HCM City needs additional 2.8 billion USD for transport infrastructure projects

Ho Chi Minh City will need an additional 71 trillion VND (2.8 billion USD) from 2021-2025 to carry out transport infrastructure projects.
HCM City needs additional 2.8 billion USD for transport infrastructure projects
Illustrative image. (Photo: VNA)

The funding aims to help carry out the Politburo’s Resolution 24-NQ/TW dated on October 7, 2022 on socio-economic development and defence-security safeguarding in the southeastern region by 2030, with a vision to 2045.

Under the plan for transport infrastructure development for 2020-2030, issued by the municipal People’s Committee, HCM City is set to build 454km of transport facilities in 2021-2025, including expressways, belt roads, highways and bridges, at a total cost of 266 trillion VND.

Of the sum, about 92 trillion VND will be sourced from the city’s budget, and the remaining 174 trillion VND funded through public-private partnerships (PPP).

However, the municipal Transport Department said the local budget is limited while only 52.74 trillion VND has been allocated for HCM City under the medium-term public investment plan for 2021-2025, equivalent to 19.8% of the total demand.

Given this, the department has asked the municipal People’s Committee to direct relevant agencies to consider arranging additional capital for key transport projects during the period.

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(Source: VNA)