HCMC needs over $5.64 billion for development investment

Ho Chi Minh City needs to mobilize VND128 trillion (US$5.64 billion) from now until 2020 for development investment, reported the Department of Planning and Investment yesterday.

HCMC needs $5.64 billion for development investment (Photo: SGGP)

HCMC needs $5.64 billion for development investment (Photo: SGGP)

The agency was reporting at meeting chaired by deputy chairman of the city People’s Committee Tran Vinh Tuyen.
At present, the city is able to arrange only VND164 trillion out of the total need of VND300 trillion.
Amid budget difficulties, the city needs to issue policies boosting investment from economic sectors and businesses to meet development requirements, attracting domestic and foreign resources and calling on investors under public private partnership (PPP) model in fields comprising social housing, resettlement, traffic works, anti-flooding and environment.
Deputy chairman Tran Vinh Tuyen said that HCMC now has 13 million residents, Of these, only one million citizens are living in Can Gio and Cu Chi where account for half of the city’s area. Over 12 million people are concentrating in the rest districts putting pressure on traffic and education systems, causing environmental and social welfare problems.
Therefore, current requirement is that HCMC needs to reform management, financial mechanisms and apparatus organization in districts and agencies.
Specifically, the city has to speed up science and technology application in state management and improve management ability. Financial mechanisms should encourage self-control of public service institutions, bolster stated owed enterprises equitization and private economic sector development.
Public service companies should have a roadmap on social investment mobilization, improve service quality and reduce budget spending.

By KIEU PHONG – Translated by Hai Mien

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