Vietnam to pilot special mechanism for HCM City development

According to the resolution which will take effect on Jan. 15, 2018, Ho Chi Minh City will receive special mechanism and policies to strengthen resources and create new development driving forces.
Regarding land management, the Ho Chi Minh City People's Council, the municipal legislature, will be allowed to decide on the use of rice-growing areas of at least 10 hectares for other purposes. Now, such a decision is made by the prime minister. Concerning investment management, the council will be permitted to decide on the implementation of big projects using the municipal budget in line with the Public Investment Law. Such big projects do not include those on special national relics, defense and national security.
Under the resolution, the city's total outstanding loans will not exceed 90 percent of its budget collection. The current rate is 70 percent.
Ho Chi Minh City is estimated to have total outstanding loans of some 70 trillion Vietnamese dong (nearly 3.1 billion U.S. dollars) next year.