A contract was inked on March 30 merging the Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (CIPM) into the Vietnam Expressway Corporation (VEC).
Hanoi (VNA) - A contract was inked on March 30 merging the Cuu LongCorporation for Investment, Development and Project Management ofInfrastructure (CIPM) into the Vietnam Expressway Corporation (VEC).
VECand CIPM will promptly take the next steps to ensure that merger procedures arecompleted by June 30 this year, as ordered by the Commission for the Managementof State Capital at Enterprises, VEC said.
VECwas established in 2004 and CIPM in 2011, with a view to becoming the transportsector’s core enterprises in the investment, construction, and operation ofexpressways.
Bothof them have encountered capital-related difficulties, however, and failed tosatisfy their business and investment demand.
Giventhis, the Ministry of Transport submitted a re-organisation plan for CIPM tothe Prime Minister, who gave in principle approval to the merger in September2018.
Thehead of the Commission for the Management of State Capital at Enterprisessigned a decision on the merger on March 8./.
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At the signing ceremony (Photo: VNA) 
