HCMC – HCMC is seeking the Government’s permission to adjust the first phase of its VND10 trillion flood control project, which aims to tackle flood tides in an expansive area in the city.
The adjustments are intended to facilitate the construction of the remaining parts of the project.
HCMC authorities have reported that the project is facing funding shortages, preventing its completion. To address this, the HCMC People’s Committee has proposed revising the project timeline and payment method, which would help secure the necessary funding for the investor.
Previously, the city sought approval for a budget delegation to the State Financial Investment Company of Ho Chi Minh City (HFIC), allowing HFIC to provide loans to the project’s investors. However, the Ministry of Finance rejected this proposal, stating there was no legal basis for such a delegation.
The project, launched in mid-2016 with an expected completion in 2018, has seen delays and cost increases. Initially estimated at VND9,976 billion, the total investment has now risen to VND14,398 billion due to interest and other expenses from the prolonged construction.
