Ho Chi Minh City Allocates Two Land Plots for Flood Control Project Payment

Ho Chi Minh City is advancing its ambitious tidal flood control project by allocating two more valuable land plots to investors. The city's People's Council approved the transfer of land at 79B Ly Thuong Kiet, spanning 2.9 hectares, and 257 Tran Hung Dao, covering over 2,300 square meters. These sites will serve as payment for the Build-Transfer (BT) contract associated with the project, which aims to mitigate flooding exacerbated by tidal surges and climate change.

The plot at 257 Tran Hung Dao was previously managed by the Department of Culture and Sports' Training and Competition Center before being reclaimed by the city's Land Fund Development Center. Similarly, the 79B Ly Thuong Kiet site, formerly leased to Saigon Construction Company for commercial development, has also been recovered and placed under the management of the Land Fund Development Center. These two plots replace other sites initially intended for the project.

To date, the city has already handed over three other land parcels to the investor, Trungnam Group. These include plots at 232 Do Xuan Hop (over 17,573 sqm), 762 Binh Quoi (3,474 sqm), and a section within Khu A (5,500 sqm). The flood control project, initially budgeted at nearly 10 trillion Vietnamese dong (approximately $400 million USD), is designed to protect a vast area of 570 square kilometers, encompassing approximately 6.5 million residents in the city center and along the Saigon River's right bank.

Initiated in 2016, the project faced numerous delays and was originally slated for completion within three years. After a period of stagnation, it was reactivated in February 2026 and is now expected to be finished by the end of the current year. The project's successful implementation is crucial for enhancing the resilience of Vietnam's largest metropolis against the increasing threats of climate change and rising sea levels.