Deputy Prime Minister Tran Hong Ha has signed Decision No. 653/QĐ-TTg, approving the adjusted investment policy for the Hoa Lac - Hoa Binh road project under the Public-Private Partnership (PPP) model, Radio the Voice of Vietnam reported.

The project is part of the Road Network Plan for the 2021–2030 period, with a vision to 2050, aiming to gradually complete Vietnam’s expressway network.

It seeks to connect the expressway from Hanoi connecting the northern mountainous provinces of Hoa Binh, Son La, and Dien Bien. Additionally, it will serve as a foundation for attracting investors in key sectors such as urban development, industry, commerce, and services.

The project is expected to drive socio-economic development in Hoa Binh province and the Northwest region, improve disaster response and climate change adaptation, and enhance national defense and security.

The approved adjustments include reducing the length of the Hoa Lac - Hoa Bình section from 25.69 km to 23.04 km. The project scale has also been expanded to meet expressway standards, including six lanes with a design speed of 100 km/h.

The estimated timeframe for project preparation, investment, and construction spans from 2014 to 2028. The initial phase of the project, implemented between 2014 and 2018, has been in operation. The adjustments to the scale are being executed from 2023 to 2028.

The preliminary total adjusted investment capital for the project is approximately VND10.475 trillion (nearly $411 million). Of this, VND2.476 trillion (over $97 million) has already been invested in the operational phase, with finalization of costs currently underway.