Ho Chi Minh city is allowed to mobilize domestic funds for developmental investment purposes

14:08, 30/05/2017

Financial sources that are mobilized for investment in development of Ho Chi Minh city include:domestic funds for developmental investment purposes; Official Development Assistance (ODA) funds; concessional loans obtained from foreign sponsors; and non-state budget funds.

1. The Government prefers investing budget and other financial sources for socio-economic development purposes in order for the city to play its role as the regional and nationwide socio-economic center.

2. Ho Chi Minh city shall be entitled to receive budgetary support for investment in important projects and large-scale infrastructure in the fields of environment, transportation, and irrigation, which exceed the local budget's balancing capacity.

3. Ho Chi Minh city People’s Committee shall be entitled to receive advances derived from the city's budget or borrowed funds as required by laws for infrastructure projects specified in the budget's investment plan in order to conduct a land use right auction. After completion of a land use right auction, it shall repay advanced or borrowed funds.

View more details at Decree No. 48/2017/ND-CP of Vietnam’s Government, effective from June 10, 2017.

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