HCM CITY — Prime Minister Nguyễn Xuân Phúc has agreed to advance Official Development Assistance (ODA) capital for the Metro Line No 1 Bến Thành – Suối Tiên to meet the project’s schedule.

The Government Office on Thursday issued a document to announce the decision he had made at a recent meeting with HCM City leaders on the city’s socio-economic development.

He agreed to advance funds to implement the metro project under a public investment plan for 2016-20.

The PM also asked the Ministry of Planning and Investment (MPI) to work with the Ministry of Finance (MoF) to propose solutions to accelerate disbursement of ODA projects in the city and report to the PM before August 15.

He assigned the MPI to ensure that the HCM City government follows regulations concerning the Metro Line No 1 project.

The 19.7-kilometre Bến Thành-Suối Tiên Line goes through districts 1, Bình Thạnh, 2, Thủ Đức and 9, and ends in Bình Dương Province. 

The total investment after three adjustments has increased from VNĐ14.415 trillion (US$631 million) to VNĐ47.325 trillion ($2.07 billion). It is still short of capital.

The metro line is expected to begin test runs in 2019 and be put into operation in 2020.

To receive an additional loan of EUR200 million ($228.37 million) from the German Reconstruction Bank to implement the Metro Line No 2, the PM has agreed to assign the MPI to instruct the city People’s Committee to follow regulations and report to the PM before August 15.

In addition, the PM has agreed in principle to support VNĐ9.96 trillion ($438.15 million) to invest in anti-flooding projects in HCM City.

The PM assigned the MPI and MoF to guide the city People’s Committee and report to the PM by the end of this month on these projects.

As for accelerating the Thủ Thiêm New Urban Area project, the PM agreed to permit the city People’s Committee to appoint investors to build an exhibition centre complex in the Thủ Thiêm New Urban Area.

The PM also approved an additional four bridges as well as works to dredge canals and dig a central lake in the Thủ Thiêm New Urban Area project under the BT (Build-Transfer) investment mode.

Speaking at the meeting, PM Nguyễn Xuân Phúc urged HCM City to continue to improve its business investment environment, enhancing competitiveness.

“The city must play a leading role in administrative reform and one-stop shop policy. It must be among the five localities in the country with the highest competitiveness index and one of the most attractive destinations for foreign investment,” Phúc said.

Along with Hà Nội, HCM City should be a pioneer in becoming a national centre for business start-ups and an international centre for education and health, he added.

The city should also seek long-term solutions to water drainage and flood control, and  promote regional linkages with other localities, he urged.

The PM also asked the city to submit a long-term anti-flooding proposal to the government by next year. — VNS