The projects come as city authorities push to mobilize private capital through build-transfer (BT) contracts to address mounting challenges in wastewater treatment, flooding and traffic congestion.

At a working session on Saturday, the Ho Chi Minh City People’s Council approved a resolution on land allocations to pay investors undertaking BT projects, following a proposal from the municipal People's Committee.

According to the city’s People’s Committee, several large-scale projects have already received in-principle approval from the People’s Council under the BT model, with total registered capital exceeding VND182 trillion ($6.9 billion).

Proposals have also been submitted for a wide range of additional projects, including sections of Metro Line 2 linking Ben Thanh with Thu Thiem and Thu Thiem with Long Thanh, transport connections between Can Gio and Vung Tau, the Ho Tram–Long Thanh expressway, and multiple urban and environmental developments.

These BT projects are estimated to require more than VND366 trillion ($13.9 billion) in total investment, placing pressure on the city’s limited budget and underscoring the need for more flexible financing mechanisms.

Authorities plan to use 33 land plots as payment to BT investors, including prime sites in central districts such as Le Duan, Hai Ba Trung and Chu Manh Trinh streets, in a move aimed at unlocking land resources and ensuring value equivalence in payments.

Three large-scale wastewater plants

In the environmental infrastructure segment, three wastewater treatment plants have drawn particular attention: West Saigon, North Saigon 1 and North Saigon 2.

The consortium partners have established three project companies: Gelex Bac Sai Gon 1 Infrastructure Co., Gelex Bac Sai Gon 2 Investment Co., and Gelex Tay Thanh Pho Infrastructure Co., all focused on water supply, drainage and waste treatment systems.

Ownership stakes in the three entities vary, with Petrosetco, Gelex Infrastructure and Viconship holding respective shares of 51%-39%-10%, 41%-49%-10%, and 41%-49%-10%.

At its upcoming annual shareholders’ meeting on April 24, Petrosetco plans to seek approval to invest VND2.2 trillion ($83.55 million) in the three ventures, with its board authorized to finalize investment terms.

Earlier this month, Nguyen Van Tuan, chairman of Gelex, said the group’s strategy focuses on developing key infrastructure projects, including water supply and wastewater treatment, and confirmed cooperation with Petrosetco on the Ho Chi Minh City projects.

According to a source familiar with the matter, the three plants would have a combined capacity of 640,000 cubic metres per day, accounting for around 30% of the city’s wastewater treatment demand.

Total investment for the three BT projects is estimated at more than VND36.7 trillion ($1.39 billion).