The Ministry of Transport of the Government of Vietnam has invited applications for qualifications for the selection of the second investor for the design, construction, finance, operation and maintenance of the Dau Giay - Phan Thiet Expressway Project.

The project includes the design, finance, construction, operation and maintenance of a four lane expressway and allied structures from Dau Giay in the Dong Nai province to Phan Thiet in the Binh Thuan province, to be undertaken by a Special Purpose Vehicle.

The Government of Vietnam has decided to award the development of the Project to a group of entities. Of the group of entities, M/s BITEXCO has been appointed as the first investor for the US$757 million project.

The Authority now intends to carry out a Bidding Process for selection of the second investor in the Project Enterprise for the implementation of the Project. The Second Investor may either be a single legal entity or take the form of a consortium.

The first investor and the selected second investor will form a Special Purpose Vehicle, registered under the Law on Enterprises of Vietnam, prior to execution of the Project Contract.

On incorporation of the Project Enterprise, the first investor will have an equity shareholding of at least 60% in the Project Enterprise.

The second investor will hold the balance equity of the shareholding of the Project Enterprise. During the construction period of the Project, the first investor may dilute its equity stake in the Project Enterprise in favor of the second investor, who will then hold then remaining increased equity stake in the Project Enterprise.