HCM City calls for investment in 210 projects worth US$51.6 billion
HCM City to submit new plan for Metro Line No1 in July
HCM City approves 2.1 trillion VND advance for metro line No.1 project

HCM City seeks funds for the Metro No 1 Ben Thanh – Suoi Tien line, one of nine key infrastructure projects that need more money. — VNA/VNS Photo by Tien Luc

Earlier, city authorities requested funding approval from the Ministry of Planning and Investment for the Belt Road No 3 project linking HCM City and the provinces of Binh Duong, Dong Nai and Long An.

Though the 97.7 km road project was approved in 2011 with investment capital of VND3 trillion (US$129 million), construction has not begun due to a lack of capital.

The city, citing the ongoing impact of climate change, has also asked the ministry to extend the time for funding a flood-prevention project to September 2020.

The city has also sought approval for the Thu Thiem Eco Smart City project and a sports complex in the Thu Thiem New Urban Area in District 2, and a mall-apartment complex at 76 Ton That Thuyet Street in District 4 invested in by Sabeco HP Investment Limited Company.

In addition, it has asked for the Government's approval to use two land lots at 257 Tran Hung Dao and 3-3bis Phan Van Dat streets in District 1, and the 3ha Phu Tho Horse Racing Ground in District 11 to pay for a Build-Transfer (BT) contract for the Phan Dinh Phung Sports Complex project.

The VND1.95 trillion (US$85 million) sports complex in District 3 will consist of seven floors and three basements. It is expected to host national and Southeast Asian competitions. The investors are the Compensation and Clearance Corporation and Phat Dat Real Estate Development Corporation.

Besides these requests, city authorities have asked the Prime Minister to decide on an adjustment policy for a tourist area in Can Gio District that will encroach on the sea, as proposed by the Ministry of Planning and Investment.

The city also wants an advance of VND600 billion ($25.85 million) to pay debts to the contractor who has worked in the second phase of environmental improvement projects at the Tau Hu - Ben Nghe – Doi – Ke canals, and more than VND2.18 trillion ($93.9 million) from the state budget to pay debts to foreign contractors involved in the Metro No 1 Ben Thanh – Suoi Tien project.

In addition, the city is asking for a decision from the PM on a re-lending ODA plan for the metro project, which has already been agreed to by the HCM City People's Committee and the Ministry of Finance.

VNS