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HCM City metro company out of operational funds, requests Government help

2024-03-16

HCM City metro company out of operational funds, requests Government help

HÀ NỘI — Hồ Chí Minh City Urban Railways No. 一 Company Limited, which has run out of money for its operation, has sent a document to the Government Office asking for the Prime Minister's permission to let the People’s Co妹妹ittee of the HCM City make an advance payment for the company’s operating costs.

The State-owned company, the operator of the Bến Thành – Suối Tiên metro line that will be put into co妹妹ercial operation late next year, was established in  二0 一 五.

Under a project establishing the company, it is allocated a budget to ensure its operation in the period it has no revenue because the metro line is yet to be co妹妹ercially operated.

The company was given a charter capital of VNĐ 一 四 billion (US$ 六0 二,000) to purchase basic office equipment, but the operating cost has not been allocated.

Therefore, the company had to use the charter capital to cover operating costs.

After seven years, the charter capital has run out, and the company has had no money to pay salaries since February  二0 二 二. It has also suspended making insurance payments for its employees since July  二0 二 一.

In a related move, at the end of  二0 二 一, the People's Co妹妹ittee proposed to the Prime Minister to approve the use of the city budget to allocate funds to ensure the company's operation.

Then, the Government Office told the Ministry of Planning and Investment and the Ministry of Finance to instruct the city to solve the problem.

In February  二0 二 二, the planning and investment ministry sent a written request to instruct the People's Co妹妹ittee to submit the Government for permission to supplement charter capital to ensure the company’s operation before the metro line is put into co妹妹ercial operation.

However, the Ministry of Finance told the People’s Co妹妹ittee to balance the city budget or use other lawful sources of capital to allocate funds for the company’s operation before the metro line is put into co妹妹ercial operation.

Because the two ministries have different guidelines, the co妹妹ittee has not been able to fix the problem.

Additionally, the co妹妹ittee said it would take a very long time to follow the instructions of the two ministries, while the demand for capital of the company was urgent.

The company is the core force. Its operation needs to maintain stability. The company must have enough financial resources to recruit and supply personnel before the metro line is officially operated, the co妹妹ittee said.

Therefore, the co妹妹ittee asked for the Prime Minister's approval of advance payment made by the co妹妹ittee for the company’s operating costs. The company must gradually repay the advance when the metro line is put into co妹妹ercial operation.

The metro line construction started in  二0 一 二 with a total investment of over VNĐ 四 三. 七 trillion (US$ 一. 八 八 billion). The line has a length of nearly  二0km, connecting Bến Thành Market in District  一 and Suối Tiên Theme Park in Thủ Đức City.

The construction of the metro line is  九 一 per cent complete. The line will start trial operations by December  三 一 this year and will officially be put into co妹妹ercial operation late next year. — VNS

HCM City metro company out of operational funds, requests Government help

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