On the morning of October 20, 2023, Construction Corporation No.1 - Joint Stock Company (CC1) organized the Ground-breaking Ceremony for the Thai Binh Long Cau Bridge (Package XL11) under the Investment Project for the Construction of the Coastal Road Section passing through the area of Hai Phong City and 09 kilometers in Thai Binh Province.
Attending the Ground-breaking Ceremony for the Thai Binh Long Cau Bridge, on behalf of CC1, there were the presence of Mr. Ha Van Han - Deputy General Director of CC1 and concurrently the General Director of the Hai Phong Coastal Road Investment Company Limited; Mr. Hoang Trung Thanh - Deputy General Director of Transportation and Technical Infrastructure, along with officials in charge of relevant departments. Representing the Management Board of the Investment Projects for the construction of transportation infrastructure in Hai Phong, there was Mr. Do Tuan Anh - General Director, along with leaders from related parties.
The Thai Binh Bridge is one of the three largest bridges located on the coastal road, passing through Thai Binh Province, connecting Thai Binh with the city of Hai Phong. It has been invested with over 360 billion VND. This bridge project is located near the sea entrance, with a complex construction terrain. The bridge has a length of nearly 1.2km, a bridge deck width of 12m, consisting of 2 lanes.
It's been noted that recently, CC1 and contractors have faced difficulties with sourcing sand and the prices of various raw materials have increased. Specifically, the price of sand, at the time of contract signing, was around 95,000 VND/m3, but it has now increased to over 200,000 VND/m3, and the supply of fill sand is also very scarce.
In addition, the biggest challenge is that investors are struggling with applying the interest rates of borrowed capital. Currently, the interest rate that project enterprises have to pay to the lending party and the interest rate to be settled according to the BOT contract's provisions have a significant difference. If not adjusted, the investors will certainly incur heavy losses. Faced with this situation, the People's Committee of Hai Phong City has cooperated with project investors and enterprises to complete relevant procedures, report to the Prime Minister for consideration, and address the difficulties regarding the interest rates of borrowed capital as well as adjust the project implementation timeline as prescribed.
At the beginning of 2020, two members, namely IDICO Corporation - Joint Stock Company and Infrastructure Development and Transportation Investment Joint Stock Company 9, applied to withdraw from the project. Hai Phong Coastal Road Investment Company Limited was restructured with two members: CC1 and Bui Vu Investment and Construction Joint Stock Company.
With the spirit of "Devotion for Sustainable Value", CC1 has always made serious construction efforts, ensuring maximum responsibility with the Investor. In the context of facing many obstacles, CC1 has consistently demonstrated the difference of a professional contractor. At the same time, CC1 hopes that the issues regarding loan interest rates will be resolved soon, bringing the Thai Binh Bridge project in particular, and the entire investment package for the construction of the coastal road section through the areas of Hai Phong City and 09 km in Thai Binh Province in general, to the right destination, fulfilling commitments, and building trust with all parties involved.
Over the past 44 years, Construction Corporation No.1 (CC1) has been a trusted partner for many organizations in the Vietnamese construction market, contributing to the country's development through large-scale projects in civil construction, industry, energy, transportation, and technical infrastructure. Recently, CC1 has participated in several key projects such as the Passenger Terminal 3 at Tan Son Nhat International Airport in Ho Chi Minh City, the Passenger Terminal at Long Thanh International Airport, the Phu Tho Circus and Multipurpose Performance Arena in Ho Chi Minh City, Dak Nong Provincial General Hospital, the Central Square of Gia Nghia City in Dak Nong, Quang Trach 1 Thermal Power Plant, and various packages within the East Coast North-South Expressway Project for the 2021-2025 period, among others.
Some images from the ceremony:
