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HCMC to seek investors for "golden area"

Released at: 16:32, 11/12/2014

HCMC to seek investors for "golden area"

People's Council to consider report from People's Committee on investor selection for major city center development.

by Huyen Thanh

The Ho Chi Minh City People’s Council is to approve bidding procedures for selecting investors for the golden quadrilateral area project in District 1.

The project, spanning Le Loi, Nguyen Hue, Nguyen Thiep and Dong Khoi Streets in the city center, will have an eight-storey center for trade, office space for lease, and luxury hotels, with total estimated investment standing at approximately $70 million, of which $36 million is in reciprocal capital.

The project was raised by a representative of the Ho Chi Minh City People’s Committee at the opening session of the 16th meeting of the Ho Chi Minh City People’s Council, on December 9. People’s Committee Deputy Chairman Hua Ngoc Thuan has sent a report to the People’s Council regarding selecting investors to implement the project. The site is currently a private dwelling with retail trade and services areas. One hundred and twenty-nine households will be affected by the project.

According to the People’s Committee, after the People’s Council approves the report the city will announce the project and bidding procedures for selecting investors.

The People’s Committee also submitted nine reports to the People’s Council: on increases to tolls at the An Suong - An Lac toll booth; on spending levels for promoting legal compliance among the people; on collecting taxes for the city’s budget and on collecting road use charges for motorcycles; on a 2015 plan for investment and construction; on a proposal for recognizing An Thanh commune in Can Gio district as an island commune; on policies to attract staff to the city’s preventive medicine centers; on plans for public servant recruitment at State administrative offices and the number of people working in non-production units in the city; and on the conversion of the land use purpose of paddy and protected forest land.

Deputy Chairman Hua Ngoc Thuan also reported the People’s Council on the city’s economy, culture and society in 2014, with good growth being seen in production and business, budget revenue and spending exceeding the plan, and social policies being implemented effectively. GDP this year is estimated at nearly VND879 trillion ($40.88 billion), up 9.5 per cent; total retail sales and services revenue increased by 12.5 per cent, export turnover is estimated at more than $32 billion, up 8.8 per cent; and imports are estimated at nearly $26 billion, an increase of 0.3 per cent. State budget revenues reached VND245.9 trillion ($11.4 billion), increasing an estimated 108 per cent, of which domestic revenue was VND129.6 trillion ($6.02 billion). The CPI is estimated at 3 per cent (down 2.2 per cent year-on-year), which contributed to controlling inflation and stabilizing the macroeconomy.

He also acknowledged the city’s socio-economic performance still had some shortcomings, such as slow and low economic growth recovery and weak aggregate demand. Production and business at small and medium-sized enterprises remains difficult. Exports have recorded growth but most are processed, value added is not high, and there is a shortage of strategic products. “Regarding society, the number of criminal cases has increased, mainly theft,” he said. “Social evils have become more complex, especially drugs and prostitution, creating a degree of anxiety within society.

The People’s Council also conducted votes of confidence on 18 office holders elected by the Council, on December 10, with 90 out of 94 delegates participating. Ms. Nguyen Thi Quyet Tam, Chairman of the People’s Council, received a high vote of confidence, with 73 (77.66 per cent), followed by Ms. Truong Thi Anh, Deputy Chairman of the People’s Council, and Ms. Nguyen Thi Hong, Deputy Chairman of the People’s Committee, with 70 (74.47 per cent). Mr. Thai Van Re, Director of the Department of Planning and Investment, received just 33 votes (35.11 per cent) and the highest vote of no-confidence, of 14 (14.89 per cent). Mr. Huynh Cong Hung, Head of the Cultural and Social Department of the People’s Council, received the lowest vote of confidence, with just one.

Delegate Le Truong Hai Hieu (Deputy Chairman of District 1) previously recommended that the People’s Council vote after the Q&A session but voting delegates agreed that the vote should be held beforehand, as proposed by the People’s Council.

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