On February 27, 2024, the Ho Chi Minh City Statistics Office released a report on the economic and social situation in February and the first two months of 2024. In that report, the investment capital for basic construction and major repairs from the state budget managed by local authorities reached nearly 1.472 trillion Vietnamese dong in February 2024, a decrease of 3.9% compared to the previous month and a decrease of 6.1% compared to the same period last year, due to a decrease in activities at construction sites during the Lunar New Year holidays in February.
In the first two months of 2024, the accumulated investment capital reached nearly 3.003 trillion Vietnamese dong, an increase of 5.8% compared to the same period last year. As of February 23, 2024, the total disbursed investment capital from the state budget reached nearly 1.430 trillion Vietnamese dong, accounting for 1.8% of the annual capital plan for 2024.
The revenue from real estate business in the first two months of 2024 is estimated to reach 42.300 trillion Vietnamese dong, accounting for 59.4% of the total revenue in the other consumer services sector, an increase of 20.1% compared to the same period last year.
According to the Statistics Office, the real estate business situation in Ho Chi Minh City has shown signs of recovery since the government issued policies to stimulate the real estate market, and businesses in this sector have implemented various payment and incentive policies to attract customers.
Metro Line 1 undergoes trial operation with 17 trains during Tet holidays
The Ho Chi Minh City Statistics Office also reported that the progress of some key projects, such as Metro Line 1 (Ben Thanh – Suoi Tien), has reached over 97% completion, and commercial operation is planned to begin in July 2024. Metro Line 1 has conducted trial runs with 17 trains continuously during the Lunar New Year holidays, with 3 full-length trial runs per day, both on elevated tracks and the underground section from Long Binh Depot (Thu Duc District) to Ben Thanh Station (District 1) and vice versa.
Metro Line 1 – Ben Thanh to Suoi Tien – undergoing trial operation on the entire line
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As for Metro Line 2 (Ben Thanh – Tham Luong) project, land handover has reached about 87%, and the remaining land has had adjusted compensation prices approved and is scheduled to be fully compensated by mid-2024. In 2024, the relocation of electrical, water, and telecommunication facilities will be carried out simultaneously at 12 locations along the railway line, including 10 stations and 2 open-cut sections, to prepare for the main construction contracts starting in 2025.
The progress of Component 2 of the Belt Road 3 projects is accelerating in terms of compensation and land handover, with a completion rate of over 97%. Compensation work is expected to be completed in the early months of 2024 to hand over land to the project’s investors.
The An Phu Intersection project has all its components being intensively constructed to ensure the project schedule. Contractors for the selected packages have been committed to speeding up the progress in 2024 to meet the set targets.
The Tham Luong – Ben Cat – Rach Nuoc Len canal improvement project has a total length of 31.46 km, passing through 7 districts and districts. All construction packages have been commenced, and the contractors have accelerated the construction progress, ensuring the schedule and expected completion by April 30, 2025.
However, there are still several projects facing difficulties.
For example, Component 1 of the Belt Road 3 projects is divided into 14 construction installation packages, including 10 main construction packages and 4 auxiliary packages for operation and maintenance. The project still faces some difficulties and challenges, especially the need for about 9.2 million m3 of sand, which is at risk of shortage and has not yet determined a sufficient supply source. The city continues to coordinate with relevant authorities to request support as the supply of this material plays a crucial role in preparing the construction site.
The Nguyen Van Linh – Nguyen Huu Tho underpass project has only achieved 43% completion due to difficulties in relocating technical infrastructure systems (electricity, water, telecommunication, etc.). The project’s construction progress will be accelerated after a period of delayed progress. It is expected to complete the opening of the HC2 branch before June 30, 2024, and the HC1 branch before December 31, 2024.
According to the Ho Chi Minh City Statistics Office, as of the end of January 2024, the city has issued 1,518 construction permits for major construction and repairs with a total floor area of 291.9 thousand m2, an increase of 9.6% in permits and 5.6% in floor area compared to the same period last year. Among them, there were 1,425 permits for new construction with an area of 284.9 thousand m2 and 93 permits for major repairs with an area of 7.1 thousand m2.
Thanh Tu
