Toll collection time for Hanoi - Hai Phong Expressway proposed to be reduced

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According to the State Audit Office of Vietnam, the investor of the Hanoi - Hai Phong Expressway could now collect toll fees for 28 years, 8 months, and 27 days, about one year and 3 months shorter than planned.

The office, in its official statement, said the financial plan of the Hanoi - Hai Phong Expressway project was approved for the first time in 2008 and amended in 2014 due to changes to fit reality. However, the amended financial plan was prepared on some unrealistic calculations and data as its feasibility is not high.

The investor of the Hanoi - Hai Phong Expressway could now collect toll fees for 28 years, 8 months, and 27 days, about one year and 3 months shorter than planned.

The total investment capital of the expressway, approved in 2008, was VND 24,566 billion. Six years later, in 2014, the total investment is nearly double, up to VND 45,587 billion, of which interest from banks accounted for more than VND 7,700 billion. According to the original plan, the project would be completed on May 4, 2012, but it could only be officially put into operation on June 12, 2015.

The Hanoi - Hai Phong Expressway, which covers a distance of 105.5 km, is a type A expressway with the designated speed of 120km/h, meeting a number of international standards.

The average distance-based toll along the expressway is VND 2,000/km for standard vehicles. It allows people to travel between Hanoi and Hai Phong in 1.5 hours, instead of 2.5 hours via the old national Road 5A.