However, the city is facing the challenge of having many projects that are slow in implementation, resulting in changes to project scale and investment plans and a significant increase in capital and delay in operation.
The HCMC People's Council has just approved adjustments to investment policies for the expansion project of Nguyen Thi Dinh Street in Thu Duc City with a capital of VND1,400 billion (US$55.5 million) and additional capital of VND700 billion (US$27.7 million).
During the 2016-2020 period, several projects were partially implemented and then halted due to an increase in site clearance costs such as the My Thuy intersection project in Thu Duc City with a rise in the capital from VND1,998 billion (US$78.8 million) to VND3,622 billion (US$143.33 million), renovation of a section of Hang Bang Canal from Mai Xuan Thuong Street to Van Tuong Street in District 5 with an increase in investment from VND188 billion (US$7.4 million) to VND779 billion (US$30.8).
Many urgent projects have been proposed in recent years but they are still on paper, including canal renovation projects, and expansion projects in four directions in the South, the North, the East, and the West of the city.
In the 2024 – 2030 period, 59 transport projects have been proposed. In addition, the HCMC Department of Transport has just proposed the HCMC People's Committee carry out an elevated road project running from Station 2 intersection on Hanoi Highway in Thu Duc City to An Suong intersection in District 12 with a total capital of VND15,400 billion (US$609.35 million), the North-South elevated road project connecting Tan Son Nhat Airport with Nam Sai Gon (Saigon South) urban area with a total capital of more than VND38,000 billion (US$1.5 billion), HCMC – Moc Bao expressway, and metro lines 2,3,4 that need to be implemented as soon as possible.
The city has made great efforts to implement key projects in the past few years, such as the An Phu intersection connecting with HCMC – Long Thanh – Dau Giay Expressway, the Nguyen Van Linh-Nguyen Huu Tho intersection tunnel project in District 7, Tan Son Nhat Airport's terminal T3, Ring Road 3, and more. Some of these works have entered the final stages.
The municipal leadership is focusing on concretizing the advantages of special mechanisms and policies of Resolution 98 for the development of HCMC to start key traffic projects, determining the order priority of each project, organizing the implementation to ensure the highest feasibility, paying attention to construction, supervising and immediately resolving arising problems, changing low-quality contractors and investors.
The units that are responsible for advising the city’s leadership must advise on every specific policy, priority for projects, and strategies to mobilize capital and attract domestic and foreign investors.
Additionally, the city will carry out the “Project on policies to attract and promote remittance resources to HCMC."
Advisory units will also accompany the city’s authorities to propose problem-solving measures and submit reports to the Government and the National Assembly, preventing projects from languishing.
