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July 23, 2013
Bitexco Group – The title investor of Vietnam’s first public-private partnership infrastructure project to accompany roadshows in the region for Dau Giay-Phan Thiet Expressway Project (DPEP)
Hanoi, 22 July 2013 – Bitexco Group, one of Vietnam’s largest multi-industry corporations, has been entrusted by The World Bank and the Government of Vietnam to execute the country’s first public-private partnership (PPP) infrastructure project.
The Dau Giay-Phan Thiet Expressway is a critical link to the national North-South Expressway corridor of Vietnam. Spanning approximately 100 kilometers, the four-lane highway will link two key cities -- Ho Chi Minh City with Phan Thiet City in the country’s southern region. Targeted for completion in 2019, the expressway will reduce traveling time substantially between Ho Chi Minh City and destinations of important industrial development as well as tourist attraction in the central and coastal areas.
Mr Vu Quang Hoi, Chairman of Bitexco Group, said: “Bitexco is honoured to be appointed by the World Bank and the Government of Vietnam for this landmark expressway project which will benefit Vietnam’s economy. The appointment by these two prestigious organizations is an affirmation of their trust and confidence in our capabilities, as well as a testament to our distinct blend of core competencies and strong track record in Vietnam.
“Every aspect of the project will be in compliance with international standards and meet the strictest criteria pertaining to technical design, environmental and social safeguards. As the lead investor, we will seek to balance the KPIs with a commercially viable development in order to achieve a win-win relationship with our stakeholders including the Vietnamese Government, our shareholders, investors and the public.
“I am pleased the public-private partnership model has already attracted keen interest among investors around the world. To come alongside us, we want like-minded partners who are looking at longer-term strategic opportunities in transport and infrastructure development that will contribute to Vietnam’s growth.”
Together with the Vietnamese Government and The World Bank, Bitexco will launch a series of investor roadshows in the region from 22 July 2013, covering Mumbai, Seoul, Singapore and Hanoi. Under the current framework, Bitexco has 60% equity interest and the roadshows are aimed at attracting a second investor in places such as
1. India, which enjoys long-standing bilateral economic relations with Vietnam and is seeking to strengthen these ties and explore further cooperation.
2. South Korea, which is the second largest investor in Vietnam. The two countries celebrated 20 years of diplomatic ties in December 2012.
3. Singapore, which is the third largest foreign investor in Vietnam, with cumulative registered capital of S$33.5 billion (US$27.2 billion), across more than 1,000 projects to-date. Singapore is also Vietnam's sixth largest trading partner, with total trade reaching S$15.8 billion in 2012, up from S$14.9 billion in 2011.
Ms Victoria Kwakwa, World Bank’s Country Director for Vietnam in the East Asia and Pacific Region, said:“DPEP is an important project for Vietnam. First and foremost, in the last 20 years, Vietnam has chalked up impressive development in infrastructure, especially in transportation and power. Road transportation has also made significant improvements. However, the demand still outstrips the current capacity. Secondly, DPEP is an important expressway, crucial to a new stage of infrastructure development in Vietnam. The project will boost the economic performance in the southern parts of Vietnam. Last but not least, this is the first PPP project which we are cooperating with the Vietnamese Government and it is indeed very important for both parties.”
Costing an over US$757 million to construct, the Dau Giay-Phan Thiet expressway traverses provinces such as Dong Nai and Binh Thuan, which are the growth engines of Vietnam. Other major infrastructure projects such as airports, seaports and railway networks are also being developed and will boost economic activity in the influenced areas of the expressway. Site clearance, compensation, resettlement, and other ground work will be financed and executed by the state.
The shareholders have a 30-year concession to operate the expressway, after which it will be handed to the Ministry of Transport of Vietnam.
For more information, please contact us:
PR Office - Bitexco Group
Ta Van Thanh (Mr.) - PR Manager
Mobile: +84(0) 913 213 256
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