Chairman of Ho Chi Minh City People's Committee requested to complete procedures for the 10,000 billion VND flood prevention project in October 2025

On August 1, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc chaired a meeting with departments and branches to implement Resolution 212 of the Government on removing difficulties and obstacles for the Project to Solve Flooding Due to Tides in the Ho Chi Minh City Area, taking into account climate change factors (phase 1 - also known as the 10,000 billion VND Flood Prevention Project).

At the meeting, a representative of the Department of Finance said that after the Government issued Resolution 212, the City's departments and branches had drafted an implementation plan.

In particular, the Department of Finance coordinates with investors and BIDV Bank to review interest costs arising during the process of adjusting the total investment.

This work is expected to be completed before August 15 to eliminate unreasonable costs as directed by the Government and serve as a basis for proposing BIDV Bank to reduce lending interest rates for the Project.

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc requested departments and branches to complete procedures for the 10,000 billion VND anti-flooding project in October 2025 - Photo: HQ

In addition, the Department of Finance coordinated with relevant agencies to advise the City People's Committee to send documents to the State Bank, recommending to remove difficulties in refinancing and disbursing loans for the Project.

Regarding the payment of BT land fund to investors, the Department of Agriculture and Environment will complete the selection of a valuation unit and determine the value of land use rights before September 15.

After the departments and branches have completed their work, the Standing Committee of the Ho Chi Minh City Party Committee will meet to approve.

Next, the City will sign an appendix to the BT contract with the investor. Construction will then begin to complete the Project in 2026.

Concluding the meeting, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc requested that all tasks under the responsibility of the City People's Committee such as adjusting the total investment, negotiating contracts, proposing land funds for BT payments... must be completed by October 2025.

Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc emphasized that the City will remove obstacles to projects with determination and resoluteness to soon put the projects into operation to serve the people, without loss or waste, and without violations.

For investors, the Chairman of the City People's Committee requested that after agreeing on the work with state agencies, investors must immediately start construction. "The units that promised must do it," Mr. Nguyen Van Duoc stated.

The project to solve tidal flooding in Ho Chi Minh City, phase I (total investment of nearly 10,000 billion VND), started in mid-2016 and is expected to be completed in 2018.

However, after many extensions, up to now, Ho Chi Minh City is only expected to complete in 2026. According to the investor's report, due to the extension of the implementation time, the Project incurred interest expenses and other costs, leading to the total investment of the Project increasing from VND 9,976 billion to VND 15,400 billion.

The total project investment may continue to increase if work continues to be delayed.

Source: https://baodautu.vn/chu-tich-ubnd-tphcm-yeu-cau-go-xong-thu-tuc-du-an-chong-ngap-10000-ty-dong-trong-thang-102025-d346352.html