HCMC – The urban infrastructure construction investment projects management unit of HCMC is seeking an additional VND2,500 billion (US$104 million) to fund an ongoing project for revitalizing the northern bank of Doi Canal in District 8.
The request, driven by the higher land compensation and resettlement costs, would bring the total project budget to over VND7,400 billion.
Initially approved by the HCMC People’s Council in December 2023, the project focuses on improving the environment, enhancing the quality of life for residents, and upgrading infrastructure along a 4.3-kilometer stretch on the canal’s northern bank.
The project, spanning 2023 to 2030, was first estimated at VND4,930 billion, with nearly VND3,993 billion allocated from 2021 to 2025.
Still, adjustments in compensation policies following the implementation of the 2024 Land Law and Decree 88/2024/ND-CP have led to a surge in costs.
A total of 1,633 households will be affected by the project, including more than 1,000 that must be fully acquired, with 566 needing resettling.
The project’s scope includes constructing embankments, dredging the canal, widening the adjacent road to 20 meters, and developing additional infrastructure, such as the extension of Nguyen Duy Street, the construction of Hiep An 2 Bridge, and a new inland waterway dock.
