The HCMC government will not use the capital advanced by Vingroup to execute a project to upgrade the flood-prone Nguyen Huu Canh Street connecting District 1 and Binh Thanh, Thanh Nien newspaper reported, citing HCMC Vice Chairman Tran Vinh Tuyen.
Tuyen said on October 3 that the city’s budget can cover the project. The city government has assigned the Department of Transport to complete the project based on the initial plan to ensure its progress.
The municipal Department of Transport had earlier approved the project to improve Nguyen Huu Canh Street with an estimated investment of VND473 billion (US$20.3 million). The project, which will be developed by Urban Traffic Management Zone No. 1, was expected to be started this year for completion next year.
The project involves repairing the road and building a wastewater drainage system to prevent flooding on the street, ensure traffic safety and protect the beauty of the urban landscape.
Vingroup had earlier offered VND526.7 billion in advance to upgrade Nguyen Huu Canh Street. It is not announced why Vingroup proposed funding for this project, but the group is the owner of two top-tier property projects along the road, including the country’s highest skyscraper Landmark 81.
According to a report on SGT
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