The resolution aims to operationalize the authority granted under the Law on Urban Development.
Resolution No. 09-NQ/TW of the Politburo affirms Ho Chi Minh City's authority to raise capital for priority projects through municipal bonds, construction bonds, and loans from domestic and international financial institutions. Furthermore, the Law on Urban Development tasks the Ho Chi Minh City People's Council with regulating bond issuances at the International Financial Center.
According to information in the proposal, the Ho Chi Minh City People's Committee estimates a maximum borrowing requirement of VND49,291 billion (US$1.9 billion) during the 2026–2030 period to cover the local budget deficit. This includes VND17,559 billion in government on-lending loan and VND31,732 billion in domestic borrowing, which is expected to be sourced through local government bond issuances.
In mid-June 2026, the Party Committee of the Ho Chi Minh City People's Committee submitted a report outlining orientations, principles, and a list of key projects to attract investment via Public-Private Partnership (PPP) models for the 2026–2031 period, covering 90 projects with total investment capital of VND1,273,179 billion.
Numerous projects are expected to meet eligibility criteria for the city to consider raising funds via domestic and international bond offerings. Financing demands are concentrated in transportation, urban renewal, environmental protection, flood control, digital transformation, energy, logistics, and social infrastructure.
According to the Ho Chi Minh City People's Committee, large-scale infrastructure projects requiring extended construction and operational timelines demand medium- and long-term capital that aligns with specific requirements for scale, maturity, and disbursement progress. State budgets, traditional public investment funds, and standard bank credit may struggle to fully meet these demands, whereas the bond market offers the capacity to attract diverse investor groups while tying funding directly to specific projects.
Under the draft resolution, the Ho Chi Minh City People's Committee will serve as the issuer of municipal and construction bonds at the International Financial Center to raise capital for priority projects. The bonds will be issued at the International Financial Center in Vietnam, rather than overseas. The issuance and settlement currency will be Vietnamese Dong or freely convertible foreign currencies, subject to approved scheme guidelines.
In the event of foreign currency bond issuances, the Ho Chi Minh City People's Committee must consult the State Bank of Vietnam and relevant agencies regarding cash flow management mechanisms, account structures, settlement currencies, registration and reporting obligations, and risk management frameworks.
Regarding the issuance scheme mechanism, the Ho Chi Minh City People's Council will approve the core framework contents. Within the approved scope, the Ho Chi Minh City People's Committee will determine the timing, volume, currency, maturity, pricing, interest rates, offering methods, issuance formats, service providers, and infrastructure.
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