The People's Committee of Ho Chi Minh City has proposed adjustments to the nearly VND10 trillion flood control project and plans to sign a BT contract annex to facilitate payment to the investor and restart the project. The Department of Planning and Investment stated that the city has recommended the Prime Minister adjust the payment terms in the contract while also making overall project modifications.
Launched in 2016, the project has completed over 90 percent of its work but has faced payment procedural difficulties, leading to years of delays. Approximately VND1.8 trillion is still needed for completion, but BIDV, the bank funding the project, is unable to sign the credit contract annex.
Currently, the project encounters several challenges, including a lack of funds and unfinished legal procedures, which prevent HCMC from making payments under the BT contract. To address these issues, the People's Committee of HCMC has proposed project adjustments and the signing of a BT contract annex to facilitate payments and ensure funding for Trung Nam BT 1547 to complete the work.
The project is six years overdue, with the total investment now exceeding VND14 trillion due to accrued interest and additional costs. As a result, the investor has requested that these extra costs be incorporated into the total investment.
