France will provide US$800-900 million to help Vietnam implement the tunnel project through Ca pass located in the central Phu Yen – Khanh Hoa provinces.

A memorandum of understanding (MoU) to this effect was signed in Paris on November 22 by Ca Pass Investment JSC of Vietnam and Credit Agricole Corporate & Investment Bank and Societe Generale Bank of France.

Ca Pass Investment JSC Chairman Nghiem Sy Minh, said the MoU is of significance as this is the first step to accelerate the implementation of the project.

The tunnel is an important project in the network of highways connecting the north and south of Vietnam. It will be constructed at an estimated investment of nearly US$796 million.

Minister of Transport Dinh La Thang has agreed to submit the project to the Prime Minister for approval as one of the country’s key projects.This project also aims to promote tourism in the local,facilitate the exchange between the regions.This is a positive sign for the Vietnam travel agency.