HCMC – HCMC plans to borrow nearly VND16.9 trillion in 2025 to address its budget deficit and repay debt, the People’s Council of HCMC said on December 9.
The borrowing includes VND16.36 trillion to cover the budget shortfall and VND505 billion for principal debt repayment. Funds will be sourced from government loans and domestic banks, reported the local media.
The city council approved a debt repayment plan totaling VND1.69 trillion for 2025. VND505.9 billion will repay principal debt, and VND1.18 trillion will cover interest and fees. Interest payments will come from the city budget, while new loans and budget surpluses from 2023 will help repay principal debt if needed.
HCMC will also issue up to VND13.65 trillion in local government bonds in 2025 as part of the city’s broader financial strategy.
The People’s Committee of HCMC has been tasked with aligning borrowing and repayment plans with the five-year financial plan and using funds exclusively for development projects. It must also ensure transparency in public debt management and compliance with regulations.
The council approved VND106.2 billion to construct the Southern Resistance Monument at September 23 Park. The project will include a statue, surrounding landscape, and infrastructure upgrades.
It also revised the plan for extending Street No. 8 in District 8. The project’s budget increased from VND78.6 billion to VND215.5 billion, and completion is expected in 2025. The management responsibility shifted to the District 8 Project Management Board.
The People’s Committee of HCMC will oversee project execution, ensure funding availability, and maintain quality control. It will report results to the council and audit authorities.
