Phuong Thanh Investment and Construction JSC submitted the proposal to the Ministry of Construction after completing a feasibility study for the nearly 30-km project.
Under the proposal, the section between Phap Van and Ring Road 4 would be expanded to 12 lanes, including a six-lane elevated roadway in the median and two three-lane viaducts alongside the existing expressway.
The remaining stretch to Cau Gie would be widened to 10 lanes, including two two-lane viaducts and two extra lanes on each side of the existing expressway.
The company estimated the project would cost VND 25.1 trillion (USD 960 million), including VND 1.7 trillion for land clearance, VND 16.9 trillion for construction, and the remainder for contingency and financing costs.
To ensure the project's financial viability, the company proposed that the state contribute about 64 per cent of the investment, or roughly VND 16.1 trillion, with toll collection lasting 21-22 years to recover costs.
It also examined a scenario in which the state would fund up to 50 per cent of the project's total cost, or around VND 12.55 trillion, but concluded that the option would not be financially viable.
The Phap Van-Cau Gie Expressway was upgraded in two phases, initially to four lanes before being expanded to six lanes with a design speed of 100 kph. The project included toll stations and improvements to local access and parallel service roads.