On February 5, 2022, when directly visiting Cam Lam - Vinh Hao project, Prime Minister Pham Minh Chinh said that investors in this project have solved the problem of diversifying capital sources.

Prime Minister Pham Minh Chinh and the delegation visited Nui Vung tunnel under Cam Lam - Vinh Hao project.

“Thus, at Cam Lam - Vinh Hao Expressway Project, there are 4 forms of capital mobilization. Investors must mobilize capital by these 4 forms. The remaining two PPP projects haven’t had credit yet, the investor have not diversified capital source so they faced difficulties. Therefore, the lesson is to diversify capital sources to deploy investment”, the Prime Minister emphasized.

The 4 forms of capital mobilization that Prime Minister Pham Minh Chinh mentioned are raising capital on the stock exchange, issuing corporate bonds, signing credit contracts, and signing business cooperation contracts. In fact, at Cam Lam - Vinh Hao project, the investor consortium represented by Deo Ca Group has determined not to depend too much on credit capital from the beginning.

Deo Ca Group has called for investors have interests related to expressways to join hands in implementing the project. Accordingly, the consortium of investors has signed investment cooperation contracts (BCC) with Van Phu - Invest Company, Thanh Loi Company and Phu My Group with a total mobilized capital of more than 1,000 billion VND, before signing credit contract with TPBank.

Up to now, the total disbursed capital into Cam Lam - Vinh Hao project has reached 966.6 billion VND. In which, the largest proportion is still equity with 711 billion VND, followed by capital mobilized from BCC contracts with 203.5 billion VND, credit capital has also been disbursed by the bank with over 52 billion VND.

As for the state budget capital, a representative of the Project enterprise said that the parties are currently carrying out the procedures for disbursement, and the first phase is expected to be disbursed more than 24 billion VND.

Cam Lam - Vinh Hao expressway project has a total investment of 8,925 billion VND, with a length of 78.5km passing through 3 provinces of Khanh Hoa, Ninh Thuan and Binh Thuan. This is one of three component projects of the North-South Expressway Project invested in the form of PPP. In this project, the consortium Deo Ca - 194 has applied the 3P capital mobilization model with the first P: State budget capital is 5,139 billion VND; P 2: Equity is VND 1,030 billion and P 3: other capital mobilized by investors is 2,756 billion VND (of which credit capital is 1,700 billion VND and capital from BCC contracts is 1,056 billion VND).

Cam Lam - Vinh Hao is also known as a special project for taking the the longest BOT contract negotiation time among the 3 North-South Expressway PPP projects. Accordingly, from the rich experience learned through many difficult projects, Deo Ca Group has given detailed discussion on possible problems such as mechanisms, policies, disbursement conditions, etc. Although being the last project signing the BOT contract, Cam Lam - Vinh Hao was the first project to sign credit contract and arrange enough capital to implement.

Besides, in parallel with the PPP contract negotiation process, the investor consortium actively used its own capital to execute the project (accepting the risk of losing money when the contract was not signed). Thanks to that, the investor commits to shorten the construction time to complete the project 2 months earlier than the contract signed with the Ministry of Transport.

BY MINH HUONG

Nguồn: daibieunhandan.vn