The overall investment for this project is close to VND1 trillion. The primary objective of this project is to facilitate the resettlement of households affected by the Xuyen Tam Canal renovation project and other related situations.
On December 6, the 13th session of the 10th tenure People's Council of HCMC was convened.
During this session, the People's Committee of HCMC submitted a proposal to the People's Council for the decision on the investment policy for a social housing project located at No.4 Phan Chu Trinh Street, Ward 12, Binh Thanh District.
The project aims to address the housing needs for the resettlement of households affected by the dredging, environmental improvement, and the infrastructure development project of the Xuyen Tam Canal in the districts of Binh Thanh and Go Vap, along with other cases.
Covering a land area of 12,100 square meters, the project involves the construction of three new residential blocks, each with a maximum of 20 floors, offering a total of 850-900 apartments. The project is set to be implemented from 2023 to 2027, with a total investment of nearly VND997.4 billion sourced from the State budget. Specifically, the investment for the 2021-2025 period amounts to over VND795 billion, while the allocation for the 2026-2030 period is more than VND202.3 billion.
Concerning the funding arrangement for the project from the mid-term public investment plan for the 2021-2025 period, the HCMC People's Committee has issued directives outlining the principle of allocating all reserved funds for the mid-term public investment plan during this period. The priority is given to programs and projects that meet the criteria for investment policy approval, including the social housing project at No.4 Phan Chu Trinh Street, which is slated to receive an estimated capital of VND795 billion.
Regarding the capital balancing capability for projects from the mid-term capital source for the 2025-2030 period, the People's Committee of HCMC pledges to uphold the regulations stipulated in the Public Investment Law.
Upon reviewing the proposal from the People's Committee of HCMC, Mr. Le Truong Hai Hieu, Head of the Economic-Budget Committee of the HCMC People's Council, observed that the urban renewal and development program in HCMC focuses on relocating makeshift housing along canals to replace these structures with well-designed, modern residential areas featuring comprehensive technical and social infrastructure. The majority of households living on and near the canal areas are primarily low-income families with limited living space. Due to the small size of the affected land and insufficient compensation, they are unable to afford commercial housing for resettlement.
Hence, it is crucial to invest in the social housing project at No.4 Phan Chu Trinh Street in Binh Thanh District. This initiative aims to establish a social housing fund catering to the resettlement requirements of households impacted by various projects in Binh Thanh District and to meet the overall demand for social housing in the city.
The Economic-Budget Committee of the HCMC People's Council further suggests that the HCMC People's Council request the People's Committee of HCMC to ensure the availability of funds and the capital balancing capability for the execution of the project. It is advised not to make investment decisions for the project until the funding source is identified and balanced, avoiding situations where a project receives approval but fails to balance the capital source, impacting the progress and effectiveness of public investment. Additionally, there is a call for increased oversight and responsibility for the project's progress and quality.
