Ho Chi Minh City is in need of a total investment exceeding US$9.5 billion for its crucial traffic projects slated for implementation between 2024 and 2030, as revealed by the city’s Department of Transport.
This disclosure was made in a comprehensive report to the municipal administration outlining the transportation infrastructure development plan for the next seven years.
Accordingly, the department recommends that Ho Chi Minh City prioritize budget allocations for 59 major projects during the 2024-2030 timeframe, excluding urban railway lines, which fall under the ongoing railway development project.
Among these projects are those associated with four expressways linking Ho Chi Minh City to Moc Bai Town in Tay Ninh Province, Chon Thanh, Long Thanh, and Dau Giay Districts in Dong Nai Province, and Trung Luong in Tien Giang Province.
The proposed projects also encompass the upgrading and expansion of National Highways 1, 13, and 22 sections within the city, along with the construction of five projects related to Beltways 2, 3, and 4 during this period.
The estimated cost for all 59 projects is approximately VND231,048 billion ($9.53 billion). The city’s budget is expected to cover 67.8 percent (VND156,560 billion or $6.45 billion), 30.4 percent (VND70,126 billion or $2.9 billion) will be mobilized through public-private partnerships (PPPs), and the remainder will be funded by the central government, according to the transport department.
The Ho Chi Minh City administration will adhere to the National Assembly’s recent Resolution No. 98, which outlines specific policies for the city’s development, along with other relevant regulations to ensure the successful implementation of these projects, as stated by the department.
Presently, Ho Chi Minh City has only 2.38 kilometers of road per square kilometer of land, well below the road density standard of 10-13.3 kilometers. Meanwhile, the city accommodates nearly 9.2 million vehicles, including cars and motorbikes, reflecting a year-on-year increase of 4.69 percent, as reported by the news site VnExpress.
