After 20 negotiations, the BOT QL51 project still cannot terminate the contract.

The Ministry of Transport has just provided information explaining why the National Highway 51 BOT Project has not yet been able to terminate the contract to hand over assets to the State to manage this route. The investment project to build and expand National Highway 51, section Km0+900-Km73+600, in Dong Nai and Ba Ria-Vung Tau provinces under the BOT contract form, has temporarily stopped collecting tolls since January 13, 2023.

Vehicles move smoothly through toll station T1, Tam Phuoc ward, Bien Hoa city (Dong Nai) on National Highway 51 when toll collection is temporarily suspended. (Photo: VNA)

After many contract negotiations (19 times), the investor/project enterprise (BVEC) handed over the project items to Road Management Area 4 for receipt.

However, the investor has not yet agreed with the competent authority on terminating the contract ahead of schedule to implement the next steps in accordance with the provisions of the Law on Investment under the public-private partnership method and the BOT Contract, leading to untimely maintenance of the project, causing damage, potholes, and traffic safety risks.

On September 13, the Vietnam Road Administration sent an invitation to the project enterprise to continue the 20th negotiation on the agreement of the two parties to terminate the contract before the deadline so that the road management agency has enough basis to arrange funds to maintain the project according to the provisions of the Law on Management and Use of Public Assets.

However, the project enterprise proposed to postpone, so that investors could discuss and reach an internal consensus before negotiating.

In case the two parties do not terminate the negotiation and agreement, the Vietnam Road Administration, as the agency signing the project contract (authorized by the Ministry of Transport), will base on Clause 2, Article 52 of the Law on Investment under the public-private partnership method to carry out the procedure to terminate the BOT contract before the deadline.

During the period of not terminating the contract before the deadline, the project enterprise is still responsible for continuing to maintain the project and is responsible before the law, the BOT contract Minutes No. 01/2023/BBBQ-HD.BOT dated April 19, 2023 signed if an accident occurs due to the cause arising from the implementation of the BOT contract not meeting the requirements.

Currently, the Vietnam Road Administration, with its authority as the road management agency, has directed Road Management Area 4 to strengthen inspection organization, proactively coordinate with units with maintenance functions to perform maintenance, repair, and clear the drainage system and carry out traffic assurance work on the route./.

The BOT National Highway 51 project (from Km0+900 to Km73+600) Bien Hoa-Vung Tau section has a length of 72.7km, the total approved investment is 3,970 billion VND, to date, 3,486 billion VND has been agreed to be settled, the remaining value is being considered by the Ministry for settlement agreement according to regulations.
The project was put into operation in April 2013, ensuring progress, quality and promoting investment efficiency.
According to the project contract, the expected toll collection period is about 20 years, 6 months and 11 days (from July 1, 2009 to January 12, 2030, including 4 years of toll collection to generate profit).
However, the toll collection period was shortened compared to the signed project contract because the Vietnam Road Administration updated the actual revenue, settlement value and recalculated some financial indicators of the above project.

(Source: vietnamplus)

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