PM approves ODA capital advance for first metro route

The PM assigns the Ministry of Planning and Investment to work with the Ministry of Finance to report to him a specific capital proposal for the project before July 30, the announcement said.

The two ministries should work together on solutions to speed up disbursement for ODA projects in the city and report to him before August 15.

He asked the Ministry of Planning and Investment to guide the HCMC People’s Committee to adjust total investment capital for the first metro route and the second Ben Thanh-Tham Luong, as per the city’s earlier proposal, and report the funds change to the Government for approval.

Mr. Phuc agreed in principle to the city’s receiving of a EUR200 million loan from German Development Bank to build the second metro line, assigning the Ministry of Finance and the Ministry of Planning and Investment to guide the city People’s Committee to do relevant procedures and report to him before August 15.

To speed up the progress of Thu Thiem New Urban Area, the PM permits the city to appoint investors to build the exhibition center complex in the area as per regulations. Chairman of the city People’s Committee will take personal responsibility to the PM about that.

He agreed with supplementing four bridges, canal dredging and digging projects into technical infrastructure in northern residential areas and building North-South road in Thu Thiem New Urban Area under BT (Build-Transfer) form.

The PM approved the policy of supplementing VND9,963 billion (US$438.28 million) for urgent anti-flooding projects in HCMC. The Ministry of Finance and the Ministry of Planning and Investment have been tasked guide the city People’s Committee to complete procedures and soon implement projects. They should send him a report before July 30.

The city has been asked to submit to him an anti-flooding project with visions till 2050 next year.

According to the PM’s conclusions, HCMC economics must continue creatively to create a motivation for sustainable development and maintain to be a locomotive of the country to integrate into the world and region’s economies.

The city should continue improving investment and trading environment, competitiveness, boosting fair competition and leading the country in administrative reform and one door mechanism. It must be listed in the group of five localities leading in competitiveness index and foreign direct investment attraction.

The Prime Minister encourages HCMC authorities to continue innovation in thinking, being enterprising, seeking breakthrough directions and new ideas to further develop the city.

After 30 years of reform, HCMC has made remarkable development achievements, contributing to 23 percent of the country’s gross domestic product and 28 percent to state budget in 2016. Private businesses have become a strong motivation of the city’s growth, accounting for 59.5 percent of gross regional domestic product and 65 percent investment capital last year.

By PHAN THAO – Translated by Hai Mien



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