INFRASTRUCTURE - Fast capital needed for infrastructure

INFRASTRUCTURE - Fast capital needed for infrastructure

HCM CITY — The city must streamline administrative procedures to ensure a steady flow of foreign capital for infrastructure projects, experts have said.

Experts at the HCM City branch of the National Socio-Economic Forecasting Centre said the continued disbursement of registered foreign capital was even more critical than an attempt to attract more foreign direct investment (FDI).

Last year FDI into Viet Nam increased to more than US$60 billion, with HCM City accounting for more than $8 billion.

Beginning in January, HCM City’s Planning and Investment Department reformed several administrative procedures to prevent slow disbursement by investors.

The department said the city would also pilot some simplified changes in administrative procedures related to construction investment in new urban area projects, housing projects and industrial zone infrastructure projects.

Among the changes would be the abolishment of investment certificates for new urban areas, and housing and industrial zone projects.

The implementation of the United Nations Development Programme’s administrative reform project was also being expedited, city officials said.

Infrastructure projects

According to deputy chairman of HCM City People’s Committee Nguyen Trung Tin, several major transport projects in the 2008-2010 period would be prioritised for investment.

The city needs $15 billion from now to 2020 to develop transport infrastructure, including new roads, according to Tin. Many urgent projects need capital, such as the two-way street Ha Huy Giap, the interprovincial highway 15 expansion project, and theVuon Lai Street and Vam Thuat Bridge projects.

The city will also have to mobilise capital for nine sewage treatment plants and two important projects, the Tham Luong-Ben Cat canal water discharge project, which requires an additional $800 million, and the Tan Hoa-Lo Gom canal sewage treatment and collection project, which requires another $500 million. — VNS