At the press conference on the socio -economic situation of Ho Chi Minh City this afternoon (November 7), Mr. Do Quang Hung, Head of the Public-Private Partnership Department, Department of Planning and Investment - informed about the difficulties of the flood prevention project due to tides taking into account climate change factors (the 10,000 billion VND flood prevention project).

Regarding this project, VietNamNet reporter asked: "HCMC has reported and proposed to the Prime Minister solutions to remove obstacles for the 10 trillion VND flood prevention project, so have these proposals been approved or not?".

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The flood control project has lasted nearly 10 years and still has no "way out". Photo: Nguyen Hue

In return, Mr. Do Quang Hung said that the Prime Minister has directed to consult relevant ministries and branches on the proposals of Ho Chi Minh City to remove obstacles for the project, so there is no final consensus yet.

"Up to now, the progress of the entire project has reached over 90% of the construction volume. However, the project has been suspended for a long time due to many problems and arising issues. The Ho Chi Minh City People's Committee has proactively researched and proposed solutions, but they have not been agreed upon by the agencies due to problems with current regulations," Mr. Hung added.

According to Mr. Hung, the biggest problem with this project is capital. To complete the project, the investor said it needs to mobilize an additional VND1,800 billion.

"Although the project has reached more than 90% of the construction volume, it is not eligible for payment because the refinancing loans have expired. In addition, the total investment has changed, the implementation period has expired... Therefore, the project needs to go through adjustment procedures to ensure the legal basis. The city has also proposed adjusting the payment terms in the contract in parallel with adjusting the overall project," said Mr. Hung.

As reported by VietNamNet , the 10 trillion VND flood prevention project has been stalled for nearly 10 years, with the risk of wasting thousands of billions of VND more. This project is also being monitored and handled by the Central Steering Committee on preventing and combating corruption, waste and negativity.

The flood control project in Ho Chi Minh City has lasted nearly 10 years, 'wasting' thousands of billions of VND. The project to solve tidal flooding in Ho Chi Minh City with a total investment of nearly 10,000 billion VND, started in mid-2016 and was completed in 2018. However, the project has lasted nearly 10 years and is at risk of cost increase by thousands of billions of VND.
Ho Chi Minh City reports to the National Assembly that the 10,000 billion VND flood prevention project is facing many difficulties and obstacles due to lack of capital to complete it, and is currently more than 7 years behind schedule.
Ho Chi Minh City directs to remove obstacles for 10 trillion VND flood prevention project . Vice Chairman of Ho Chi Minh City People's Committee Bui Xuan Cuong has just directed to remove some obstacles in implementing the 10 trillion VND flood prevention project.