The nearly 10,000 billion VND tide prevention project in Ho Chi Minh City, started in 2016 with the goal of controlling flooding for 570km² and protecting 6.5 million residents along the Saigon River, after 8 years, although 90% of the work has been completed, the project has been suspended since 2020 due to financial and legal problems.
This delay not only raises many questions about the effectiveness of project management, but people still suffer from flooding every time the tide rises.
Once hoped to bring flood control and proactive response to climate change to about 6.5 million people, this tidal barrier project is now becoming a burden on the budget and an example of public waste.
Because the prolonged delay of this project not only affects the lives of millions of people but also causes great damage to the budget.
According to investors' calculations, the total investment is currently expected to increase from VND9,976 billion to VND14,398 billion, of which interest has reached VND2,369 billion, equivalent to more than VND1.7 billion per day.
In this context, Ho Chi Minh City proposes to allow adjustment of payment terms in BT contracts, helping investors complete the project. After adjustment, the city will have a legal basis to pay with land funds, solve capital sources for investors and reduce interest incurred. This is a reasonable proposal that needs to be considered for immediate implementation.
Because if we choose to report and propose some solutions to the Prime Minister and the National Assembly, it will take a lot of time.
It is worth mentioning that this flood prevention project is also a typical example of limitations in public investment management, poor coordination among stakeholders, and an administrative apparatus with too many problems.
To avoid continued waste, along with the rescue, the authorities also need to thoroughly hold accountable the individuals and organizations responsible for the project not being completed after 8 years, leading to a huge waste of money and resources.
Rescuing and thoroughly holding accountable this project is not only a way to "fight waste" and "rebuild" people's trust in public investment projects, but also sets an example for many other mega-projects that have been and are being implemented nationwide!
