Ho Chi Minh City will need USD290 billion to become a city on par with New York or Paris by 2050.
Transport issues are a big challenge for HCM City
This sum averages out at USD7.3 billion per year, which is equal to about 8% of the city’s GDP.
These figures are from a project on studies to develop Ho Chi Minh City in the 21st century, and were announced at a conference on March 4.
The project was carried out by the municipal People’s Committee and the Ho Chi Minh City Institute for Development Studies, with the assistance of German Technical Cooperation (GTZ) and Siemens Group.
Experts from the project suggest that, of the total capital of USD250 billion, 25% should be mobilised from the private sector and other sources, while the rest should be sourced from the state budget.
The project defines five priorities for investment in the city, including three in the transport sector. It also proposed further studies of 11 other issues in the city, with seven related to the transport sector too.
According to the experts, the quality of the transport infrastructure systems is a key to remaining competitive.