Viet Nam Expressway Investment and Development Co (VEC) will invest in four expressway construction projects including Noi Bai-Mai Dich, Hanoi-Lang Son, Ha Long-Mong Cai and Ben Luc-Long Thanh in 2009.

Also, this year the company, which is into construction of roads, targets to reach a total production value of over 5.590 trillion dong, disburse more than 5.926 trillion dong and plans to shift to the corporation model.

At present, VEC was assigned by Ministry of Traffic and Transportation to carry out and manage seven expressway projects with total length of 722 kilometres, of which three on Cau Gie-Ninh Binh, Noi Bai-Lao Cai and HCM City-Long Thanh-Dau Giay are under construction.

Last year, VEC posted over 1.293 trillion dong of production value, achieving 110% of 2008′s plan, and disbursed 1.324 trillion dong for road construction projects.

Most recently, VEC tendered one trillion dong of work bonds [that] were guaranteed by the government through the Hanoi Securities Trading Centre (HASTC) to raise capital for Ninh-Binh Cau Gie project. However, due to the offering coupon rate being lower than bidding levels, the tender failed.

Earlier, the entity also succeeded in raising capital by tendering 500 billion dong of work bonds for building Noi Bai-Lao Cai expressway. (SGT)