HCM CITY — Construction of the first phase of Ring Road No.4, which runs through five southern localities, including HCM City, should be completed by 2028, local reports say.
The road, almost 200km long, is expected to boost regional linkages and boost economic growth for HCM City and the provinces of Bình Dương, Đồng Nai, Long An and Bà Rịa-Vũng Tàu, as well as the Southern Key Economic Region.
The project, approved more than 10 years ago, is estimated to cost around VNĐ100 trillion (US$4.4 billion).
It will be 197.6km long with four lanes in the first phase. In the second phase, the road could be widened to six or eight lanes.
Last year, the Prime Minister issued a document asking five localities to implement sections of the new ring road which run through their localities.
Accordingly, Bà Rịa-Vũng Tàu, Bình Dương, HCM City, Long An and Đồng Nai will cover about 18km, 49km, 17km, 71km and 45km long sections, respectively.
The Southern Key Economic Region comprises HCM City and the seven provinces of Bình Dương, Bà Rịa-Vũng Tàu, Đồng Nai, Bình Phước, Tây Ninh, Long An and Tiền Giang.
The region has enjoyed a stable growth rate that has always been higher than the nationwide average.
It has 9.2 per cent of the country's area, produces 45 per cent of the country's GDP and contributes 42 per cent of the country's State budget intake. It also attracts more than 50 per cent of the country's FDI capital.
It targets to have an annual GDP growth of 8-8.5 per cent and annual per capita GDP of $12,200 by 2030.
Many foreign enterprises choose the region as an investment destination, given its growth potential including a large consumer market and young and abundant labour force that's cheaper than other countries.
However, the transportation connectivity is still not good in the region. The development demand has pushed the region to improve transport infrastructure.
A number of transport projects are being carried out in the region to enhance connectivity and ensure sustainable growth, including Long Thành International Airport project in Đồng Nai Province. — VNS
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