Ho Chi Minh City calls for investment in infrastructure projects

22/10/2017 16:36

Authorities of Ho Chi Minh City (HCMC) say upgrading old buildings and relocating households living near canals are among its key projects now and in the near future. 

 

 

Recently, the city authorities organised a seminar to seek for collaboration between investors and banks in 7 so-called breakthrough plans.

Banks participating the seminar signed loan agreements for 8 projects worth a total of VND26 trillion (US$1.1 billion) under the investment mode of public–private partnership (PPP).

These projects include a North-South road worth VND18 trillion and Nguyen Tat Thanh Street worth VND4.6 trillion.

Ho Chi Minh City calls for investment in infrastructure projects
HCMC will upgrade old buildings and relocate households living
near canals to improve its look. (Photo: Thanh Vu)

Since the city has a limited local budget, loans for the eight projects would creat a push for future projects, said Nguyen Thanh Phong, Chairman of HCMC People’s Committee. He said more businesses are expected to invest under the PPP mode.

Reportedly, nearly 153 projects have been carried out under the PPP mode in the Southern city, with total investment of VND451 trillion.

Twenty three projects worth a total of VND71 trillion have been completed, and another 130 projects worth VNS380 trillion are underway.

Alhough the number of projects under the PPP mode only accounted for 5% of the total of public-invested projects, the amount of investment was 51 times higher than total public investment during the 2011-15 period.

Director of the HCM City Finance and Investment State-owned Company (HFIC) Pham Phu Quoc said that the firm had sponsored 152 infrastructure projects in HCMC, valued at a combined VND25 trillion.

HCMC’s modernization plans also include upgrading old buildings and building new ones.

The city has at least 474 old buildings built before 1975. Since the beginning of 2016, 1,592 households in four old buildings have been relocated.

The People’s Committee is assigned to plan upgrades of old buildings and construction of new ones.

Accordingly, the committee will be in charge of making decisions on relocating residents who live near canals to other areas and upgrading infrastructure.

In order to handle effectively the 7 “breakthrough” plans that are key to the city’s development during the 2016-20 period, HCMC needs a total of VND850 trillion in funds.

Sixty per cent of that total would be for anti-flooding, transport and infrastructure-related projects.

(Source: Vietnam Investment Review) 

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