The city is also working on a plan to regulate State and city budget collection and spending in the 2021-2030 period and complete a legal framework for public-private partnership (PPP) investment to attract more investors.

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An underground tunnel at An Suong Intersection in HCM City

The municipal Department of Transport recently submitted to the People’s Committee a plan on transport infrastructure development to 2030, with a budget of around VND 952.55 trillion (USD 41.29 billion).

The plan will prioritize the construction of Ring Roads No.2 and No.3 as well as metro lines and flyovers, among other projects.

Director of the HCM City Department of Transport Tran Quang Lam said that in addition to investment capital, project progress must also be carefully considered.

To implement 172 transport infrastructure projects earmarked for 2016-20, the city needs an estimated VND 323.98 trillion.

Funds from the State budget for these projects, however, meet just 27 percent of needs, while PPP investment stands at a mere 13 percent.

Thirty-seven projects, or 21.51 percent of the total, have been completed.

In the last four years the city earmarked VND 12.48 trillion from its budget for 120 projects, while nearly VND 17 trillion was allocated to 13 PPP projects.

Source: VNA