Tasco: We have made good preparation for project deployment

Project on Improvement of Road No. 10 – Section from La Uyen Bridge to Tan De Bridge (Vu Thu District, Thai Binh Province) has been officially signed between Vietnam Roads Bureau and Tasco Joint stock Company. This is the first project carried out under the form of BOT contract (Build-Operate-Transfer) and is the first step in Tasco’s stragtegy of expansion to investment activities.

24 June 2008 was the signing date of Project on Improvement of Road No. 10 – Section from La Uyen Bridge to Tan De Bridge (Vu Thu District, Thai Binh Province) between Vietnam Roads Bureau and Tasco Joint stock Company. Attending the signing ceremony were Mr Nguyen Hong Truong, Deputy Minister of Transport, Mr Mai Van Duc, Director of Vietnam Roads Bureau, Mr Pham Van Sinh, Vice Chairman of Thai Binh Provincial People’s Committee and representatives from PetroVietnam Finance Corporation, leaders of Vietnam Roads Bureau and central news agencies and mass media.

The section of 5.5 km of the Project on Improvement of Road No. 10 from La Uyen Bridge to Tan De Bridge shall be built in Vu Thu District, Thai Binh Province. The total investment of the project is 432 billion dongs, in which, 121 billion dongs for site clearance is taken from the State budget and the remaining investment shall be prepared by the investor.

Mr Mai Van Duc, the Director of Vietnam Roads Bureau made a report on the project and project deployment plan. The route is designed with 4 lanes for motor vehicles and 3 lanes for non-motorized vehicles. Currently, Tasco has finished blasting work, and committed to environmental protection, and is on the way to finish the technical design. The general plan of site clearance has been approved by Thai Binh Provincial People’s Committee while the detailed plan is in progress. Regarding the fund, Duc said that it may be the last BOT Project this year which is given the lowest interest rate (12.78%/year)

Also at the ceremony, Mr Nguyen Hong Truong, Vice Minister of Transport, instructed the Vietnam Roads Bureau to support the Investor to handle relevant procedures and requested Thai Binh provincial People’s Committee to propose the best plans of site clearance to reduce claims, provide the Investor with site, and avoid project delay resulting in loss to the Investor. He requested Tasco as the Investor to ensure the project progress, create proper fund, and closely follow the project guide policy to ensure proposed project scale.
 
Vice Chairman of Thai Binh Provincial People’s Committee, Mr Pham Van Sinh, highly appreciated efforts of the Investor in cooperating with the locality to work with competent authorities to ensure the progress. The route from La Uyen Bridge to Tan De Bridge is the gateway route of Thai Binh province; therefore, the project deployment is essential to meet expectations of Thai Binh people about a road system that can help the province to attract investment and meet the demand for social, economic development and traffic safety in the province.

On behalf of the Investor, Mr Pham Quang Dung, the Chairman of the Company’s Board of Directors, expressed his thanks and determination to the project progress to the leaders of the Ministry of Transport, Vietnam Roads Bureau. Tasco committed to prepare financial resources, select well-qualified officers for project management, invite capable contractors to participate in the project deployment, and mobilize best machines and equipments for the project.
 
In the context of the changing economy, the Chairman hoped that the Ministry of Transport, Vietnam Roads Bureau and concerned agencies will always be reliable support and companion in sharing difficulties with the company and willing to update instructions, and guidance on procedures, policy… for the company in compliance with the trend of development, the principle, the law, and ensure that the company will not suffer loss.

As planned, the project will be carried out within 24 months. The Investor shall use Tan De Toll Station to return the capital for the project and make profits for the project within 21.33 years.