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​Ho Chi Minh City seeks investors for canal projects

​Ho Chi Minh City seeks investors for canal projects

Friday, February 02, 2018, 16:30 GMT+7

Ho Chi Minh City authorities are seeking investment for various projects aimed at relocating households along local canals.

The municipal People’s Committee on Thursday organized a conference to call on local businesses to fund a series of projects on improving the city’s canals as well as the living conditions of local residents.

According to vice-chairman Tran Vinh Tuyen, authorities have been scratching their heads to figure out the best solution for more than 21,000 households along these waterways.

The citizens have been living an unstable life under such conditions, resulting in a series of issues that affect the environment, urban aesthetics, as well as development of waterway traffic and tourism, Tuyen continued.

Many projects have been proposed to deal with the problems and are awaiting investment to be implemented.

About 52 projects will be funded by the city’s budget, Tran Trong Tuan, director of the municipal Department of Construction, said, adding that they are seeking investment for six other projects.

These projects will focus on the relocation of 6,223 houses with compensation estimated at VND19 trillion ($836.7 million).

The residents will be moved to other areas in order to facilitate the renovation of Xuyen Tam and Van Thanh Canals in Binh Thanh District, Song Tan Lake and Ban Don Canal in District 7, Doi Canal in District 8, and Cau Dua Canal in District 4.

The six projects are expected to be carried out under PPP (public-private partnership) contracts.

A public-private partnership is a government service or private business venture funded and operated through a partnership of government and one or more private sector companies.

PPP involves a contract between a public sector authority and a private party, in which the private party provides a public service or project and assumes financial, technical and operational risk in the project.

According to Su Ngoc Anh, director of the municipal Department of Planning and Investment, new policies will provide favorable conditions for investors, such as simplified administrative procedures, lower risks, and higher responsibility of the state. 

Among the six projects, local authorities have found one investor for the work along Xuyen Tam Canal with the investment of VND4 trillion ($176.1 million), said Nguyen Thien Nhan, Secretary of the city’s Party Committee.

The administration will select investors for another project within this year, while focus will be directed on the other four projects in 2019, Nhan added.

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Ho Chi Minh City authorities are seeking investment for various projects aimed at relocating households along local canals.

The municipal People’s Committee on Thursday organized a conference to call on local businesses to fund a series of projects on improving the city’s canals as well as the living conditions of local residents.

According to vice-chairman Tran Vinh Tuyen, authorities have been scratching their heads to figure out the best solution for more than 21,000 households along these waterways.

The citizens have been living an unstable life under such conditions, resulting in a series of issues that affect the environment, urban aesthetics, as well as development of waterway traffic and tourism, Tuyen continued.

Many projects have been proposed to deal with the problems and are awaiting investment to be implemented.

About 52 projects will be funded by the city’s budget, Tran Trong Tuan, director of the municipal Department of Construction, said, adding that they are seeking investment for six other projects.

These projects will focus on the relocation of 6,223 houses with compensation estimated at VND19 trillion ($836.7 million).

The residents will be moved to other areas in order to facilitate the renovation of Xuyen Tam and Van Thanh Canals in Binh Thanh District, Song Tan Lake and Ban Don Canal in District 7, Doi Canal in District 8, and Cau Dua Canal in District 4.

The six projects are expected to be carried out under PPP (public-private partnership) contracts.

A public-private partnership is a government service or private business venture funded and operated through a partnership of government and one or more private sector companies.

PPP involves a contract between a public sector authority and a private party, in which the private party provides a public service or project and assumes financial, technical and operational risk in the project.

According to Su Ngoc Anh, director of the municipal Department of Planning and Investment, new policies will provide favorable conditions for investors, such as simplified administrative procedures, lower risks, and higher responsibility of the state. 

Among the six projects, local authorities have found one investor for the work along Xuyen Tam Canal with the investment of VND4 trillion ($176.1 million), said Nguyen Thien Nhan, Secretary of the city’s Party Committee.

The administration will select investors for another project within this year, while focus will be directed on the other four projects in 2019, Nhan added.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Duy Khang / Tuoi Tre News

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