HCMC calls for private investment in different fields

Ho Chi Minh City needs VND128,700 billion ($5.6 billion) from private investment  for socio-economic development by 2020.

HCMC is calling for social contribution for battling flooding (Photo: SGGP)

HCMC is calling for social contribution for battling flooding (Photo: SGGP)

The figure was released at a meeting on plan to boost social contribution for the period 2017-2020 presided by People’s Committee Deputy Chairman Tran Vinh Tuyen.
Deputy Director of the city Department of Planning and Investment Le Thi Huynh Mai said that the city needs VND300 trillion for socio-economic development meanwhile the city can balance VND164 trillion from now on to 2020, the remaining of VND128,700 billion must be from contribution of orgnizations and individuals.

Private investment  will be put on projects of traffic infrastructure, congestion, flooding, medicine and education.

Mr. Tran Vinh Tuyen said that Ho Chi Minh City is a special urban and motive force for the country and the region’s economic development.

At present, the city has 8.5 million people and 3.5 million immigrants  in urban areas and over one million people live in districts Can Gio and Cu Chi, creating pressure on infrastructure, congestion, medicine, education.

Therefore, the city authorities must renovate management and finance mechanism. Additionally, the city must give autonomy to self-financing companies and boost private companies and effective management rearrangement.

As per plan, by 2020, the city calls for investment of VND18,476 billion under the  form of (Public-private partnership) for 54 projects. Besides, the city will step up implementation of 105 projects as per PPP with total of VND334,640 billion and 98 other projects worth VND128,860 billion for following years.

The city will perfect politic mechanism to attract private investment  for different fields aiming to encourage various private economies to pour investment into fields. The city authority boosts investment for building social houses, resettled houses, traffic infrastructure, flood reduction and water supply.

By TRA GIANG – Translated by UYEN PHUONG

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