New Vietnam beltway finds funding

Funding has been found for a new beltway project in Vietnam. The work will be financed jointly by the Asian Development Bank (ADB) and the State Bank of Vietnam (SBV). The two have signed agreements for loans worth close to US$160 million for the project. ADB will provide a $12.58 million loan to finance preparation works for Beltway No3 in Ho Chi Minh City in Vietnam. In addition, ADB will provide an additional $147 millionn loan to complete the Noi Bai-Lao Cai Highway. The highway of 244km is part of the Kunming-Hai Phong Transport Corridor, which connects the north-western border of China and Hanoi, Vietnam.