HCM City is seeking help from the Prime Minister to resolve a financial conflict that has led to the suspension of the city’s multi-million dollar anti-flooding project.
HCM City is seeking help from the Prime Minister to resolve a financial conflict that has led to the suspension of the city’s multi-million dollar anti-flooding project. (Photo baogiaothong.vn)
HCM City (VNS/VNA) – HCM City is seeking helpfrom the Prime Minister to resolve a financial conflict that has led to thesuspension of the city’s multi-million dollar anti-flooding project.
The municipal People’s Committee recently sent a report to PM Nguyen Xuan Phucregarding the 9.92 trillion VND (441 million USD) anti-tidal flooding projectwhich has been under construction by the private firm Trung Nam Group since2016.
The project, which aims to build six massive sluice gates along the SaigonRiver in order to control the worsening tidal flooding in the area of 570sq.km,with a population of 6.5 million people, was due to be completed in April 30this year.
Trung Nam Group, however, ordered a full postponement of the project exceptmaintenance in vulnerable areas on April 27. A capital shortage prompted thedecision, according to the group, which claimed that the HCM City People’sCommittee was yet to sign the disbursement report, stopping the BIDV bank fromcontinuing to fund the project.
According to the company, the project was 72 percent complete as of July 31.The amount disbursed so far was 4.84 trillion VND while the total workloadcompleted was worth 5.69 trillion VND. That means that the company has yet toreceive 850 billion VND for their finished workload.
Conflicting points of view between Trung Nam and the southern hub’sauthorities led to the disbursement delay.
Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen recentlyannounced that the authorities would not take responsibility for the project’sbank loans.
Tuyen said that the project was built under the Build-Transfer model, and thecity hence would only pay the investor when the project is fully completed.
The months-long unresolved conflict left the city authorities with no optionother than to ask PM Phuc to hold a meeting between relevant parties, includingthe Ministries of Planning and Investment, Finance, and Construction and theState Bank of Vietnam to work out the best solution.-VNS/VNA
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HCM City is seeking help from the Prime Minister to resolve a financial conflict that has led to the suspension of the city’s multi-million dollar anti-flooding project. (Photo baogiaothong.vn) 
