HCMC – The VND10-trillion flood control project in HCMC will be completed this year as hindrances over capital allocation procedures have been removed, it was announced at a press briefing on March 24.
Speaking at the press conference, Nguyen Huy Binh, head of the planning and investment division under the management board of HCMC urban infrastructure construction and investment projects, said that the long-stalled project was 90% complete, but faced capital allocation problems, leading to a suspension of construction work.
After the hindrances were lifted, the city, the relevant agencies and investor Trung Nam Group are speeding up work on the final components of the project to complete it within this year and relevant payments by 2023. The city will pay 16% of the contract value by land for the investor and the rest in cash.
The project, which is being developed under the public-private partnership format, is aimed at helping control flood tides for an area of some 570 square kilometers, with some 6.5 million residents on the right bank of the Saigon River and downtown, Binh said.
The project got off the ground in mid-2016 and was set to be completed in 2018, but until now, the project is still under construction.
Earlier in November 2020, the project was suspended as an appendix to extend the deadline of the project had yet to be signed.
In April last year, the prime minister signed a resolution removing obstacles over capital and asked the HCMC government to pay the investor and eliminate unreasonable costs to get the project done.
Though the project was delayed, the quality of the project was not affected, while the total investment remained unchanged, Binh added.
