HCM CITY — HCM City needs VNĐ17.3 trillion (US$754.5 million) to implement the HCM City – Mộc Bài Expressway project and two projects on dredging and upgrading Hy Vọng Channel and Xuyên Tâm Canal for the 2021-25 period.
The city’s medium-term public investment plan for the 2021-2025 period is based on the level of capital allocation set by the National Assembly. However, the registered capital is only enough for transitional projects in the 2016-20 period, and not enough to carry out new projects in the 2021-25 period.
The city has been giving the highest priority to use its budget for COVID-19 pandemic prevention and control work, making it harder to arrange capital for public invested projects.
As a result, the municipal People's Committee has asked the Ministry of Planning and Investment for approval from the Prime Minister for additional capital from the central budget in the 2021-25 period for key and urgent projects.
The city has asked for capital for site clearance, compensation and resettlement work on the expressway's section in HCM City, and 100 per cent of the total capital for the two remaining projects.
The new HCM City – Mộc Bài Expressway will connect HCM City and neighbouring Tây Ninh Province. Its total capital is estimated at VNĐ15.9 trillion ($695.3 million), including VNĐ5.9 trillion ($258 million) for site clearance, compensation and resettlement costs in HCM City.
The project on dredging and upgrading Xuyên Tâm Canal in Bình Thạnh and Gò Vấp districts needs total investment of nearly VNĐ9.4 trillion ($410 million). It will also remove households living on or near the canal, and build a road running along the canal.
With total cost of VNĐ1.98 trillion ($86.5 million), the project on upgrading Hy Vọng Channel in Tân Bình District will help clear the water flow of the channel and prevent flooding in the Tân Sơn Nhất International Airport area and surrounding areas. — VNS
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