HCM City needs 5.6 billion USD for development projects

HCM City is seeking more than 128 trillion VND (5.63 billion USD) in investment between now and 2020 for socio-economic development, according to the city’s Department of Planning and Investment.

The city will call for investment in 54 projects under Public Private Partnerships (PPP), with total funding of 18.47 trillion VND (813.54 million USD).

Due to its limited budget, the city is outlining new policies to meet development requirements in order to attract domestic and foreign resources, including investors in PPPs. Social housing, resettlement areas, traffic works, and anti-flooding and environmental projects are all in need of funding.

The city’s total investments reached more than 310.5 trillion VND (13.67 billion USD) last year, an increase of 8.9 percent over 2015, counting for 30 percent of the city’s Gross Regional Domestic Product (GRDP), according to the Department of Planning and Investment.

Of the figure, investment from private companies accounted for 65 percent, a rise of 13.8 percent over the previous year.

Foreign investment accounted for more than 15 percent of total investment, according to the department.