A view of the Cai Rong warf in Quang Ninh's Van Don district in 2013. Quang Ninh Province has licenced road projects worth $667 million to facilitate local development, particularly in the Van Don special economic zone. — Photo baoquangninh.com.vn

QUANG NINH (Biz Hub) — The northern province of Quang Ninh licensed two road projects to be developed on a build-operate-transfer basis with a combined investment capital of nearly VND14 trillion (US$666.67 million).

The provincial People's Committee granted the licences to Cong Thanh and Phuong Thanh traffic construction and investment companies on May 18.

The firms will jointly build a 60-km four-lane expressway connecting Ha Long City and Van Don district, and upgrade a 33-km part of National Highway 18, which links Ha Long and Cam Pha City. Work on the projects is expected to begin in June this year and completed by 2017.

Committee Chairman Nguyen Duc Long said the new infrastructure will shorten the travel time between Ha Noi capital and Van Don special economic zone. This will also boost the socio-economic development of the province as well as the country's key northern economic region.

The investors will contribute more than VND10 trillion ($476.19 million) from their own funds and loans, while the remaining amount will come from the State budget and other sources, he added. — VNS