Toll collection time of many BOT projects to reduce

After reviewing 35 BOT (Build-Operate-Transfer) projects under its management, the Ministry of Transport has announced that their toll collection time will reduce from 1-89 months.

The National Highway 1A is being upgraded in the central province of Quang Ngai under a BOT project (Photo: SGGP)

According to an announcement by the ministry yesterday, these projects have not used VND12,318 billion (US$552.49 million) out of their approved investment capital, creating a basis to recalculate toll collection time.

Specifically, 22 projects in the National Highway 1A have not used VND8,407 billion, four projects in the Ho Chi Minh Highway in the Central Highlands have not spent VND559 billion and nine other projects have left VND2,946 billion.

The most capital use reduction is from Ca Mountain Pass Tunnel project in the central provinces of Khanh Hoa and Phu Yen with VND4,225 billion, followed by Hanoi-Hai Phong Highway with VND1,962 and the National Highway 1A in Thanh Hoa province with VND844 billion.

Most projects’ progress has reduced by 2-5 months cutting loan interest expense as well as standby costs.

The Public Private Partnership Committee under the Ministry has updated financial measures with new capital reclaiming time.

Compared to contracts, toll collection time is expected to decrease by 89 months for the National Highway 1A in Quang Ngai, and 60 months for the stretch in Khanh Hoa.

By Bich Quyen – Translated by Hai Mien

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