan International Cooperation Agency have signed a memorandum of understanding to fund the construction of the Bien Hoa-Vung Tau expressway route.
According to the memorandum of understanding, the Japan International Cooperation Agency will provide as loan 80 percent of the total investment capital for the project.
The expressway route, which will have speed limits of 120 kilometres per hour, is estimated to cost VND22,522 billion (US$123 million). The project will be implemented by Bien Hoa-Vung Tau Expressway Development Joint Stock Company.
The expressway route will link the outer ring road of Bien Hoa City with the road leading to Thi Vai-Cai Mep Port near Vung Tau.
The first phase of the construction will originate from Bien Hoa City in Dong Nai Province till Phu My District in Ba Ria-Vung Tau Province. Construction work on a section of the route connecting Phu My District to National Highway 51 is expected to begin by 2013.