HCMC – Prime Minister Pham Minh Chinh has called for ministries to give their feedback on a long-stalled VND10 trillion flood control project in HCMC by 5 p.m. today, October 3, with a consolidated report to be delivered by October 5.
In a directive issued on October 2, seven ministries and three agencies were told to urgently respond to a report by HCMC, which listed the issues that are hindering the project on flood control and climate change adaptation.
A key challenge involves the lack of clarity on decision-making authority for adjustments that could classify the project as nationally significant, potentially increasing its total investment cost beyond VND10 trillion. Current legal frameworks for public investment and public-private partnerships do not address such changes.
Funding difficulties have arisen, with BIDV unable to finalize amendments to the credit contract. This has stalled disbursements, leaving the project without financial resources to continue construction work.
