Elevated road along Highway 51: 2 options for capital use

"Difference" of 18 months in collecting fees to recover project capital

The elevated road project along Highway 51 is expected to help reduce traffic congestion on the route with high traffic volume through Dong Nai province; at the same time, contribute to renovating and beautifying urban space.

The elevated road project along Highway 51 is expected to solve traffic congestion on this highway 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 Infrastructure Investment Joint Stock Company (CII), representing the consortium of investors proposing the project, has submitted the appraisal dossier for the project's pre-feasibility study report. The Department of Finance has also sought opinions from relevant units on the project's pre-feasibility study report.

In the project proposal, the investor consortium proposed two financial options to implement the project. In option 1, the project has a total investment of more than 16.1 trillion VND with the state capital structure participating in the project being more than 4.8 trillion VND (accounting for more than 30% of the total investment), BOT capital (including loan interest) being more than 11.2 trillion VND (accounting for nearly 70% of the total investment) and the project capital recovery toll collection period is 25 years and 3 months. With option 2, the total project investment is nearly 16.6 trillion VND; the entire capital source for project implementation is BOT capital (including loan interest); the project capital recovery toll collection period is 26 years and 9 months.

Regarding the project capital recovery fee collection plan, for option 1, the investor proposes to collect fees for 6 elevated lanes along Highway 51 and elevated lanes at the Vung Tau intersection. In particular, the fee collection at the Vung Tau intersection is applied at about 20% compared to the fee collection of the elevated route along Highway 51. For vehicles entering and exiting the intersection in the direction of Highway 51, only the fee collection of the elevated route is applied, no additional fee is collected at the intersection.

Meanwhile, with option 2, capital recovery fees will be collected for the 6 elevated lanes along Highway 51 as well as at the Vung Tau intersection, including both the elevated and low sections. In particular, the fee collection at the Vung Tau intersection is expected to be applied at about 20% compared to the toll collection rate for the elevated route. In case vehicles enter and exit the intersection in the direction of Highway 51 and travel on the elevated section, only the fee of the elevated route along Highway 51 will be applied, no additional fee will be collected at the intersection.

Clarifying effectiveness

In early August 2025, at a working session with the People's Committee of Dong Nai province, General Director of Ho Chi Minh City Infrastructure Investment Company Le Quoc Binh said: Of the two financial options, the consortium of investors proposing the project recommended choosing option 2.

Deputy Director of the Department of Finance Phan Trung Hung Ha assessed: Each option has its own advantages and disadvantages. With option 1, the state capital participating in the project will serve the site clearance work, so the BOT project for the construction part will be carried out in parallel, thereby speeding up the project's progress. Meanwhile, with option 2, a new investor must be selected to be able to implement the project, including site clearance work.

According to the investor's proposal, the Elevated Road Project along National Highway 51 from Vung Tau Intersection to Vo Nguyen Giap Road - Bien Hoa - Vung Tau Expressway intersection has a length of about 5.5km. The project will invest in the construction of an elevated road along National Highway 51 and the intersections of Vung Tau Intersection, Gate 11, Vo Nguyen Giap Road with Bien Hoa - Vung Tau Expressway and the intersection with Huong Lo 2.

Assessing the two proposed project financing options, Director of the Department of Construction Nguyen Anh Tuan said: With option 1, the state capital participating in the project is more than 4.8 trillion VND, but the time to collect capital recovery fees compared to option 2 is only 18 months shorter. As for option 2, there will be no pressure on the state budget; while with the capital recovery fee collection option, traffic participants still have the right to choose to pay fees to travel on the elevated road and not pay fees when traveling on the existing National Highway 51.

Agreeing with the above viewpoint, Deputy Director in charge of the Dong Nai Province Construction Investment Project Management Board Dinh Tien Hai assessed: With the state capital participating in the project of more than 4.8 trillion VND and the toll collection period to recover capital only shortened by 18 months as in option 1, option 2 will be more beneficial.

Also at this working session, Provincial Party Committee member, Vice Chairman of the Provincial People's Committee Ho Van Ha assigned the Department of Construction, based on the investor's profile, to propose the project to clarify the economic , social and urban aesthetic efficiency to report to the Provincial Party Committee.

Pham Tung

Source: https://baodongnai.com.vn/kinh-te/202508/duong-tren-cao-doc-quoc-lo-51-2-phuong-an-su-dung-von-2092c15/