Hanoi on Saturday launched the construction of a 550-meter long road section expected to cost VND642 billion (US$33.8 million), setting a new record for "the country's most expensive road", VietnamNet reported.
Each meter of the section between O Cho Dua (Cho Dua Gate) in Dong Da District and Hoang Cau Street will cost over VND1 billion ($52,617), breaking the record set in 2005 by the section between O Cho Dua and Kim Lien Street, according to the news website.
The 1.1-kilometer long O Cho Dua Kim Lien section took an investment of VND733 billion ($38.5 million), or around VND66 million ($3,472) for each meter, said VnExpress, another news website.
According to VnExpress, VND53 billion ($2.7 million) of investment for the new section will be spent on construction, while the remaining amount will be used to compensate people for site clearance.
Both sections are part of Hanoi's eight-kilometer Beltway No.1 of which five have been completed so far, Nguyen Van Khoi, vice chairman of Hanoi People's Committee, said at the groundbreaking ceremony.