Elevated road along National Highway 51: Two capital utilization plans

To implement the elevated road along National Highway 51, from the Vung Tau intersection to the Vo Nguyen Giap – Bien Hoa – Vung Tau Expressway interchange, the investor has proposed two capital financing plans: one with and one without state capital participation.

"Difference" of 18 months in project payback period

The elevated road project along National Highway 51 is expected to help reduce congestion on this high-traffic route through Dong Nai province, while also contributing to the improvement and beautification of the urban landscape.

The elevated road project along National Highway 51 is expected to solve traffic jams and congestion on this national highway section passing through the center of Dong Nai province. Photo: Pham Tung

In June 2025, the Provincial People's Committee issued a document approving the assignment of a consortium of 4 investors to prepare a project proposal.

Deputy Director of the Department of Finance Phan Trung Hung Ha said: Ho Chi Minh City Technical Infrastructure Investment Joint Stock Company (CII), representing the investor consortium proposing the project, has submitted the appraisal dossier for the pre-feasibility study report of the project. The Department of Finance has also received opinions from relevant units on the project's pre-feasibility study report.

In the project proposal dossier, the investor consortium presented two financial plans for project implementation. Under Plan 1, the project has a total investment of over 16.1 trillion VND, including more than 4.8 trillion VND in state capital (accounting for over 30% of the total investment) and over 11.2 trillion VND in BOT capital (including loan interest), representing nearly 70% of the total investment. The proposed payback period for this plan is 25 years and 3 months. Under Plan 2, the project’s total investment is nearly 16.6 trillion VND, fully financed through BOT capital (including loan interest), with a payback period of 26 years and 9 months.

Regarding the toll collection plan for project payback, under Plan 1, the investor proposed collecting tolls on six elevated lanes along National Highway 51 and the elevated lanes at the Vung Tau intersection. Specifically, the toll rate at the Vung Tau intersection would be set at approximately 20% of the toll rate applied to the elevated road along National Highway 51. For vehicles entering or exiting the intersection via National Highway 51, only the elevated road toll rate would apply, with no additional toll charged at the intersection.

Meanwhile, under Plan 2, tolls would be collected on six elevated lanes along National Highway 51 as well as at the Vung Tau intersection, including both elevated and ground-level sections. Specifically, the toll rate at the Vung Tau intersection is expected to be set at approximately 20% of the rate applied to the elevated road. In cases where vehicles enter or exit the intersection via National Highway 51 and use the elevated section, only the toll for the elevated road along National Highway 51 would apply, with no additional toll charged at the intersection.

Clarifying the effectiveness

In early August 2025, at a meeting with the Dong Nai Provincial People's Committee, Le Quoc Binh, General Director of Ho Chi Minh City Technical Infrastructure Investment Company, stated that among the two financial plans, the investor consortium proposing the project recommended selecting Plan 2.

Deputy Director of the Department of Finance Phan Trung Hung Ha noted that each plan has its advantages and disadvantages. Under Plan 1, state capital allocated to the project would be used for site clearance, allowing the BOT component for construction to proceed in parallel, thereby accelerating project progress. In contrast, Plan 2 requires that an investor be selected before any implementation begins, including site clearance.

According to the investor’s proposal, the elevated road project along National Highway 51, from the Vung Tau intersection to the Vo Nguyen Giap – Bien Hoa – Vung Tau Expressway interchange, will span approximately 5.5 kilometers. The project will involve constructing the elevated road along National Highway 51 and developing interchanges at Vung Tau, Gate 11, Vo Nguyen Giap Street with the Bien Hoa – Vung Tau Expressway, and the intersection with Backroad 2.

Assessing the two proposed financial plans for the project, Director of the Department of Construction Nguyen Anh Tuan stated: Under Plan 1, the state would contribute over 4.8 trillion VND, yet the toll collection period for capital recovery would be shortened by only 18 months compared to Plan 2. In contrast, Plan 2 places no burden on the state budget. Moreover, under the proposed toll collection scheme, road users retain the choice to pay a toll to use the elevated road or to travel toll-free on the existing National Highway 51.

Agreeing with the above assessment, Dinh Tien Hai, Deputy Director in charge of the Dong Nai Provincial Construction Investment Project Management Board, remarked: With over 4.8 trillion VND in state capital allocated to the project and the toll collection period shortened by only 18 months under Plan 1, Plan 2 would offer greater advantages.

Also at the meeting, Provincial Party Committee member and Vice Chairman of the Provincial People's Committee Ho Van Ha assigned the Department of Construction to, based on the project proposal documents submitted by the investor, clarify the project's economic, social, and urban aesthetic effectiveness for reporting to the Party Committee of the Provincial People's Committee.

By: Pham Tung

Translated by: Mai Nga - Minho