Ho Chi Minh City is seeking the prime minister’s approval to spend VND9.85 trillion, or more than US$443 million, on a massive anti-flooding project that will include a seven-kilometer riverside embankment.
The city plans to build the floodbank along the Saigon River and 68 new drainage pipes in Districts 1, 4, 7, 8, Binh Tan, Nha Be and Binh Chanh.
Site clearance alone is expected to cost around 18 percent of the investment as 1,625 people will need to be relocated.
The city will partner with a private investor for the project, which is scheduled for completion in 2018.
Ho Chi Minh City usually witnesses serious flooding during heavy rain and high tides.
The city said in September that it also planned to invest VND950 billion ($42.3 million) in building three reservoirs to store rainwater in the next five years to reduce flooding.