10,000 billion VND anti-flooding project in Ho Chi Minh City to be completed in 2026

After the Government issued a resolution to remove obstacles for the 10,000 billion VND anti-flooding project, the project is expected to be completed in 2026 and finalized in 2027.

On July 24, the Ho Chi Minh City Department of Finance issued an official dispatch responding to reporters' questions about the progress of the Ho Chi Minh City Tidal Flooding Solution Project taking into account climate change factors (phase 1 - also known as the 10,000 billion VND Flood Prevention Project), after the Government issued a resolution to remove this Project.

The Department of Finance said that the 10,000 billion VND flood prevention project started on June 26, 2016. Up to now, the project has completed about 90% of the volume, however, the construction work is facing difficulties in payment capital so it has to be temporarily suspended.

The Muong Chuoi Canal, a component of the VND10,000 billion flood prevention project, has been more than 90% completed but construction has been suspended since 2020. Photo: TN.

On July 21, 2025, the Government issued Resolution No. 212/NQ-CP to remove legal obstacles for the Project.

After that, the Ho Chi Minh City People's Committee held a meeting and directed Working Group 1970 to advise on a plan to assign specific responsibilities to units in implementing Resolution No. 212/NQ-CP to resolve the backlog of the Project until the completion, acceptance, settlement, and operation stages.

It is expected that the project will resume construction and be completed and put into use in 2026, with final settlement in 2027.

Recently, Trung Nam Group (the project investor) reported to the Ho Chi Minh City People's Committee on the project implementation status and pointed out the problems that need to be resolved.

According to Trung Nam's calculations, the total expected investment of the Project has increased from VND 9,976 billion to VND 15,400 billion, of which the interest expense alone as of June 6, 2025 has exceeded VND 2,900 billion (equivalent to more than VND 1.7 billion per day).

Currently, the project has completed more than 90% of the volume, the remaining investors really want to complete the project but have to "give up" because there is no more capital.

Meanwhile, BIDV Bank (the capital sponsor) cannot disburse because it has no basis to sign an appendix to the credit contract with the investor and submit to the State Bank an extension of the refinancing period.

Therefore, for nearly 5 years, the main construction items of the tide-prevention sluices have been completed but cannot be put into operation due to lack of equipment.

Source: https://baodautu.vn/du-an-chong-ngap-10000-ty-dong-tai-tphcm-hoan-thanh-vao-nam-2026-d340177.html