news

Private investors key to Ho Chi Minh City development

HO CHI MINH CITY: Private investment has been a key factor in Ho Chi Minh City's development in recent years, Vietnam News Agency (VNA) reported.

Vietnamese and international investors have made larger improvements in the city's transport infrastructure, housing, clean water supplies and waste management, according to experts and municipal departments.

Domestic and foreign companies invested a total of 12.4 trillion dong (RM2 billion) in the city's transport projects in 2007-09, more than twice the city's transport budget, the director of the Department of Transport Tran Quang Phuong said.

The city's road density now is 1.75km of road per square kilometre, a 50% increase compared to before 2005.

Four million square metres of roads and 84 bridges have been built since 2005, according to city figures.

It has been a combined effort from city authorities, departments, sectors and private investors at home and abroad, Phuong said.

The privately-invested Ong Lanh and Phu My bridges have made a large improvement to the traffic in the city, he said.

Bui Xuan Cuong, deputy director of the city Department of Transport, said most of the city's current major transport projects are the product of private investments.

In the housing sector, the city has built a total of 33.3 million square metres of housing in 2005-10, exceeding the city's target by 4%.

The contribution to new housing by association members and private home owners is very large, accounting for about 90% of the total, said Le Hoang Quan, chairman of the city Real Estate Association.

Since 2002, the city has strengthened calls for capital sources from all economic sectors to invest in clean water supply.

About 90% of the city's residents have access to clean water for their daily use and privately invested water plants treat about one-third of it.

Private plants include the Binh An BOT water supply plant, the Thu Duc BOO water supply plant and Can Gio Water Plant.

City authorities treat slightly more than half of the city's 6,000 tonnes of household waste a day at Phuoc Hiep Waste Treatment Complex in Cu Chi district while the privately owned Da Phuoc Waste Treatment Area of the foreign invested Vietnam Waste Solutions in Binh Chanh district handles the remainder.

Dao Anh Kiet, director of the city Department of Natural Resources and Environment, said thanks to the private sector the city could boost its waste treatment capacity by 10% a year to cope with yearly increases. — Bernama
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE