This move follows the merger of Dak Lak with Phu Yen provinces under the unified name of Dak Lak Province.
Of the total investment capital, VND 30 trillion will be allocated for the construction of the East-West Expressway, which links Bai Goc Port in Phu Yen and Buon Ho Ward in Dak Lak.
National Highway 29 in Dak Lak (Photo by Thuy Diem)
According to Truong Cong Thai, Vice Chairman of the Dak Lak People’s Committee, the project’s first phase will span 122 kilometres with four lanes and is expected to be implemented under a public–private partnership (PPP) in the form of a build-operate-transfer (BOT) contract.
Local authorities have agreed on a funding plan in which the state will cover 60 per cent of the investment and private investors 40 per cent. With this ratio, the estimated payback period for investors is approximately 28 years.
The second project involves upgrading National Highway 29, which connects Dak Lak and the former Phu Yen Province. The road has seriously deteriorated, with many narrow and winding sections, while the asphalt surface is aged and partly damaged, making travel difficult and hindering the province’s socio-economic development.
The Dak Lak People’s Committee is finalising reports for the Ministry of Finance and the Ministry of Construction. Once approved, the province will work with investors to swiftly advance the project’s next steps, Thai said.
