The Ministry of Planning and Investment has proposed the Prime Minister establish a State Appraisal Council to appraise a pre-feasibility study for sub-project No. 3 of the Ring Road No. 4 project around Hanoi, with total investment of over VND56.5 trillion ($2.39 billion).

Sub-project No.3 will be conducted under the public-private partnership (PPP) model.

The council will be chaired by the Minister of Planning and Investment, with a deputy minister acting as vice chairman.

Members of the council will include leaders from the Office of the Government and relevant ministries and agencies in the three localities the project passes through - Hanoi, Hung Yen, and Bac Ninh.

The ministry also proposed engaging professional and experienced consultants to appraise the pre-feasibility study for the project and ensure investment efficiency.

The project has significant investment of over VND56.5 trillion ($2.39 billion) and a large scale, with State capital accounting for 47.3 per cent of the total. It therefore requires careful assessment of scale, design, and investment capital, the ministry said.

Sub-project No. 3 is one of seven sub-projects within the Ring Road No. 4 project. The Ring Road itself has a total length of 112.8 kilometers and covers a combined 1,341 hectares.