Many contractors, but the project is behind schedule
According to statistics from the Ho Chi Minh City Department of Finance, by the end of June 2025, Ho Chi Minh City had only disbursed VND 31,716 billion in public investment capital (reaching a rate of 37.1%) out of the total public investment capital in 2025 of VND 85,500 billion. Although the disbursement rate has improved compared to the same period last year, it has not yet reached the expectations of the City's leaders.
In 2025, most of the public investment capital will be invested by Ho Chi Minh City in key infrastructure projects such as An Phu intersection, environmental improvement of Tham Luong - Ben Cat canal - Nuoc Len canal... However, in the first 6 months of the year, key projects with investment capital of thousands of billions of VND were sluggishly constructed, leading to slow disbursement of public investment capital.
A typical example is the Tham Luong - Ben Cat - Nuoc Len Canal Environmental Improvement Project with a total investment of over VND9,000 billion. After more than two years of construction, up to now, the project is still in disarray, the construction volume has only reached 52.5% (slower than the set plan). It is worth mentioning that the project has a large number of contractors, up to 69 contractors, participating in 10 main bidding packages, but the construction results are sluggish and behind schedule.
The sluggish construction situation also occurred at the An Phu Intersection Construction Project, with a total investment of VND 3,408 billion. Although construction started in March 2022 and was expected to be completed in April 2025, the progress has been delayed and the completion date had to be adjusted to the end of 2025. Recently, the Ho Chi Minh City Department of Construction, after inspecting the project site, assessed that the implementation progress is still very slow and is at risk of seriously affecting the completion date of the project on December 31, 2025.
The Ho Chi Minh City Urban Railway Management Board (MAUR) said that this year, MAUR was assigned a capital plan of VND2,829 billion, but the disbursement situation is very slow. In particular, at Metro Line 1 (Ben Thanh - Suoi Tien), although it has been completed and put into operation, the disbursement process is still stalled, due to legal problems, disputes arising from many years ago and changes in legal regulations from time to time, causing the settlement procedures to be prolonged.
Faced with the situation of key projects continuously falling behind schedule, the Ho Chi Minh City People's Committee requested relevant units to propose comprehensive solutions to rectify and speed up progress. In particular, investors must clearly define the authority and responsibility of each unit (investor, contractor, supervision consultant...) and individuals involved in the project delay...
Thousands of billions of dong waiting
According to Mr. Luong Minh Phuc, Director of the Ho Chi Minh City Traffic Construction Investment Project Management Board, in 2025, the Board was assigned a planned capital of VND 17,271 billion, but by early July 2025, only VND 6,403 billion had been disbursed, accounting for 37% of the capital plan assigned in 2025.
Explaining the reason for the low disbursement in the first months of the year, Mr. Phuc said that some projects are completing legal procedures for bidding for construction and installation to start construction, but have not signed construction contracts, so the advance payment of the contract cannot be disbursed. For projects under construction, the scarcity of sand and stone has delayed the progress of some bidding packages. In addition, localities have not completed the procedures for disbursing compensation funds for site clearance, so the projects cannot be constructed.
At the Tham Luong - Ben Cat - Nuoc Len Canal Improvement Project, the leader of the Ho Chi Minh City Urban Infrastructure Construction Investment Project Management Board said that the reason for the slow construction of the project was the scarce supply of stone and sand, some contractors had to accept losses to buy sand from Cambodia to carry out the project to ensure progress.
However, from the perspective of the project appraisal unit, Mr. Tran Quang Lam, Deputy Director of the Department of Construction, said that the appraisal of documents, selection of contractors and compensation for site clearance are key factors determining the progress of capital disbursement. To speed up the progress of investment procedures, investors need to improve the quality of project documents, avoiding the situation of "revising back and forth" that prolongs the appraisal time.
In addition, it is necessary to immediately implement compensation work according to the existing planning when the project is approved for investment policy, as Thu Duc City did effectively before with the Ring Road 2 Project. "The selection of contractors also needs clear and transparent criteria to easily handle when contractors do not meet progress requirements," Mr. Lam proposed.
Source: https://baodautu.vn/ty-le-giai-ngan-von-dau-tu-cong-tai-tphcm-chua-nhu-ky-vong-d341526.html
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