HCM City asks State for additional $2 billion of ODA

vietnamnews

Update: April, 18/2017 – 09:00

HCM City has asked the government to allocate an additional VNĐ48.76 trillion (US$2.14 billion) worth of ODA funds for the city to continue work on two projects. — VNA/VNS Photo Mạnh Linh
Viet Nam News HCM CITY —  HCM City authorities have asked the Ministry of Planning and Investment and Ministry of Finance to allocate an additional VNĐ48.762 trillion (US$2.14 billion) of official development assistance (ODA) in the next three years, with VNĐ8 trillion ($352.33 million) allocated for this year.

The Japan International Cooperation Agency (JICA) has urged the city to work with the government to request more funds to implement two JICA-funded projects this year.

The work includes construction on metro line No 1 Bến Thành-Suối Tiên and the second phase of a water environment improvement project on the Tàu Hủ-Bến Nghé-Đôi-Tẻ canal.

Under commitments with the contractors, annual ODA loans needed for the two projects would reach VNĐ29.512 trillion ($1.3 billion) by 2020, and VNĐ7 trillion ($308.34 million) for this year.

However, ODA funds from the central Government this year have yet to be allocated for the two projects, according to the municipal People’s Committee.

The city has also asked the Prime Minister to urge the ministries to consider allocating ODA funds for the projects to meet the construction schedule.

Allocation of ODA funds on time plays an important role in ensuring the progress of project implementation and prevents costs incurred by late payments claimed by foreign contractors.

JICA last year signed ODA loan agreements with Việt Nam, totaling JPY166.124 billion ($1.534 billion) for three projects.

The three projects are the metro line No 1 under the HCM City Urban Railway Construction Project, the second phase of the water environment improvement project, and the Thái Bình thermal power plant and transmission line construction project.

The loans aim to improve economic infrastructure essential to strengthening Việt Nam’s competitiveness and promoting environmental improvements.

The construction of the urban railway will alleviate traffic congestion and air pollution while encouraging regional economic development.

The water drainage project in HCM City is expected to improve water treatment capacity and reduce flooding.

In addition, the Thái Bình power project will use coal produced in the country to meet increasing power needs, boosting economic development and strengthening the country’s international competitiveness. — VNS

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This entry was posted in Economics - Kinh tế, Hạ tầng thủy lợi - Hydropower infrastructure, Ho Chi Minh City (Saigon), Đường sắt - Railways and tagged , , , , , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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