The 10 trillion VND flood control project was launched in 2016 under a public-private partnership (PPP) model - specifically a BT (build-transfer) contract, with payment made through land funds.
The project aimed to control tidal flooding in an area of 570 km² with approximately 6.5 million people in the right bank area of the Saigon River and the central area of Ho Chi Minh City. However, the project was suspended from the end of 2020 due to difficulties in land fund payment and BT contract adjustments.
Following the direction of the Chairman of the Ho Chi Minh City People's Committee, a task force was established to review the land fund for payment and adjust the BT contract, in order to resolve obstacles for the project.
According to the report, the Ho Chi Minh City Department of Finance believes that the land plot at 420 No Trang Long Street, Binh Loi Trung Ward, is eligible for inclusion in BT (Build-Transfer) contract negotiations.
In the event that the city approves the use of this land for payment, the Land Fund Development Center proposes that the investor commit to bearing the costs of compensation, relocation, and interest expenses incurred for payment. This has been agreed upon by the investor, and the members of the Task Force also agreed to use the land to pay for the BT contract as per the document dated September 16th from the Ho Chi Minh City Department of Agriculture and Environment.
The land plot at 257 Tran Hung Dao Street, Cau Ong Lanh Ward, now has sufficient grounds to be included in BT contract negotiations.
Previously, this land was approved by the city for payment to another BT (Build-Transfer) project, which has now ended. Therefore, the members of the Task Force unanimously agreed to use it to pay for the 10,000 billion VND flood control project. In addition, the Task Force recommended that the Ho Chi Minh City People's Committee assign the Department of Agriculture and Environment to coordinate with other departments and agencies to prepare procedures for the recovery of this land in accordance with regulations.
According to the Ho Chi Minh City Department of Finance, the Task Force believes that the 10,000 billion VND flood control project must be paid for with land funds based on the principle of equal value. Only if, at the time of final settlement, there is a difference between the value of the BT project and the value of the land fund, will the difference be paid in cash.
Therefore, the Task Force proposed three additional land plots, including the land at 232 Do Xuan Hop Street, 762 Binh Quoi Street, and the land plot in Lot C8A, Area A - South Ho Chi Minh City New Urban Area, Tan My Ward, to be used as payment for the BT contract of the project.
According to the Center Regarding land development, the total value of the 5 land plots proposed for payment to the investor of the 10,000 billion VND flood control project is approximately 8,099 billion VND, accounting for 81.1% of the BT project value before adjusting the total investment and before adjusting the planning indicators for these land plots.
Furthermore, the Task Force also stated that the adjustment to replace the ineligible land plots for payment, as directed by the Ho Chi Minh City People's Committee, with other land plots, specifically the land plot at 420 No Trang Long and the land plot at 257 Tran Hung Dao, is in accordance with Government Resolution 40/NQ-CP dated April 1, 2021, the opinions of relevant ministries and agencies, the directives of Deputy Prime Minister Nguyen Hoa Binh , and Government Resolution 212/NQ-CP dated July 21, 2025. At the same time, this is consistent with the principles for determining the value of land plots intended for payment in BT projects as stipulated in Government Decree No. 257/2025/ND-CP dated October 8, 2025. In case of any related issues, the Task Force will negotiate with the investor.
The Department of Finance stated that, in order to definitively resolve the obstacles arising during the negotiation process, the members of the Task Force proposed that the Ho Chi Minh City People's Committee approve the addition of two land plots at 420 No Trang Long and 257 Tran Hung Dao to the appendix of the BT contract. At the same time, the Task Force was tasked with negotiating with the investor to finalize the appendix's content and submit it to the Ho Chi Minh City People's Committee for approval from the Standing Committee of the Party Committee of the People's Committee before signing.
In relation to this matter, on October 24th, the project enterprise representative sent a document to the Ho Chi Minh City People's Committee, affirming that they would maintain their previously stated proposal regarding the land funds to be included in the BT contract appendix.
Of these, five land plots have already been included in BT (Build-Transfer) contracts with the city. The investor also agreed to add four more land plots, after receiving feedback from the Ho Chi Minh City Department of Agriculture and Environment. In addition, the investor also agreed to take over the land plot at 420 No Trang Long and the land plot at 257 Tran Hung Dao.
If the recently agreed-upon plan is soon approved by the Ho Chi Minh City People's Committee, it will be the final step to revive the 10,000 billion VND flood control project after more than 5 years of interruption, raising hopes of fundamentally resolving the long-standing tidal flooding problem in Ho Chi Minh City. This is the bottleneck that has kept the project stalled, causing waste and social unrest in recent times.
Source: https://www.sggp.org.vn/du-an-chong-ngap-10000-ty-dong-sap-duoc-hoi-sinh-post820068.html
![[Photo] Prime Minister Pham Minh Chinh holds a phone call with the CEO of Russia's Rosatom Corporation.](/_next/image?url=https%3A%2F%2Fvphoto.vietnam.vn%2Fthumb%2F1200x675%2Fvietnam%2Fresource%2FIMAGE%2F2025%2F12%2F11%2F1765464552365_dsc-5295-jpg.webp&w=3840&q=75)
Comment (0)