The decision, signed by provincial deputy chairman Tran Hoa Nam, revises the investment policy for the retention lake in Tay Nha Trang Ward.
Under the revised plan, more than VND321.8 billion ($12.2 million) will be used for land clearance, compensation, and resettlement, while construction costs are estimated at over VND152.5 billion ($5.8 million).
Remaining funds will cover project management, consultancy, and contingency costs under public investment regulations.
The project will be funded entirely by the provincial budget, with implementation scheduled for 2025-27.
Authorities also approved a name change for the project from the ‘Northern Nha Trang Retention Lake’ to the ‘Tay Nha Trang Ward Retention Lake,’ in line with adjustments to the city’s approved zoning plan.
The Khanh Hoa Provincial Project Management Board was assigned as the project investor and will oversee implementation in accordance with current regulations.
Tay Nha Trang Ward was among areas heavily affected during recent flooding, prompting local authorities to prioritize drainage infrastructure upgrades.
Source: Tuoi Tre News