Vietnam metro seeks $1.2 bln loan for infrastructure projects

Thanh Nien News

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The construction site of HCMC's first metro line connecting Ben Thanh Ward in District 1 and Suoi Tien in District 9. File photo.
Ho Chi Minh City’s authorities have asked for over US$1.2 billion from the Asian Development Bank to fund infrastructure projects between 2015 and 2017.
The proposal by the city People’s Committee was submitted to the Ministry of Planning and Investment on Monday, Thoi Bao Kinh Te Saigon reported.
The projects include three metro lines, one beltway, a plant for processing slurry produced by local water treatment factories, and a municipal drainage systems.
The southern metro needs $3-4 billion to improve its infrastructure every year, but the city’s budget only allocates around $500 million, according to the report.
The municipal authorities have called for investment into infrastructures through methods like build-operate-transfer, build-transfer, and public-private partnership, but the investment methods still suffer shortcomings, such as an absence of transparency.
HCMC will need $470 billion for a development plan by 2020, the local authorities announced at a recent conference.

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